Product Code: GVR-4-68040-580-9
Asphalt Market Growth and Trends:
The global asphalt market size is anticipated to reach USD 83.35 billion by 2030 and is anticipated to grow at a CAGR of 4.0% from 2025 to 2030, according to a new report by Grand View Research, Inc.The global asphalt market is primarily driven by the ongoing need for road maintenance and rehabilitation. Aging infrastructure, particularly in developed nations, requires consistent upkeep and resurfacing, which boosts the demand for various asphalt formulations. Additionally, extreme weather events, rising vehicular loads, and temperature fluctuations contribute to pavement degradation, necessitating regular restoration activities. Governments worldwide are allocating increased budgets for infrastructure upkeep, further propelling the demand for asphalt products in resurfacing, patching, and sealing applications.
Innovations in asphalt technology have led to the development of enhanced products such as polymer-modified asphalt, warm mix asphalt, and high-performance binders. These advanced formulations offer improved resistance to rutting, cracking, and environmental stressors, thereby extending pavement life and reducing maintenance costs. Technological improvements not only enhance performance but also support faster construction processes, lower energy consumption, and reduced emissions. As such, the growing adoption of innovative asphalt solutions is a key driver of market growth, especially in regions with stringent environmental regulations and performance requirements.
Sustainability has emerged as a major influence in the global asphalt market, with a growing emphasis on environmentally friendly construction practices. The use of recycled asphalt pavement (RAP), reclaimed asphalt shingles (RAS), and other eco-friendly materials is gaining traction due to their cost-effectiveness and lower environmental impact. Furthermore, warm mix asphalt technologies, which require lower production temperatures, contribute to reduced fuel consumption and greenhouse gas emissions. As environmental regulations tighten globally, the asphalt industry is increasingly incorporating sustainable materials and methods, driving demand for green asphalt solutions.
Government policies and public funding play a crucial role in shaping the growth of the asphalt market. Large-scale initiatives such as the U.S. Infrastructure Investment and Jobs Act, China's Belt and Road Initiative, and Europe's Green Deal have significantly boosted infrastructure spending. These programs are aimed at revitalizing transportation systems, improving road safety, and supporting economic recovery through public works. As a result, consistent government support and favorable policy frameworks are expected to maintain a strong demand for asphalt in the years ahead, particularly in sectors tied to public infrastructure and urban mobility.
Asphalt Market Report Highlights:
- Based on product, the hot mix asphalt segment led the market. It accounted for the largest revenue share of 72.1% in 2024, driven by its superior performance characteristics and widespread applicability in infrastructure development.
- Based on end use, the infrastructural segment dominated the market. It accounted for the largest revenue share of 70.2% in 2024, driven by the escalating demand for road and highway development across both developed and emerging economies.
- Based on region, the Asia Pacific dominated the market. It accounted for the largest revenue share of about 38.81% in 2024, driven by rapid urbanization and sustained infrastructure investments across major economies such as India, Japan, South Korea, and Southeast Asian countries.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope & Assumption
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook, 2024 (USD Billion)
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Asphalt Market Variables, Trends & Scope
- 3.1. Market Lineage/Ancillary Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Sales Channel Analysis
- 3.3. Regulatory Framework
- 3.3.1. Analyst Perspective
- 3.3.2. Regulations & Standards
- 3.4. Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Industry Opportunities
- 3.4.4. Industry Challenges
- 3.5. Business Environmental Tools Analysis: Asphalt Market
- 3.5.1. Porter's Five Forces Analysis
- 3.5.1.1. Bargaining Power of Suppliers
- 3.5.1.2. Bargaining Power of Buyers
- 3.5.1.3. Threat of Substitution
- 3.5.1.4. Threat of New Entrants
- 3.5.1.5. Competitive Rivalry
- 3.5.2. PESTLE Analysis
- 3.5.2.1. Political Landscape
- 3.5.2.2. Economic Landscape
- 3.5.2.3. Social Landscape
- 3.5.2.4. Technology Landscape
- 3.5.2.5. Environmental Landscape
- 3.5.2.6. Legal Landscape
- 3.6. Market Disruption Analysis
Chapter 4. Asphalt Market: Product Estimates & Trend Analysis
- 4.1. Key Takeaways
- 4.2. Product Movement Analysis & Market Share, 2024 & 2030
- 4.3. Global Asphalt Market By Product, 2018 - 2030 (USD Billion)
- 4.4. Hot Mix Asphalt
- 4.4.1. Asphalt Market Estimates And Forecasts, by Hot Mix Asphalt 2018 - 2030 (USD Billion)
- 4.5. Warm Mix Asphalt
- 4.5.1. Asphalt Market Estimates And Forecasts, by Warm Mix Asphalt, 2018 - 2030 (USD Billion)
- 4.6. Cold Mix Asphalt
- 4.6.1. Asphalt Market Estimates And Forecasts, by Cold Mix Asphalt, 2018 - 2030 (USD Billion)
- 4.7. Others
- 4.7.1. Asphalt Market Estimates And Forecasts, by Others, 2018 - 2030 (USD Billion)
Chapter 5. Asphalt Market: End Use Estimates & Trend Analysis
- 5.1. Key Takeaways
- 5.2. End use Movement Analysis & Market Share, 2024 & 2030
- 5.3. Global Asphalt Market By End use, 2018 - 2030 (USD Billion)
- 5.4. Residential
- 5.4.1. Asphalt Market Estimates And Forecasts, by Residential, 2018 - 2030 (USD Billion)
- 5.5. Commercial
- 5.5.1. Asphalt Market Estimates And Forecasts, by Commercial, 2018 - 2030 (USD Billion)
- 5.6. Industrial
- 5.6.1. Asphalt Market Estimates And Forecasts, by Industrial, 2018 - 2030 (USD Billion)
- 5.7. Infrastructural
- 5.7.1. Asphalt Market Estimates And Forecasts, by Infrastructural, 2018 - 2030 (USD Billion)
Chapter 6. Asphalt Market: Regional Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Regional Market Share Analysis, 2024 & 2030
- 6.3. North America
- 6.3.1. North America Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.3.2. North America Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.3.3. North America Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.3.4. U.S.
