Building Asphalt Market: Global Opportunity Analysis and Industry Forecast, 2021-2031 Market

Building Asphalt Market Analysis 2020-2027:

Asphalt is commonly known as bitumen, which is a black, semi-solid, and sticky form of rock oil. Its mixture majorly contains sand, rock, and slag.  Asphalt is majorly found in natural deposits or else is a refined residue from the distillation process of particular crude oils. Asphalt is found to be a very useful material in construction of building, roads and as a waterproofing product, i.e. sealant, while making a roof due to its ability to be an excellent filler and binder.

There are various types of bitumen available in the market but PMB is expected to be the best one due to its growing access in various roofing applications.

COVID-19 Impact

• The global market for building asphalt market is severely impacted by the outbreak of the COVID-19 pandemic. 
• The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. 
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of building asphalts, which negatively impact the market growth.

Top impacting factors: Market Scenario Analysis, Trends and Drivers

Building asphalt market is significantly growing due to increase in population and urbanization in developing nations and this leads to growth of infrastructure, thus driving the building asphalt market.
China alone consumed one-fifth of global asphalt market in the year 2015. Moreover, India is also anticipated to see positive growth during the forecast period due to several campaigns like “Make in India” and “PradhanMantriAwasYojana (PMAY)”, where the government of India is going to construct houses for poor people living in both rural and urban areas.

Building asphalt market is similarly useful for paving segment, and it is overtaking concrete in most road paving applications in several regions such as Canada and U.S. 

The building asphalt market has various unique properties such as resistance to water, hardness, adhesion, ductility, and higher softening point, which makes it suitable in the construction industry for making of roofs. Furthermore, with increase in population, demand for houses has increased and leading to the development of the construction sector, thus the demand for asphalt in roll roofing and waterproofing is anticipated to grow.

Moreover, with the increase in recycling initiatives and investments by government, the government is focusing more on recycled asphalt (RAP) to be used in reconstruction of damaged highway surfaces and repair damaged roads.

However, changes in environmental regulation combined with low consumer awareness can hinder the growth of the market.

Key benefits of the report:

• This study presents the analytical depiction of the global building asphalt market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global building asphalt market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global building asphalt market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global building asphalt market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Building Asphalt Marketresearch report:

• Who are the leading market players active in the building asphalt market?
• What would be the detailed impact of COVID-19 on the market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the building asphalt market?
• What are the projections for the future that would help in taking further strategic steps?

 Building Asphalt Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights