US Infrastructure Law Spurs Asphalt Sector Growth

The global asphalt market, valued at USD 229.9 billion in 2023, is poised to reach USD 321.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period of 2024–2031. Asphalt, a critical material in road construction and infrastructure development, continues to be in high demand across the US and Europe, driven by increasing urbanization, government investments, and repair and rehabilitation of aging transport networks.


The asphalt market is experiencing significant momentum in both the United States and Europe due to a combination of infrastructure renewal initiatives, climate resilience strategies, and innovations in material formulation. With a strong focus on sustainability and emission control, modified and bio-based asphalt variants are gaining traction, catering to the environmental targets set by government bodies and the construction sector.

Get Free Sample Report @ https://www.snsinsider.com/sample-request/3980

Key Players

  • CEMEX S.A.B. de C.V. (CEMEX Asphalt)
  • Exxon Mobil Corporation (Asphalt Binder)
  • Royal Dutch Shell (Shell Bitumen)
  • Total SA (Total Asphalt)
  • United Refining Company (United Asphalt)
  • Boral (Boral Asphalt)
  •  Aggregate Industries Ltd. (Premium Asphalt)
  • China Petroleum & Chemical Corporation (Sinopec) (Sinopec Asphalt)
  • Chevron Corporation (Chevron Asphalt)
  • Marathon Petroleum Corporation (Marathon Asphalt)
  • LafargeHolcim (ECOPlanet Asphalt)
  • Oldcastle Materials (Oldcastle Asphalt)
  • Granite Construction Incorporated (Granite Asphalt)
  • Tarmac (Tarmac Asphalt)
  • CRH plc (CRH Polymer-Modified Asphalt)
  • Bitumina (Bitumina Asphalt)
  • Nynas AB (Nynas Asphalt)
  • PBA (Petrochemical and Bitumen Association) (PBA Asphalt)
  • Colas Group (Colas Eco-Emulsion Asphalt)
  • Reynolds Asphalt (Reynolds Asphalt Mix)

Key Highlights:

  • Valuation: USD 229.9 billion in 2023; projected to reach USD 321.5 billion by 2031
  • CAGR: 4.3% between 2024–2031
  • Major Drivers: Infrastructure modernization, highway expansion, urban development
  • Product Focus: Increased use of polymer-modified and bio-based asphalt
  • Regional Insight: Strong growth potential in the US due to the Bipartisan Infrastructure Law
  • European Trends: Rise in smart city projects and green construction practices
  • Demand Segments: Roads, highways, airport runways, and roofing applications
  • Key End-Users: Construction companies, governments, contractors, civil engineers

Future Scope:

The future of the asphalt market in the US and Europe appears robust, supported by long-term government infrastructure plans, rapid urbanization, and the growing preference for eco-friendly construction materials. In the United States, large-scale projects funded under infrastructure spending bills are expected to drive demand across highways and urban centers. In Europe, stricter environmental regulations are pushing manufacturers to develop low-emission asphalt solutions, which in turn is expanding R&D investments. Digital technologies such as IoT and AI are also increasingly being integrated into asphalt application and maintenance for predictive planning and resource optimization.

Conclusion:

The asphalt market is positioned for sustained growth across the US and Europe, anchored by solid policy support, technology upgrades, and the pressing need to modernize transportation infrastructure. As smart city initiatives and climate-aware construction methods gain pace, the demand for sustainable, high-performance asphalt solutions will continue to rise, creating new opportunities for key players and investors alike.

Contact Us:
Jagney Dave - Vice President of Client Engagement
Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)

Other Related Reports:

Dyes And Pigments Market

Electronic Materials and Chemicals Market

Self-Healing Materials Market

Comments

Post a Comment

Popular posts from this blog

What Impact Do Crude Oil Prices Have on US Toluene Market?

Image
The global Toluene Market , valued at approximately USD 28.6 billion in 2023, is set for significant expansion, projected to reach USD 40.9 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.4% over the forecast period. This growth is predominantly fueled by toluene's versatile applications across various industrial sectors in the United States and European regions. Toluene, a clear, colorless liquid with a distinctive aromatic odor, is a fundamental chemical intermediate and solvent widely utilized in the production of other crucial chemicals, paints, coatings, adhesives, and as a gasoline additive. The increasing demand from downstream industries such as automotive, construction, and electronics is a key driver for the toluene market. Despite evolving environmental regulations, toluene remains an indispensable component in numerous manufacturing processes due to its excellent solvent properties and its role in enhancing the octane rating of gasoline. Both the US and ...
Read more

How Is Europe Advancing Bio Solvents for Sustainable Manufacturing?

Image
The Bio Solvents Market , valued at approximately USD 4.0 billion in 2023, is projected to reach USD 5.7 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 4.01% over the forecast period of 2024-2032. This substantial growth is primarily propelled by increasing environmental concerns, stringent government regulations, and a burgeoning demand for eco-friendly products across various industries. Bio solvents, derived from renewable natural feedstocks such as vegetables, offer a compelling alternative to traditional petroleum-based solvents due to their inherently lower toxicity and reduced volatile organic compound (VOC) emissions. The escalating global awareness of the adverse health and environmental impacts of conventional solvents has been a key catalyst for this market transformation. In both the US and Europe, regulatory bodies are actively implementing policies to limit the use of hazardous chemicals and reduce air pollution, thereby creating a strong impetus fo...
Read more

Are US Agricultural Films Adopting Advanced Anti-fog Additives?

Image
The global Anti-fog Additives Market , valued at approximately USD 370.0 million in 2023, is poised for significant expansion, with projections indicating continued robust growth in the United States and European regions. Anti-fog additives are specialized chemical compounds engineered to prevent the condensation of water droplets on surfaces, ensuring clarity and enhancing the aesthetic appeal and functionality of various films and materials. This market surge is primarily driven by the escalating demand for clear packaging in the food industry and high-performance films in agriculture, alongside increasing safety considerations in other sectors. These additives play a crucial role in maintaining product visibility and extending shelf life, particularly for chilled and hot food products where temperature differentials often lead to fogging. Furthermore, their application in agricultural films is vital for optimizing light transmission and preventing moisture-related issues, thereby ...
Read more