1. Market Research
  2. > Construction
  3. > Building Materials Market Trends
  4. > US Asphalt Market

US Asphalt Market

  • July 2015
  • -
  • Freedonia
  • -
  • 396 pages

Summary

Table of Contents

US demand to rise 3.3% annually through 2019

US demand for asphalt is forecast to increase 3.3 percent annually to 26.8 million tons in 2019. This is equivalent to 148.0 million barrels of asphalt, the vast majority of which is refined petroleum asphalt. Asphalt demand will be spurred by a rebound in building construction expenditures, which will boost demand for asphalt shingles and such bituminous low-slope roofing products as modified bitumen membranes. In the much larger asphalt paving segment, gains will be supported by the efforts of state and local governments to maintain the nation’s aging road and highway network. Legislative bodies are expected to allocate more funds for repair and rehabilitation work, supporting the usage of asphalt cements and asphalt emulsions.

Dominant paving segment to face budget constraints

Paving accounted for the largest end use for asphalt in 2014 with 74 percent of consumption. However, demand for asphalt in paving applications in that year was far below that of 2004. Many transportation construction departments reduced funding for infrastructure projects as tax revenues fell during the Great Recession. Funding levels remained low between 2009 and 2014 due to state and local budget concerns and hesitance about raising taxes to fund infrastructure projects. Through 2019, demand for asphalt in paving applications is forecast to advance 3.1 percent per annum to 19.6 million tons. Improving economic conditions and the need to fix and repair older roads and highways will support growth. However, more rapid advances will be checked by concerns about excessive government spending among state and local legislative bodies that will be reluctant to commit the funds necessary for large-scale highway and road construction programs.

Growth in asphalt emulsions to pace paving products

Among asphalt paving products, asphalt emulsions will exhibit the fastest growth in demand through 2019, boosted by increasing interest in in-place recycling. Asphalt emulsions can be used to recycle older pavements while minimizing asphalt consumption, thus reducing the time and cost of paving jobs. However, asphalt cement will remain the leading paving material used in the US due to the prevalence of hot-mix and warm-mix asphalts in paving jobs because of those products’ moderate cost and favorable performance properties, such as durability and good drainage.

Roofing will benefit from strong housing starts

Demand for asphalt used to make roofing and other building construction products is forecast to rise 3.7 percent annually to 7.2 million tons in 2019, stimulated by rebounding building construction expenditures. Strong growth in housing starts will boost demand for asphalt shingles, as will a more favorable environment that will encourage homeowners to replace older or worn roofing with more durable and aesthetically pleasing laminated asphalt shingles. In the nonresidential segment, the large base of structures with installed bituminous low-slope roofing will support reroofing demand. Through 2019, refined asphalt production is forecast to rise 3.3 percent per year to 141.2 million barrels, fueled by a rebound in demand as paving activity and building construction spending grow. However, the ongoing shift in domestic crude oil production from heavy crudes -- most suitable for processing into asphalt -- to light crudes will continue to restrain growth in asphalt production.

Study coverage

This upcoming industry study, Asphalt, presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by use, product, market and US region. The study also considers market environment factors, examines the industry structure, evaluates company market share and profiles 39 US industry competitors.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
Get This Report
24/7 Customer Support

Talk to Ahmad

+1 718 618 4302

Purchase Reports From Reputable Market Research Publishers
Modified Bitumen Market by Modifier Type, Application Method, End-Use Industry, and Region - Global Forecast to 2021

Modified Bitumen Market by Modifier Type, Application Method, End-Use Industry, and Region - Global Forecast to 2021

  • $ 5650
  • Industry report
  • January 2017
  • by MarketsandMarkets

The modified bitumen market is projected to register a CAGR of 6.5% during the forecast period The global modified bitumen market is projected to reach USD 19.29 billion by 2021, at a CAGR of 6.5% from ...

Asphalt Additives Market by Type, Application, Technology - Global Forecast to 2026

Asphalt Additives Market by Type, Application, Technology - Global Forecast to 2026

  • $ 5650
  • Industry report
  • November 2016
  • by MarketsandMarkets

“The asphalt additives market is projected to grow at a CAGR of 6.4%, in terms of value, from 2016 to 2026” The asphalt additives market is projected to reach USD 5.45 billion by 2026, at a CAGR of ...

Global Construction Chemicals Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type

Global Construction Chemicals Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type

  • $ 5100
  • Industry report
  • January 2017
  • by P&S Market Research

The global construction chemicals market is growing, due to the growth of building & construction industry, along with technological advancement. Construction chemicals are chemical additives, added to ...

Asphalt Markets In China

February 2017 $ 4000

Asphalt Companies In China

February 2017 $ 1800

Mastic Asphalt Uk Industry Report

February 2017 $ 449

ref:plp2015

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.