Global Building Asphalt Market, By Type (Polymer-Modified Bitumen, Bitumen Emulsion, Cutback Emulsion, Oxidized Emulsion), Application (Residential Buildings, Non-Residential Buildings, Adhesives, Insulation, Waterproofing, Road Construction, and Improvement and Building Repair) – Industry Trends and Forecast to 2029.
Building Asphalt Market Analysis and Size
Infrastructure development in developing economies is a significant factor for the market growth. As per the United Nations (UN) Comtrade Data report, the production of asphalt in North America was pegged at 12,140,753.44 metric tons in 2015, which was augmented by 12,145,516.44 metric tons in 2016. Paving products consume approx. More than 50% of the asphalt market, and it is anticipated to grow at a significant rate in upcoming years.
Data Bridge Market Research analyses that the building asphalt market was valued at USD 14.39 billion in 2021 and is expected to reach USD 23.11 billion by 2029, registering a CAGR of 6.10% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Building Asphalt Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Polymer-Modified Bitumen, Bitumen Emulsion, Cutback Emulsion, Oxidized Emulsion), Application (Residential Buildings, Non-Residential Buildings, Adhesives, Insulation, Waterproofing, Road Construction, and Improvement and Building Repair)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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BASF SE (Germany), Dupont (U.S.), SOLVAY (Belgium), 3M (U.S.), Honeywell International Inc. (U.S.), Evonik Industries AG (Germany), Huntsman International LLC (U.S.), GCP Applied Technologies Inc. (U.S.) RPM International (U.S.), Fosroc Inc., (U.K.), Dow (U.S.), Saint-Gobain (France), Arkema (France), Ashland (U.S.), Mapei S.p.A (Italy), , MUHU (China), Construction Materials Co., Ltd., (China), Holcim (Switzerland), Nouryon (Netherlands), KRATON CORPORATION. (U.S.), Ingevity (U.S.), Shell plc (U.K.)
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Market Opportunities
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Market Definition
Asphalt is generally called bitumen, the refined residue from the distillation process of crude oils. Outside the U.S., it is generally known as bitumen. Building asphalt is a mixture of bitumen with a substantial proportion of inert minerals such as gravel, sand, and crushed stone. It is blackish-brown in color and is available in liquid form from 50°C and above temperatures and a solid-state at low temperatures. The major application of this asphalt such as in building, waterproofing insulating, road surfacing, sealing, and others.
Global Building Asphalt Market Dynamics
Drivers
- High usage of building asphalt in waterproofing
Waterproofing becomes a vital part of building construction and roofing. Apart from road paving and construction it is also used in the residential sector and will experience extensive growth due to a growing need from the real estate sector. Bituminous waterproofing is the major building asphalt which protects the roof from water seepage and leakage. Building asphalt is used to protect the roof decks from rain before roofing or installation.
- High demand in road construction
Road construction projects are generating large revenue for companies in the building asphalt market. Building asphalt is mainly used in road construction due to their several advantages and properties. Building asphalt has certain unique properties that are inbuilt during production. As a raw material the building asphalt is used in flexible road construction that rapid to use building asphalt generally in road construction.
Thus, the increasing growth of infrastructure in the developing economies and growing penetration in several roofing applications due to increased disposable income are the major factors among others which is expected to drive the growth of the building asphalt market.
Opportunities
- Rising demand of building asphalt in construction sector
The physical features of building asphalt such as hardness, adhesion, resistance to water, ductility, and higher softening point are increasing the demand of building asphalt in the construction sector. Growing consumption of asphalt in construction industry in developing economies is expected to create lucrative opportunities for the growth of building asphalt market. For instance, as per the report of Asphalt Institute and Eurobitume, public investment for the construction of bridges, street and highway is about US$ 110 billion each year.
Moreover, the growing use of recycled asphalt pavement will lead to the rise in demand for the asphalt emulsions which will further create new and ample opportunities for the building asphalt market during forecast period of 2022-2029.
Restraints/ Challenges
- Environmental concern
The growing concerns regarding the negative impact of asphalt plant on environment is the major factor among others which is acting as a market restraint, and will further challenge the growth of the building asphalt market in the forecast period of 2022-2029.
This building asphalt market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the building asphalt market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Building Asphalt Market
COVID-19 had an adverse impact on the several market. The construction and building industry performance is expected to be moderately impacted by the effect on cash flow due to this affected the income of a comparatively broader segment of society, which is anticipated to affect the market analyzed. Declining expenses in the building and construction sectors resulted in lesser consumption of building asphalt in applications for instance, waterproofing of building roofs and basements, road construction, sealant, filler, and adhesive, which harmed the market of building asphalt. Central government imposed lockdown which disrupted the supply chain of building asphalt, which affected the market's growth. However, with the slowing removal of the Covid-19 restriction, the market is anticipated to grow at a significant rate.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Building Asphalt Market Scope
The building asphalt market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Polymer-Modified Bitumen
- Bitumen Emulsion
- Cutback Emulsion
- Oxidized Emulsion
Application
- Residential Buildings
- Non-Residential Building
- Adhesives
- Insulation
- Waterproofing
- Road Construction
- Improvement and Building Repair
Building Asphalt Market Regional Analysis/Insights
The building asphalt market is analysed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the building asphalt market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the building asphalt market due to the growing industrialization and urbanization, and increasing penetration in several roofing applications in this region.
Asia-Pacific will dominate building asphalt market during the forecast period of 2022-2029 due to the massive infrastructure developments in developing countries such as China and India. China alone consumed 1/5th of global asphalt. In contrast, India’s consumption has also grown due to enormous public work projects that are planned under “Make in India” campaign.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Building Asphalt Market Share Analysis
The building asphalt market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to building asphalt market.
Some of the major players operating in the building asphalt market are:
- BASF SE (Germany)
- Dupont (U.S.)
- SOLVAY (Belgium)
- 3M (U.S.)
- Honeywell International Inc. (U.S.)
- Evonik Industries AG (Germany)
- Huntsman International LLC (U.S.)
- GCP Applied Technologies Inc. (U.S.)
- RPM International (U.S.)
- Fosroc Inc., (U.K.)
- Dow (U.S.)
- Saint-Gobain (France)
- Arkema (France)
- Ashland (U.S.)
- Mapei S.p.A (Italy)
- MUHU (China)
- Construction Materials Co., Ltd., (China)
- Holcim (Switzerland)
- Nouryon (Netherlands)
- KRATON CORPORATION. (U.S.)
- Ingevity (U.S.)
- Shell plc (U.K.)
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