Global Asphalt Market to Grow 2.4% Annually Through 2024

A new Freedonia Group analysis projects global asphalt demand to grow 2.4% per year through 2024, driven by key trends in the dominant paving market, such as:

  • China’s massive Belt and Road Initiative
  • other government efforts to expand paved road networks, particularly in large developing countries such as India and Indonesia
  • increasing maintenance spending in mature markets such as the US and Western Europe.

Roofing represents the next largest application for asphalt, with demand supported by the large asphalt shingle reroofing market in the US and Canada, as well as by the expanding low-slope bituminous roofing market in nonresidential applications in China.

Regional Asphalt Market Trends to Watch Through 2024

Through 2024, global asphalt demand growth will be driven in part by rising investment in paved road network expansion in large developing countries such as India and Indonesia, as well as countries along China’s planned routes for its sprawling Belt and Road initiative, which spans Europe, the Middle East, and parts of North Africa, and the Americas. Despite near-term slowdowns in infrastructure spending due to the Covid-19 pandemic, such projects are expected to provide ongoing opportunities for global asphalt suppliers in these markets.

Meanwhile, asphalt demand in mature markets in North America and Western Europe will be restrained by the maturity of local infrastructure networks as well as slow anticipated recoveries in construction activity in many countries as the Covid-19 pandemic recedes.

Want to Learn More?

Global Asphalt (Bitumen) is now available from The Freedonia Group. This study examines global supply and demand for asphalt. Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for asphalt demand in metric tons by region, product, net exports, and production for major countries. Twenty-year historical production and demand series are also presented by country in metric tons.

Paving products include:

  • asphalt cement
  • asphalt emulsions
  • asphalt cutbacks
  • specialized paving products

Roofing products include:

  • asphaltic felts
  • bituminous membranes
  • asphalt shingles