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The Asphalt Market Size was valued at USD 249.2 million in 2023. It is expected to grow to USD 389.9 million by 2032 and grow at a CAGR of 5.1% over the forecast period of 2024-2032.
The growth of the asphalt market is driven by the increasing demand for infrastructure development worldwide. The construction of new roads, highways, and airports, coupled with the need for maintenance and repair of existing infrastructure, has fueled the demand for asphalt. Additionally, the rising popularity of asphalt shingles in the roofing industry has further contributed to the market's expansion.
As per the European Commission, in 2022, the Connecting Europe Facility allocated €28.80 billion for transportation infrastructure enhancements. The overwhelming part of it is devoted to modernizing the existing roadways in the European Union. Asphalt is still the primary material for road surface solutions.
Adopting advanced additives and modifiers in asphalt formulations further drives the growth of the asphalt market. These additives enhance the performance characteristics of asphalt, making it more durable, flexible, and resistant to cracking. Additionally, the use of recycled materials, such as reclaimed asphalt pavement (RAP), is gaining traction as a cost-effective and sustainable alternative to traditional asphalt production.
In 2023, Vulcan Materials Company, one of the largest suppliers of infrastructure aggregate and asphalt, extended its production capacity by acquiring U.S. Concrete. The acquisition coincided with the increased federal spending on the roadways. It will allow meeting the growing demand for the product for infrastructure improvement projects all over the United States.
Moreover, the major driving force of the asphalt market is the necessity of road maintenance and rehabilitation. Alongside, North America and Europe account as the major regions of developed infrastructure, and the need for constant maintenance of the aging infrastructure has become the major driver of the market. Many governments of these regions are ready to allocate large budgets for the maintenance and further development of their road networks. There are several examples of such governments for instance, according to the Federal Highway Administration, there should be more than USD 50 million spent annually to maintain and renew the existing highways. In its turn, the U.S. Infrastructure Investment and Jobs Act has allocated USD 110 billion for the maintenance and improvement of roads and bridges, and a considerable part of this budget will be spent on the resurfacing of existing asphalt.
Asphalt is no longer the cheap and reliable material it used to be valued for in the past. Modern progress, however, has altered how the product is used and created a very different picture, where asphalt provides exceptional performance, upgraded durability, and improved ease with which it can be installed. In the face of significant innovations surrounding asphalt and its application in construction, polymer-modified asphalt is one of the most noteworthy ones, being characterized by better wear, cracking, and deformation resistance.
Drivers
Increasing adoption of asphalt for road construction and maintenance drives the market growth.
The growth in the usage of asphalt in road construction and reparation is explained by the relatively low cost, long-lasting nature, and the opportunities it provides to resist heavy traffic and intense weather conditions. The case is supported by information about the latest developments of the key players. For instance, in 2023 Vulcan Materials enlarged its production of asphalt due to the purchase of U.S. Concrete. It is mentioned that nowadays, the requested volume of infrastructure objects in the U.S. enables such growth of a company. Next, in 2021, CRH Plc enlarged its product line of polymer-modified asphalt in response to the increased demand for materials that are supposed to be used in areas with heavy traffic, such a development could also be regarded as another case. Finally, there is information about the fact that Shell Bitumen 2022 launched a new generation of asphalt called Shell Bitumen CarbonSink. It is explained that this bio-based variant of asphalt may act as a carbon bank and reduce CO2 in both cases noted in the summary.
Asphalt has been gaining popularity in the area of road construction and maintenance. Since it is a multi-use material, asphalt is widely used in the creation of roadways, highways, and other forms of infrastructure. Governments from all over the world have been working on increasing their investment in the development of road infrastructure to boost the country’s economy and improve the transportation of goods and services. For this reason, the need for asphalt is continuously growing. In addition, the spending on road repairs and highway maintenance has been growing on the level of the whole continent, particularly the North. In such a way, the current trend suggests that asphalt plays a significant role in the development of long-standing and effective transportation systems.
The rising popularity of asphalt as a sustainable and eco-friendly material drives the market growth.
Eco-friendly materials attract both private and public sectors. The use of asphalt reduces the utilization of new raw materials, as well as the production of waste. Many companies and governments prefer using recycled material for the construction and reconstruction of roads because it is both cheap and appropriate for the environment. Such a sustainable approach considerably affects the demand for asphalt in numerous infrastructure and general construction implementations.
Restraint
Fluctuating cost of raw materials hampers the market growth.
A major market restraint is the fluctuating cost of raw materials. Crude oil is one of the most important and volatile inputs in the production of asphalt. When crude oil prices rise, the cost of production for asphalt increases as well, leading to higher project expenses for construction companies. Delays in infrastructure builds and renovations or the need for contractors to seek alternative materials limit the growth of the asphalt market. In tandem, governments and corporations become unable to predict and thus budget for the long-term expenses necessitated by the construction and repair of roads.
