What is Building Asphalt Market?
Building asphalt is also known as asphalt concrete, bitumen, or road tar and refined from the distillation process of selected crude oils. It is the most common paving material by far, accounting for a 92 percent share of the 2.5 million miles of roads and highways in the United States. Increasing the use of building asphalt for road construction and waterproofing in developed and developing economies creates lucrative opportunities for building the asphalt market in the forecast period.
The market study is being classified by Type (Natural Asphalt and Residual Asphalt), by Application (Residential Buildings, Non-residential Buildings, Waterproofing, Road construction and Others (Adhesives, Insulation)) and major geographies with country level break-up.
BP plc (United Kingdom), CEMEX S.A.B. de C.V. (Mexico), ExxonMobil Corporation (United States), 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) are some of the key players profiled in the study.
The Vendors having a strong hold in the market are BP plc, CEMEX S.A.B. de C.V., ExxonMobil Corporation, and Imperial Oil Limited. Research Analyst at AMA predicts that American Vendors will contribute to the maximum growth of Global Building Asphalt market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Building Asphalt market by Type, Application and Region.
On the basis of geography, the market of Building Asphalt 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.
Market Drivers
- Increasing Urban Population in Developing and Developed Nations
- Rising Infrastructure in the Emerging Economies like India, and China
Market Trend
- Increasing Waterproofing of Roofing and Building Construction
Restraints
- Slower Growth in Mature Markets like Japan and Australia
Opportunities
- Increasing Demand from Construction Industry of Building Asphalt
Market Leaders and some development strategies
On Mar 19, 2019, Shell has launched a new bitumen product that can help reduce the impact of asphalt production and paving on local air quality. Shell Bitumen Fresh Air has been shown to help reduce emissions of specific gases and particulates from asphalt mixtures during production and paving by an average of 40% when compared to conventional bitumen.
Key Target Audience
Building Asphalt Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other