Press release
Global Asphalt Market to Rise at 4.12% CAGR from 2017 to 2021
MarketResearchReports.biz has featured a new report on the global asphalt market on its expanding database. The report, titled “Global Asphalt Market 2017-2021,” delves into market drivers, challenges, and trends to present a conclusive analysis about the growth of the said market between 2017 and 2021.
The report analyzes the regional markets of the Americas, EMEA, and APAC to present the growth trajectory of the global market for asphalt for the aforementioned forecast period. The report covers past performance and current scenario to determine how this market is expected to tread growth over the forecast period. Included in this report is insights into the current market landscape and how it is expected to change over the forecast period.
According to the report, the global asphalt market is expected to rise at a CAGR of 4.12% between 2017 and 2021.
The report includes a discussion on the competitive landscape of the global asphalt market. The top vendors are mentioned and are profiled for their key business attributes. Some of the key vendors in this market are BP, Exxon Mobil, Royal Dutch Shell, CEMEX, and Imperial Oil. Some other vendors in this market include Aggregate Industries, Anglo American, China Petrochemical Corporation, Inland Asphalt, Akzo Nobel, Atlas Roofing, El Dorado Chemical, and United Refining.
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Asphalt is a robust, versatile, chemical-resistant, and weather-resistant material, which adapts itself for several uses. Asphalt joins gravel and crushed stone into firm and tough surfaces to be used for roads, airport runways, and streets.
The report says that furtherance of the transportation sector and infrastructural development is the primary factor driving the asphalt market. Construction of improved roadways, bridges, and modern buildings across the world is driving the demand for asphalt. The continual evolution of the transport sector wherein modern means of movement of goods and people are developed is benefitting the asphalt industry.
However, factors such as sustainability of and environmental considerations are limiting the market’s growth. As water cannot pass through asphalt it not only dries the ground underneath, but it gradually warms the environment where it is used. The chemical makeup of asphalt also poses threat to the environment in the long term and short term.
Nevertheless, with the introduction of modern pavement technologies the asphalt market is expected to be benefitted. This, along with the use of warm mix asphalt and increased recycling and resurfacing practices is expected to have a positive bearing on the growth of this market.
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The report studies the global asphalt market on the basis of application, end-user, and geography. In terms of application, the segments of the market are roadways, recreation, waterproofing, and others. On the basis of end-user, residential construction, non-residential construction, and others are the segments of this market.
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