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Global Asphalt Market 2018-2022 | Emergence of New Bitumen Refinery Plants to Boost Market Growth | Technavio

Technavio has announced its latest market research report titled global asphalt market 2018-2022. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

The asphalt market size is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report

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The use of asphalt in construction of roadways is the highest. Thus, any development in the roadways sector will have a positive impact on the global demand for asphalt. As per the India Brand Equity Foundation (IBEF), around 64.5% of all goods are transported through roads in India, along with 90% of the total passenger traffic which use the road network to commute. The government of India is planning to increase the length of national highways to 200,000 km. In addition, the Chinese government is also focusing on the connectivity of roads in rural and remote areas, which is still a major issue in the country. Such developments in the roadways sector in China and India will drive the asphalt market growth.

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As per Technavio, the emergence of new bitumen refinery plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.

Asphalt Market: Emergence of New Bitumen Refinery Plants

In the past few years, there have been remarkable developments in the asphalt industry and this trend is expected to continue during the forecast period. Many new bitumen refineries have been established, and many are in the pipeline. Sohar Asphalt, an Oman-registered company, announced the physical construction of the bitumen refinery after obtaining the all-important environmental clearance from the Ministry of Environment and Climate Affairs (MECA). Similarly, many other agreements were signed for the establishment of new bitumen refinery plants in 2016-2017. This clearly indicates that the demand for asphalt is high, and vendors are increasing their investments to cater to this high demand,.

“Other factors such as the shift from hot-melt asphalt to warm-mix asphalt technology, and the growing popularity of recycling and restructuring practices will have a significant impact on the growth of the asphalt market value during the forecast period,” says a senior analyst at Technavio.

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Asphalt Market: Segmentation Analysis

This market research report segments the asphalt market by application (roadways, waterproofing, recreation and others), end-user (non-residential construction, residential construction, and others), and key regions (Americas, APAC, and EMEA).

The APAC region led the asphalt market in 2017, followed by EMEA and Americas respectively. The growth of the asphalt market share in APAC can be attributed to several factors such as increasing use of modified asphalt emulsions by the construction industry, large size of the domestic market, and expanding manufacturing sector in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20191127005499/en/