As of 2023, the U.S. asphalt market stood at $2.812 billion. Over the past decade, the market has faced a significant decline. From 2013 to 2017, asphalt sales dropped dramatically, with the greatest year-on-year decrease of 34.98% in 2016. Although there was a brief improvement in 2017 with a 15.32% rise, this trend did not sustain as the market continued to shrink with occasional smaller upticks. The average annual decrease over the last five years is notable at -7.62%, indicating a persistent downtrend.
Looking forward, the forecast suggests a continued downturn in asphalt sales, with a projected five-year average annual decline of -10.62%. By 2028, the market is expected to contract by approximately 43% from its 2023 value.
Future trends to watch for include technological advancements in road construction materials, government infrastructure spending, and shifts towards eco-friendly alternatives which could impact asphalt demand. Monitoring these factors will provide insights into potential market stabilization or further decline.