Opportunities
Development of advanced asphalt mixtures
Researchers and manufacturers are constantly exploring new additives and technologies to enhance the performance and durability of asphalt. These advancements not only improve the quality of roads but also open doors for new applications in areas such as roofing and waterproofing.
By Product
The paving held the largest market share around 58% in 2023. It is because of its significance in the development and maintenance of infrastructure. Demand for road construction and repair continually increases and drives the sales of asphalt as a material in the paving application. Urbanization and population growth have both led to the need for an increased number of roads for the advancement of various economic activities. Governments spend substantial budgets on infrastructure, and roads and highways are essential components in the modern network of transportation, which has triggered greater demand for asphalt in paving applications. Furthermore, despite being the cheapest road material, in general, asphalt is durable and lasts long. The material is also recyclable helps increase the interest in its utilization. Due to these trends, the main focus of infrastructure activities in many developing territories is on the part of paving, which has enhanced its share in the asphalt market.
By Application
Based on the application, the roadways application segment dominated the asphalt market with the highest revenue share of about 43% in 2023 owing to the expansion of the construction industry. This growth is fueled by rapid urbanization and an increasing population, which creates a demand for roadway applications. The substance plays a crucial role as a binding agent for roadways and highways, ensuring the cohesion and durability of the materials used. Furthermore, the growing connectivity between countries and regions further strengthens the dominance of this segment. Not only does it serve as a binding agent, but it also acts as a waterproofing agent for roadways and other infrastructures. By preventing accidents and protecting residential and non-residential structures from harsh weather conditions, it plays a vital role in ensuring safety and longevity.
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Asia Pacific dominated the Asphalt Market with the highest revenue share of about 37% in 2023. The significant growth in the construction industry is attributed to the increasing demand from developing economies, particularly South Korea, China, and India. Among these, China stands out as the dominant country due to its rising population and rapid urbanization. The region is experiencing substantial infrastructure development, coupled with innovative advancements in the construction sector, which is expected to further drive market growth in the foreseeable future. Moreover, the region's increasing focus on sustainable practices has led to the adoption of innovative asphalt solutions that are both environmentally friendly and energy efficient. Fluctuations in crude oil prices, given the region's heavy reliance on oil imports, play a crucial role in determining the costs of asphalt production. Furthermore, technological advancements and government initiatives aimed at enhancing infrastructure further contribute to the expansion of the market. Additionally, the unique climatic conditions and stringent environmental regulations specific to the Asia Pacific region significantly influence the selection of asphalt materials and application methods.
North America is expected to grow with a CAGR of about 5.4% in the Asphalt Market during the forecast period due to the increasing use of recreational facilities in residential buildings and the growing trend of road and highway maintenance. Additionally, strong economic growth, rising construction activity, and favorable governmental regulations will further drive demand. In North America, according to the National Asphalt Pavement Association (NAPA), approximately 65% of the bitumen pavement market is funded by public sources, primarily for highway projects. Non-residential and residential construction make up the remaining 35%. NAPA reports that there are currently around 3,500 asphalt mix production sites operating in the United States. These sites collectively produce over 355 million tons of asphalt pavement material each year.
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)
In August 2023, Cemex is making significant strides in its UK asphalt operation through a robust investment program. As part of this initiative, a new plant will be opened in Birmingham, and various locations will undergo developments to enhance operational efficiency and sustainability.
In June 2023, BORAL embarked on the largest crumbed rubber asphalt demonstration project in Australia. This project involves the provision of 2,000 tonnes of sustainable pavement material and an additional 1,200 tonnes of controlled asphalt mix. These materials will be used to pave eight local Sydney council streets, showcasing the potential of this innovative solution.
In September 2022, Aggregate Industries, a leading supplier of construction materials, introduced a reduced carbon asphalt, known as Foamix®. This asphalt is not only 100% recyclable but also ideal for constructing, repairing, and maintaining new or existing highways. This sustainable solution is suitable for base and binder course layers, making it a versatile option for highways, footways, and haunching works.
| Report Attributes | Details |
| Market Size in 2023 | US$ 249.19 Mn |
| Market Size by 2031 | US$ 370.98 Mn |
| CAGR | CAGR of 5.1% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Roofing, Paving, and Others) • By Type (Cold Mix Asphalt, Warm Mix Asphalt, and Hot Mix Asphalt) • By Application (Roadways, Recreation, Waterproofing, and Others) • By End-user (Residential and Non-Residential) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | CEMEX S.A.B. de C.V., Exxon Mobil Corporation, Royal Dutch Shell, Total SA, United Refining Company, Boral, Aggregate Industries Ltd., China Petroleum & Chemical Corporation, Chevron Corporation, Marathon Petroleum Corporation |
| Key Drivers | • Increasing adoption of asphalt for road construction and maintenance • Rising popularity of asphalt as a sustainable and eco-friendly material |
| Market Restraints | • Fluctuating cost of raw materials |
Ans: The Asphalt Market was valued at USD 249.19 million in 2023.
Ans: The expected CAGR of the global Asphalt Market during the forecast period is 5.1%.
Ans: The Paving product segment dominated the Asphalt Market with the highest revenue share in 2023.
Ans: Asphalt is derived from petroleum, and fluctuations in oil prices directly impact the cost of production. This factor is likely to restrain the Asphalt Market.
Ans: Governments and organizations worldwide are prioritizing sustainable construction practices, including the use of eco-friendly materials like asphalt. This shift towards sustainability creates a favorable environment which drives the adoption of asphalt in the construction industry.
Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
3.1 Market Driving Factors Analysis
3.1.2 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 PESTLE Analysis
3.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by l Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new Product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Asphalt Market Segmentation, by Product
7.1 Chapter Overview
7.2 Roofing
7.2.1 Roofing Market Trends Analysis (2020-2032)
7.2.2 Roofing Market Size Estimates and Forecasts to 2032 (USD Million)
7.3 Paving
7.3.1 Paving Market Trends Analysis (2020-2032)
7.3.2 Paving Market Size Estimates and Forecasts to 2032 (USD Million)
7.4 Carbon Gases
7.4.1 Carbon Gases Market Trends Analysis (2020-2032)
7.4.2 Carbon Gases Market Size Estimates and Forecasts to 2032 (USD Million)
7.5 Others
7.5.1 Others Market Trends Analysis (2020-2032)
7.5.2 Others Market Size Estimates and Forecasts to 2032 (USD Million)
8. Asphalt Market Segmentation, by Application
8.1 Chapter Overview
8.2 Roadways
8.2.1 Roadways Market Trends Analysis (2020-2032)
8.2.2 Roadways Market Size Estimates and Forecasts to 2032 (USD Million)
8.3 Recreation
8.3. Recreation Market Trends Analysis (2020-2032)
8.3.2 Recreation Market Size Estimates and Forecasts to 2032 (USD Million)
8.4 Waterproofing
8.4.1 Waterproofing Market Trends Analysis (2020-2032)
8.4.2 Waterproofing Market Size Estimates and Forecasts to 2032 (USD Million)
8.5 Others
8.5.1 Others Market Trends Analysis (2020-2032)
8.5.2 Others Market Size Estimates and Forecasts to 2032 (USD Million)
9. Regional Analysis
9.1 Chapter Overview
9.2 North America
9.2.1 Trends Analysis
9.2.2 North America Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.2.3 North America Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.2.4 North America Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.2.5 USA
9.2.5.1 USA Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.2.5.2 USA Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.2.6 Canada
9.2.6.1 Canada Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.2.6.2 Canada Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.2.7 Mexico
9.2.7.1 Mexico Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.2.7.2 Mexico Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3 Europe
9.3.1 Eastern Europe
9.3.1.1 Trends Analysis
9.3.1.2 Eastern Europe Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.3.1.3 Eastern Europe Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.1.4 Eastern Europe Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.1.5 Poland
9.3.1.5.1 Poland Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.1.5.2 Poland Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.1.6 Romania
9.3.1.6.1 Romania Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.1.6.2 Romania Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.1.7 Hungary
9.3.1.7.1 Hungary Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.1.7.2 Hungary Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.1.8 Turkey
9.3.1.8.1 Turkey Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.1.8.2 Turkey Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.1.9 Rest of Eastern Europe
9.3.1.9.1 Rest of Eastern Europe Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.1.9.2 Rest of Eastern Europe Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2 Western Europe
9.3.2.1 Trends Analysis
9.3.2.2 Western Europe Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.3.2.3 Western Europe Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.4 Western Europe Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.5 Germany
9.3.2.5.1 Germany Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.5.2 Germany Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.6 France
9.3.2.6.1 France Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.6.2 France Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.7 UK
9.3.2.7.1 UK Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.7.2 UK Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.8 Italy
9.3.2.8.1 Italy Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.8.2 Italy Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.9 Spain
9.3.2.9.1 Spain Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.9.2 Spain Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.10 Netherlands
9.3.2.10.1 Netherlands Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.10.2 Netherlands Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.11 Switzerland
9.3.2.11.1 Switzerland Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.11.2 Switzerland Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.12 Austria
9.3.2.12.1 Austria Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.12.2 Austria Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.3.2.13 Rest of Western Europe
9.3.2.13.1 Rest of Western Europe Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.3.2.13.2 Rest of Western Europe Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4 Asia Pacific
9.4.1 Trends Analysis
9.4.2 Asia Pacific Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.4.3 Asia Pacific Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.4 Asia Pacific Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.5 China
