CLEVELAND, Aug. 9, 2017 /PRNewswire/ -- Demand for asphalt used in paving, roofing, and other products is forecast to rise 3.0% annually to 27.6 million tons in 2021. In terms of weight, asphalt used in paving products is projected to see the most rapid growth, reaching nearly 22 million tons in 2021. These and other trends are presented in Asphalt Market Forecasts, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Gains will be boosted by:
- favorable federal highway funding environment
- legislative pressure to repair the nation's infrastructure
- rising office and commercial construction spending
- strong growth in housing starts
Demand for asphalt in paving applications is projected to rise 3.4% annually to 21.9 million tons in 2021. This is a turnaround from the declines seen in the 2006-2011 period, when falling tax revenues caused government transportation departments to reduce or cancel road construction and maintenance projects. However, demand for asphalt paving products is not expected to reach the 2006 peak level.
More information about the study is available at https://www.freedoniagroup.com/industry-study/asphalt-forecasts-by-product-market-and-region-3552.htm
Related studies include:
- #3518 Asphalt Shingles Market in the US (May 2017)
- #3528 Paving Asphalt Market in the US (June 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Construction & Building Products studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group