The global Building Asphalt Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Type (Polymer-Modified Bitumen, Bitumen Emulsion, Cutback Emulsion, Oxidized Emulsion), By Application (Residential Buildings, Non-Residential Buildings).
The market for building asphalt is paving the way for sustainable infrastructure by providing durable, versatile, and eco-friendly paving materials for roads, highways, and parking lots. Key trends shaping the future of this industry include advancements in asphalt mix designs, including warm mix asphalt (WMA), recycled asphalt pavement (RAP), and porous asphalt, which offer reduced energy consumption, lower emissions, and improved drainage properties compared to traditional hot mix asphalt (HMA). Additionally, developments in asphalt production technologies, including mobile mixing plants, foam asphalt systems, and rejuvenators, enhance manufacturing efficiency, material performance, and pavement durability. Moreover, the adoption of sustainable paving practices, such as pavement preservation, life cycle assessment (LCA), and green infrastructure integration, promotes environmental stewardship and resource conservation in asphalt pavement projects. As transportation agencies, contractors, and municipalities prioritize sustainability, resilience, and cost-effectiveness in infrastructure investments, the demand for innovative building asphalt solutions is expected to grow, driving further research, development, and market adoption in this essential segment of the construction materials industry.
The market report analyses the leading companies in the industry including Chevron Corp, Exxon Mobil Corp, Imperial Oil Ltd, Marathon Petroleum Corp, Neustar Inc, Nynas AB, Petróleos Mexicanos (PEMEX), Royal Dutch Shell plc, Shell Bitumen, Valero Energy Corp.
A prominent trend in the market for building asphalt is the increasing demand for sustainable asphalt solutions. With growing concerns about environmental sustainability and climate change, there is a shift towards asphalt formulations that incorporate recycled materials, such as reclaimed asphalt pavement (RAP) and recycled asphalt shingles (RAS), to reduce the environmental footprint of road construction and maintenance. Additionally, innovations in asphalt technology, such as warm mix asphalt (WMA) and porous asphalt, are gaining traction due to their potential to lower energy consumption, reduce greenhouse gas emissions, and improve stormwater management. As governments and organizations prioritize sustainability in infrastructure projects, the demand for sustainable asphalt solutions is expected to rise, driving market growth and innovation in asphalt production and application methods.
A key driver behind the demand for building asphalt is infrastructure investment and road maintenance programs. As populations grow and urbanization accelerates, there is a need for new roads, highways, bridges, and transportation networks to support economic growth and mobility. Additionally, aging infrastructure requires ongoing maintenance, rehabilitation, and resurfacing to ensure safety and functionality. Asphalt is a critical material used in the construction and maintenance of roads and highways due to its versatility, durability, and cost-effectiveness. Government funding for infrastructure projects, coupled with public-private partnerships and transportation initiatives, drives demand for building asphalt, providing opportunities for asphalt producers and contractors to secure contracts and participate in large-scale construction projects.
An emerging opportunity in the market for building asphalt lies in the development of high-performance and long-lasting asphalt mixtures. With increasing traffic volumes, heavier loads, and harsh weather conditions, there is a demand for asphalt pavements that can withstand wear and tear, resist rutting and cracking, and maintain smoothness and ride quality over time. Manufacturers and researchers aim to capitalize on this opportunity by investing in research and development of innovative asphalt mix designs that incorporate additives, modifiers, and polymers to enhance performance properties such as durability, fatigue resistance, and rutting resistance. Additionally, there is an opportunity to develop asphalt mixtures that are optimized for specific applications and climate conditions, such as hot mix asphalt (HMA) for high-traffic highways, cold mix asphalt for temporary repairs, and stone mastic asphalt (SMA) for noise reduction on urban roads. By offering high-performance and long-lasting asphalt mixtures, suppliers can meet the evolving needs of road agencies and contractors, differentiate their products in the market, and capture new opportunities in infrastructure development and pavement rehabilitation projects. Embracing innovation in asphalt technology can drive market growth and competitiveness in the building asphalt industry, contributing to safer, smoother, and more sustainable road networks.
The building asphalt market operates through a sequential Market Ecosystem, with raw material suppliers including Vulcan Materials Company, ExxonMobil, and LafargeHolcim, providing aggregates, binder (asphalt cement), and fillers, respectively. Refineries including ExxonMobil and Shell Bitumen process crude oil into asphalt cement, a crucial binder in asphalt production. Asphalt plants, including Ammann Group and Astec Industries, manufacture asphalt by mixing aggregates, binders, and fillers, with construction companies managing their plants for large projects. Distributors including CEMEX and Mansfield Asphalt Paving Materials facilitate logistics between asphalt plants and paving contractors, which are the end users responsible for laying and compacting asphalt.
This linear Market Ecosystem underscores the collaboration among various players, from raw material suppliers to paving contractors, with each stage contributing to the seamless production and application of asphalt in building infrastructure. Government agencies' investment decisions further shape market demand, highlighting the interdependence between public-sector initiatives and private-sector operations in the building asphalt industry.
