The global building asphalt market is expected to grow at a significant rate over the next eight years owing to Infrastructure developments in emerging economies including India and China. Asphalt is commonly termed as bitumen is the refined residue from the distillation process of selected crude oils. Outside the U.S., it is commonly known as bitumen. It is a black and semi-solid form of rock oil. It is usually found in natural deposits. The most common use of asphalt is in the construction of the road, and the other uses of asphalt are waterproofing products such as sealing the flat roofs and production of roofing. It is a filler and binder which is obtained from refining some particular petroleum crude oils. The asphalt mixture consists of rock, slag, sand, or gravel. The road is available in a variety of products with paving grade bitumen being most commonly used. Several factors are driving growth such as increasing urban population and growth of infrastructure in the emerging economies. It is also useful for the paving segment, and it is overtaking concrete in most road paving applications in several regions such as the U.S. and Canada.
There are various types of bitumen which include polymer-modified bitumen, bitumen emulsion, cutback emulsion, and oxidized emulsion. PMB is expected to be the fastest-growing segment owing to its increasing penetration in various roofing applications, and this will be a key factor influencing demand over the next eight years.
Building asphalt market is segmented into varied applications such as residential buildings, nonresidential buildings, adhesives, insulation, waterproofing, road construction, and improvement and building repair. Paving products consume more than 50% of the asphalt market, and it is expected to grow at a significant rate over the next eight years. With, the construction sector growth in emerging economies the demand for asphalt in roll roofing is expected to increase and will be having significant growth over the forecast period. Waterproofing was the second largest segment of consumer bitumen. Waterproofing becomes an essential part of roofing and building construction. Apart from construction and road paving it is also applicable in the residential market and will experience growth owing to an increasing need from the real estate sector. With, the government focusing on recycling initiatives and investments recycled asphalt (RAP) can be used to reconstruct worn highway surfaces and repair damaged roads.
Regionally, the building asphalt market is fragmented into North America, Europe, Asia Pacific, and the Rest of the World North America exhibit the fastest environmental gains in the year 2015. With, the U.S. economy recovering and rising construction industry the demand for asphalt will have significant growth over the forecast period. Apart from that, the size of the Canadian and U.S. road networks also consume primary asphalt, and it will remain dominant in this region. Canada is the largest asphalt supplier in the world, and it becomes too expensive for countries to import bitumen. Asia-Pacific is followed by North America, and it will soon take over on account of massive infrastructure developments in emerging economies such as China and India. In the year 2015, China alone consumed one-fifth of global asphalt. In contrast, India’s consumption has also grown on account of massive public work projects which are planned under “Make in India” campaign. However, there is moderate growth in the developed economy of Japan. Europe is expected to experience slow growth region concerning consuming building asphalt market on account of low demand in the building construction and roofing markets.
Key players in the industry are British Petroleum, CEMEX, ExxonMobil, Imperial Oil, Shell Bitumen, Neustar, Nynas, PEMEX, Valero Energy, Marathon Petroleum, Chevron and Royal Dutch Shell, and there are several prominent vendors globally present which include Aggregate Industries, Akzo Nobel, Anglo American, and Atlas Roofing. Several companies are engaged in new product developments, innovation, agreements, collaborations, mergers & acquisitions, and strategic business activities to strengthen their building asphalt market share and increase distribution networks globally. This industry is expected to be highly competitive over the forecast period on account of the incorporation of new processes and developments. Shell Corp. recently launched a fire-resistant asphalt grade which can be applied for application in construction and residential segment.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.