How the Asphalt Market Is Shaping Up

The latest trend in the global asphalt market is modern pavement technologies. New technologies for paving highways and bridges are being introduced, where asphalt might find greater usage. The demand for porous asphalt is expected to increase, as it not only channelizes water to flow in a desired way, but has proven to be a cost-effective material.

Another significant trend in the global asphalt market is the recycling of asphalt materials in highways for resurfacing. The global asphalt market will grow 4.12% in the next four years, and in that time the construction industry will continue to see new advances.

A major driver for the market is the growth of the transport sector and infrastructural development. Several countries still face the problem of unpaved roads that stretch for sizeable distances. Globally, unpaved roads account for about 4.3 million kilometers, 2 million of which are in the U.S. Urbanization and industrialization are leading to the need for paved roads, which means increased sale and consumption of asphalt.

One of the factors hindering the growth of the market is sustainability and environmental concerns. The chemical nature of asphalt causes it to stiffen immediately after application and form hydrogen bonds with different components. Asphalt durability is reduced over time. The hardening of asphalt to a certain extent is necessary to withstand elevated temperatures. A balance is of foremost concern to minimize temperature susceptibility. This drawback of asphalt could result in the replacement of concrete for asphalt.

Contractors need to keep in mind the different methods and types of asphalt that are in demand and the direction the market is going. With infrastructure growth and sustainability concerns, a balance will have to be made in order to push the market forward.

Related Articles