The growth of the construction industry is identified as one of the major growth factors of the asphalt market. The growing demand for office space, commercial complexes and residential buildings has been crucial in driving the growth of the global construction industry. This has increased the consumption and demand for various building materials such as building aggregates, metal products, and asphalt. Asphalt is widely used in applications such as roofing, flooring and coatings. Hence, the growth of the construction industry will positively influence the growth of the target market during the forecast period.
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According to Technavio, the increasing investments in road and highway infrastructure projects will have a positive impact on the market and contribute to its growth significantly during the forecast period. This research report also analyzes other important trends and market drivers that will influence the growth of the market during the period 2021-2025.
Asphalt market: increased investment in road and motorway infrastructure projects
Many developing and developed countries, including China, India, Italy, Russia, Germany, and the United States is making significant investments in road and highway construction projects. For example, in October 2017, the government of India approved the construction of more than 51,500 miles of highway, highway and bridge projects under the Bharatmala Pariyojana program. Many such highway construction projects around the world are increasing the demand for asphalt, which is driving the growth of the market.
“The increased demand for waterproofing and the growing focus on domestic manufacturing will further drive market growth over the forecast period,” said a senior analyst at Technavio.
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Asphalt Market: Segmentation Analysis
This market research report segments the asphalt market by end user (non-residential construction, residential construction and others), by application (roads, waterproofing, recreation and others) and by geography (APAC, North America, Europe, MEA and South America).
APAC region dominated the asphalt market in 2021, followed by North America, Europe, MEA and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to industrialization, rapid urbanization and increasing infrastructure development.
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Related material reports include:
Global cement market – The global cement market is segmented by end user (residential construction, non-residential construction and infrastructure) and by geography (APAC, North America, Europe, MEA and South America).
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Global Building Materials Market – The global construction materials market is segmented by product (cement, construction aggregates, concrete bricks, construction metals and others) and by geography (APAC, Europe, North America, MEA and South America).
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Some of the main topics covered in the report include:
- Covered suppliers
- Supplier ranking
- Positioning of sellers in the market
- Competitive scenario
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