What is Asphalt Cements Market?
Asphalt is defined as the sustainable material which is used for building pavements and roads. It is made from stones, sand, and gravel held together by asphalt cement. Asphalt is also known as Bitumen. Rising demand of the construction industry in both developed and developing countries and Increasing demand from the construction industry is like to be the prime driver for the growth of the asphalt cement market in the future.
Highlights from Asphalt Cements Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Mcasphalt Industries Limited (Canada), Cemex s.a.b. De C.V. (Mexico), Kilsaran Concrete (Ireland), Lagan Group (Ireland), Coldec Group (Netherland), Gorman Bros., Inc. (United States), Zeon Corporation (Japan), Teichert (United States), BP plc (United Kingdom), CEMEX S.A.B. de C.V. (Mexico) and ExxonMobil Corporation (United States) |
The market is highly fragmented with the presence of various players across the world. Some of the players are Mcasphalt Industries Limited (Canada), Cemex s.a.b. De C.V. (Mexico), Kilsaran Concrete (Ireland), among others. Research Analyst at AMA predicts that United States and Ireland Manufacturers will contribute to the maximum growth of Global Asphalt Cements market throughout the forecasted period.
Mcasphalt Industries Limited (Canada), Cemex s.a.b. De C.V. (Mexico), Kilsaran Concrete (Ireland), Lagan Group (Ireland), Coldec Group (Netherland), Gorman Bros., Inc. (United States), Zeon Corporation (Japan), Teichert (United States), BP plc (United Kingdom), CEMEX S.A.B. de C.V. (Mexico) and ExxonMobil Corporation (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Imperial Oil Limited (Canada), Royal Dutch Shell PLC (Netherlands), Nynas AB (Sweden), Petróleos Mexicanos (Mexico), Valero (United States), Marathon Petroleum Corporation (United States) and Chevron Corporation (United States). Asphalt Cements Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Surface for Roads, Streets, Airport Runways and Others |
Type | Polymer-Modified Asphalt Cements, Performance-Graded Asphalt Cements, Penetration/Viscosity Graded Asphalt Cements and Specialty Asphalt Cements |
Industry Vertical | Construction,Automobile,Others |
On the basis of geography, the market of Asphalt Cements has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Latest Trend of this Market is Increasing Waterproofing of Roofing and Building Construction Worldwide
Market Growth Drivers:
Rising Urban Population in Developing and Developed Nations across the World and Increasing Demand from Construction Industry of Building Asphalt
Challenges:
Environmental Concerns, Land Acquisition, and Logistics Issues
Restraints:
Stringent Government Regulations for the Construction Industry and Slower Growth in Mature Markets in Some Countries such as Japan, Australia, among others
Opportunities:
Rising Infrastructure in the Emerging Economies such India, China, Brazil, among others
Key Target Audience
Asphalt Cement Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
Market Leaders & Development Strategies
In October 2022, Northstar Clean Technologies Inc. announced that the company, along with its wholly owned subsidiary, Empower Environmental Solutions Calgary Ltd., has entered into binding terms and conditions with McAsphalt Industries Ltd. for a five-year offtake agreement. As a wholly owned subsidiary of Colas Canada Inc., Northstar will exclusively sell and McAsphalt will purchase 100% of liquid asphalt production at the company's planned expansion asphalt shingle reprocessing facility in Calgary, Alberta. The Terms Sheet is a legally binding obligation between the parties.
Lack of Workforce to Operate Asphalt Cement in Industry and Issue related to Lack of Awareness in the Low and Middle Income Group Countries
According to The Department of State Growth, the Asphalt regulating course is an asphalt course of variable thickness applied to the road surface to adjust the shape prior to the wearing course or any other bituminous surfacing or resurfacing. Hence, it may act as a hamper for market growth