In the Building Asphalt Market, the largest segment is polymer-modified bitumen, and its dominance can be attributed to diverse key factors. Polymer-modified bitumen offers superior performance compared to traditional bitumen due to the addition of polymers such as styrene-butadiene-styrene (SBS) or styrene-butadiene rubber (SBR). These polymers enhance the properties of bitumen, making it more durable, flexible, and resistant to cracking, rutting, and fatigue under heavy traffic loads. Polymer-modified bitumen is widely used in various construction applications, including road paving, roofing, waterproofing, and asphalt mixing, due to its ability to withstand harsh environmental conditions and provide long-lasting protection to infrastructure. Additionally, polymer-modified bitumen exhibits improved adhesion to aggregates and substrates, resulting in better pavement performance and reduced maintenance costs over the lifespan of the asphalt surface. In addition, advancements in polymer technology and manufacturing processes have led to the development of innovative polymer-modified bitumen formulations with enhanced properties such as high-temperature stability, low-temperature flexibility, and resistance to aging and oxidation, further reinforcing its position as the largest segment in the Building Asphalt Market. Overall, polymer-modified bitumen is the largest segment due to its superior performance, durability, and versatility in meeting the evolving needs of the construction industry for reliable and sustainable asphalt solutions.
In the Building Asphalt Market, the fastest-growing segment is non-residential buildings applications, driven by diverse significant factors. Non-residential buildings include commercial, industrial, institutional, and infrastructure projects such as office buildings, shopping malls, factories, schools, hospitals, and roads. The growth in non-residential building construction is fueled by urbanization, population growth, and economic development, leading to increased demand for infrastructure and commercial spaces. Asphalt is a versatile material widely used in non-residential construction for various applications such as road paving, parking lots, roofing, waterproofing, and landscaping. The robust growth in non-residential construction activities necessitates the use of asphalt for infrastructure development, road maintenance, and building waterproofing, driving the demand for asphalt products in these applications. Additionally, government initiatives and investments in infrastructure projects further stimulate the demand for asphalt in non-residential construction, supporting economic growth and urban development. In addition, advancements in asphalt technology, such as warm-mix asphalt and polymer-modified asphalt, improve the performance and sustainability of asphalt in non-residential applications, contributing to its rapid growth in the Building Asphalt Market. Overall, the non-residential buildings segment is the fastest-growing segment due to the increasing construction activities in commercial, industrial, and infrastructure projects, driving the demand for asphalt solutions to meet the infrastructure needs of urbanized environments.
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
Chevron Corp
Exxon Mobil Corp
Imperial Oil Ltd
Marathon Petroleum Corp
Neustar Inc
Nynas AB
Petróleos Mexicanos (PEMEX)
Royal Dutch Shell plc
Shell Bitumen
Valero Energy Corp
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Building Asphalt Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Building Asphalt Market Size Outlook, $ Million, 2021 to 2030
3.2 Building Asphalt Market Outlook by Type, $ Million, 2021 to 2030
3.3 Building Asphalt Market Outlook by Product, $ Million, 2021 to 2030
3.4 Building Asphalt Market Outlook by Application, $ Million, 2021 to 2030
3.5 Building Asphalt Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Building Asphalt Industry
4.2 Key Market Trends in Building Asphalt Industry
4.3 Potential Opportunities in Building Asphalt Industry
4.4 Key Challenges in Building Asphalt Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Building Asphalt Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Building Asphalt Market Outlook by Segments
7.1 Building Asphalt Market Outlook by Segments, $ Million, 2021- 2030
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
8 North America Building Asphalt Market Analysis and Outlook To 2030
8.1 Introduction to North America Building Asphalt Markets in 2024
8.2 North America Building Asphalt Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Building Asphalt Market size Outlook by Segments, 2021-2030
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
9 Europe Building Asphalt Market Analysis and Outlook To 2030
9.1 Introduction to Europe Building Asphalt Markets in 2024
9.2 Europe Building Asphalt Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Building Asphalt Market Size Outlook by Segments, 2021-2030
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
10 Asia Pacific Building Asphalt Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Building Asphalt Markets in 2024
10.2 Asia Pacific Building Asphalt Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Building Asphalt Market size Outlook by Segments, 2021-2030
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
11 South America Building Asphalt Market Analysis and Outlook To 2030
11.1 Introduction to South America Building Asphalt Markets in 2024
11.2 South America Building Asphalt Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Building Asphalt Market size Outlook by Segments, 2021-2030
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
12 Middle East and Africa Building Asphalt Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Building Asphalt Markets in 2024
12.2 Middle East and Africa Building Asphalt Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Building Asphalt Market size Outlook by Segments, 2021-2030
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Chevron Corp
Exxon Mobil Corp
Imperial Oil Ltd
Marathon Petroleum Corp
Neustar Inc
Nynas AB
Petróleos Mexicanos (PEMEX)
Royal Dutch Shell plc
Shell Bitumen
Valero Energy Corp
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Type
Polymer-Modified Bitumen
Bitumen Emulsion
Cutback Emulsion
Oxidized Emulsion
By Application
Residential Buildings
Non-Residential Buildings
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Building Asphalt is forecast to reach $5.9 Billion in 2030 from $4.1 Billion in 2024, registering a CAGR of 6.2% over the outlook period
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Chevron Corp, Exxon Mobil Corp, Imperial Oil Ltd, Marathon Petroleum Corp, Neustar Inc, Nynas AB, Petróleos Mexicanos (PEMEX), Royal Dutch Shell plc, Shell Bitumen, Valero Energy Corp
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: Revenue (USD); Volume