Long term growth in asphalt demand will be primarily driven by the continuously expanding highways across the world that are needed to accommodate the massively growing automobile population, a new report states.
‘Asphalt: A Global Strategic Business Report’ by Global Industry Analysts (GIA) says key innovations that are poised to benefit the market through to 2020 include noise-reducing hot-mix asphalt for lowering traffic noise, and the introduction of green technologies for eco-friendly production of asphalt mixtures.
Growing popularity of perpetual pavements designed to last for over 50 years in comparison with the 20 years lifespan of conventional pavements, will spur consumption of asphalt in the construction of smart roads of the future, the GIA report claims. The market for asphalt roofing is forecast to benefit from the introduction of laminated architectural shingles.
Widespread increase in public construction activity and resurgence in infrastructure spends, particularly airports, rail terminals, and parking lots, are also expected to significantly benefit market opportunities in the coming years.
Asia-Pacific is said in the GIA report to represent the largest as well as the fastest growing asphalt market worldwide with a CAGR (Compound Annual Growth Rate) of 8.0% over the analysis period (2013-2020). Burgeoning population, increased urbanisation, robust pace of industrialisation and the subsequent need for housing, paving as well as transportation, among other infrastructures, are said to represent factors promoting demand growth in the region.