9.4.5.1 China Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.5.2 China Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.6 India
9.4.5.1 India Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.5.2 India Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.5 Japan
9.4.5.1 Japan Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.5.2 Japan Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.6 South Korea
9.4.6.1 South Korea Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.6.2 South Korea Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.7 Vietnam
9.4.7.1 Vietnam Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.2.7.2 Vietnam Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.8 Singapore
9.4.8.1 Singapore Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.8.2 Singapore Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.9 Australia
9.4.9.1 Australia Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.9.2 Australia Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.4.10 Rest of Asia Pacific
9.4.10.1 Rest of Asia Pacific Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.4.10.2 Rest of Asia Pacific Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5 Middle East and Africa
9.5.1 Middle East
9.5.1.1 Trends Analysis
9.5.1.2 Middle East Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.5.1.3 Middle East Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.1.4 Middle East Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.1.5 UAE
9.5.1.5.1 UAE Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.1.5.2 UAE Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.1.6 Egypt
9.5.1.6.1 Egypt Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.1.6.2 Egypt Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.1.7 Saudi Arabia
9.5.1.7.1 Saudi Arabia Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.1.7.2 Saudi Arabia Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.1.8 Qatar
9.5.1.8.1 Qatar Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.1.8.2 Qatar Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.1.9 Rest of Middle East
9.5.1.9.1 Rest of Middle East Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.1.9.2 Rest of Middle East Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.2 Africa
9.5.2.1 Trends Analysis
9.5.2.2 Africa Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.5.2.3 Africa Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.2.4 Africa Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.2.5 South Africa
9.5.2.5.1 South Africa Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.2.5.2 South Africa Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.5.2.6 Nigeria
9.5.2.6.1 Nigeria Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.5.2.6.2 Nigeria Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.6 Latin America
9.6.1 Trends Analysis
9.6.2 Latin America Asphalt Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
9.6.3 Latin America Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.6.4 Latin America Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.6.5 Brazil
9.6.5.1 Brazil Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.6.5.2 Brazil Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.6.6 Argentina
9.6.6.1 Argentina Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.6.6.2 Argentina Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.6.7 Colombia
9.6.7.1 Colombia Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.6.7.2 Colombia Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9.6.8 Rest of Latin America
9.6.8.1 Rest of Latin America Asphalt Market Estimates and Forecasts, by Product (2020-2032) (USD Million)
9.6.8.2 Rest of Latin America Asphalt Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
10. Company Profiles
10.1 CEMEX S.A.B. de C.V.
10.1.1 Company Overview
10.1.2 Financial
10.1.3 Products/ Services Offered
10.1.4 SWOT Analysis
10.2 Exxon Mobil Corporation
10.2.1 Company Overview
10.2.2 Financial
10.2.3 Products/ Services Offered
10.2.4 SWOT Analysis
10.3 Royal Dutch Shell
10.3.1 Company Overview
10.3.2 Financial
10.3.3 Products/ Services Offered
10.3.4 SWOT Analysis
10.4 Total SA
10.4.1 Company Overview
10.4.2 Financial
10.4.3 Products/ Services Offered
10.4.4 SWOT Analysis
10.5 United Refining Company
10.5.1 Company Overview
10.5.2 Financial
10.5.3 Products/ Services Offered
10.5.4 SWOT Analysis
10.6 Boral
10.6.1 Company Overview
10.6.2 Financial
10.6.3 Products/ Services Offered
10.6.4 SWOT Analysis
10.7 Aggregate Industries Ltd.
10.7.1 Company Overview
10.7.2 Financial
10.7.3 Products/ Services Offered
10.7.4 SWOT Analysis
10.8 China Petroleum & Chemical Corporation
10.8.1 Company Overview
10.8.2 Financial
10.8.3 Products/ Services Offered
10.8.4 SWOT Analysis
10.9 Chevron Corporation
10.9.1 Company Overview
10.9.2 Financial
10.9.3 Products/ Services Offered
10.9.4 SWOT Analysis
10.10 Marathon Petroleum Corporation
10.10.1 Company Overview
10.10.2 Financial
10.10.3 Products/ Services Offered
10.10.4 SWOT Analysis
11. Use Cases and Best Practices
12. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Key Segments:
By Product
Roofing
Paving
Others
By Application
Roadways
Recreation
Waterproofing
Others
Request for Segment Customization as per your Business Requirement: Segment Customization Request
Regional Coverage:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Request for Country Level Research Report: Country Level Customization Request
Available Customization
With the given market data, SNS Insider offers customization as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
Criss-Cross segment analysis (e.g. Product X Application)
Product Matrix which gives a detailed comparison of product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
Detailed analysis and profiling of additional market players (Up to five)