LONDON, March 23, 2016 /PRNewswire/ -- Through 2019, global demand for asphalt is projected to rise 2.8 percent per year to 122.5 million metric tons (742.5 million barrels). Gains will be driven by solid growth in consumption in China and other developing countries as they work to improve their transportation infrastructures. A rebound in demand in the US will also boost gains. Mature asphalt markets in higher income countries (many of which declined between 2009 and 2014) will recover, though in most cases demand will not regain 2009 levels until after 2019.
Asia/Pacific region to offer best growth opportunities
The Asia/Pacific region -- the largest regional market for asphalt in 2014 -- will record the fastest advances through 2019, driven primarily by strong growth in China and India. China, which surpassed the US as the world's leading asphalt consumer in 2012, accounted for over 20 percent of the global market in 2014. However, growth in China will decelerate from the rapid gains of the 2009-2014 period as the country shifts its focus to repairing and maintaining current roadways rather than massively expanding the road network. Asphalt demand in India will benefit from large public works projects intended to support continued economic development. North America is a key asphalt consumer due to the need for maintenance on the massive regional network of roads and highways (nearly 90 percent of which is in the US). Asphalt demand in the US is forecast to rebound from sharp declines in the 2004-2014 period, driven by stronger economic growth and increased construction activity, and demand in 2019 is expected to exceed the 2009 level. The US is also a significant consumer of asphalt for roofing products, and demand for those products will rise with accelerating building construction expenditures.
Asphalt to gain market share in roofing segment
Paving products accounted for about four-fifths of global asphalt demand in 2014. Asphaltic concrete is favored over portland cement in most road paving applications for its noise reduction capabilities, relative speed of application, and lower cost. However, in the global roofing market, asphalt products compete with other materials including tile, metal, and fiber cement. While asphalt roofing products dominate in the US and Canada, they hold only a small share of the total roofing market in most other countries. Nevertheless, increasing use of bituminous membranes and asphalt shingles in many countries -- especially in China, where they make up a growing share of the country's large roofing market -- will drive roofing asphalt gains.
This upcoming industry study, World Asphalt (Bitumen), presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by product for six world regions and 18 major countries. This study also considers market environment factors, evaluates company market share and profiles 44 global industry players.
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