- 6.3.4.1. U.S. Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.3.4.2. U.S. Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.3.4.3. U.S. Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.3.5. Canada
- 6.3.5.1. Canada Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.3.5.2. Canada Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.3.5.3. Canada Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.3.6. Mexico
- 6.3.6.1. Mexico Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.3.6.2. Mexico Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.3.6.3. Mexico Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.4. Europe
- 6.4.1. Europe Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4.2. Europe Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.4.3. Europe Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.4.4. Germany
- 6.4.4.1. Germany Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4.4.2. Germany Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.4.4.3. Germany Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.4.5. UK
- 6.4.5.1. UK Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4.5.2. UK Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.4.5.3. UK Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.4.6. France
- 6.4.6.1. France Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4.6.2. France Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.4.6.3. France Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.4.7. Italy
- 6.4.7.1. Italy Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4.7.2. Italy Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.4.7.3. Italy Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.4.8. Spain
- 6.4.8.1. Spain Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.4.8.2. Spain Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.4.8.3. Spain Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.5. Asia Pacific
- 6.5.1. Asia Pacific Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.5.2. Asia Pacific Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.5.3. Asia Pacific Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.5.4. China
- 6.5.4.1. China Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.5.4.2. China Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.5.4.3. China Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.5.5. India
- 6.5.5.1. India Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.5.5.2. India Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.5.5.3. India Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.5.6. Japan
- 6.5.6.1. Japan Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.5.6.2. Japan Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.5.6.3. Japan Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.5.7. South Korea
- 6.5.7.1. South Korea Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.5.7.2. South Korea Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.5.7.3. South Korea Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.6. Central & South America
- 6.6.1. Central & South America Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.6.2. Central & South America Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.6.3. Central & South America Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
- 6.7. Middle East & Africa
- 6.7.1. Middle East & Africa Asphalt Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
- 6.7.2. Middle East & Africa Asphalt Market Estimates And Forecasts, By Product, 2018 - 2030 (USD Billion)
- 6.7.3. Middle East & Africa Asphalt Market Estimates And Forecasts, By End use, 2018 - 2030 (USD Billion)
Chapter 7. Supplier Intelligence
- 7.1. Kraljic Matrix
- 7.2. Engagement Model
- 7.3. Negotiation Strategies
- 7.4. Sourcing Best Practices
- 7.5. Vendor Selection Criteria
Chapter 8. Competitive Landscape
- 8.1. Key Players, their Recent Developments, and their Impact on Industry
- 8.2. Competition Categorization
- 8.3. Company Market Position Analysis
- 8.4. Company Heat Map Analysis
- 8.5. Strategy Mapping, 2024
- 8.6. Company Listing
- 8.6.1. CEMEX S.A.B. de C.V.
- 8.6.1.1. Company Overview
- 8.6.1.2. Financial Performance
- 8.6.1.3. End use Benchmarking
- 8.6.1.4. Strategic Initiatives
- 8.6.2. China Petroleum & Chemical Corporation
- 8.6.2.1. Company Overview
- 8.6.2.2. Financial Performance
- 8.6.2.3. End use Benchmarking
- 8.6.2.4. Strategic Initiatives
- 8.6.3. Exxon Mobil Corporation
- 8.6.3.1. Company Overview
- 8.6.3.2. Financial Performance
- 8.6.3.3. End use Benchmarking
- 8.6.3.4. Strategic Initiatives
- 8.6.4. Marathon Petroleum Corporation
- 8.6.4.1. Company Overview
- 8.6.4.2. Financial Performance
- 8.6.4.3. End use Benchmarking
- 8.6.4.4. Strategic Initiatives
- 8.6.5. Royal Dutch Shell
- 8.6.5.1. Company Overview
- 8.6.5.2. Financial Performance
- 8.6.5.3. End use Benchmarking
- 8.6.5.4. Strategic Initiatives
- 8.6.6. United Refining Company
- 8.6.6.1. Company Overview
- 8.6.6.2. Financial Performance
- 8.6.6.3. End use Benchmarking
- 8.6.6.4. Strategic Initiatives
- 8.6.7. Boral
- 8.6.7.1. Company Overview
- 8.6.7.2. Financial Performance
- 8.6.7.3. End use Benchmarking
- 8.6.7.4. Strategic Initiatives
- 8.6.8. Valero Marketing and Supply Company
- 8.6.8.1. Company Overview
- 8.6.8.2. Financial Performance
- 8.6.8.3. End use Benchmarking
- 8.6.8.4. Strategic Initiatives
- 8.6.9. HEIDELBERGCEMENT AG
- 8.6.9.1. Company Overview
- 8.6.9.2. Financial Performance
- 8.6.9.3. End use Benchmarking
- 8.6.9.4. Strategic Initiatives