Asphalt

Demand for asphalt is expected to advance from its low 2012 base, spurred by growth in spending on highway and road construction and building construction, the two largest markets.

US demand to rise 3.7% annually through 2017

US demand for asphalt is forecast to increase 3.7 percent annually to 27.9 million tons in 2017. This is equivalent to 154 million barrels of primary asphalt, the vast majority of which is refined petroleum asphalt. Demand for asphalt is expected to advance from its low 2012 base, spurred by growth in spending on highway and road construction and building construction, the two largest markets. However, asphalt demand in 2017 will not reach the level seen in 2007. Rising use of recycled asphalt pavement (RAP) and increasing interest in rehabilitating and repairing older or worn surfaces -- instead of building new roads -- will serve as a check on asphalt demand advances.

Paving products to remain dominant, grow the fastest

Paving products accounted for 71 percent of asphalt consumption in 2012, and will remain the leading application for asphalt going forward, with demand rising 3.9 percent annually to 20.2 million tons 2017. The passage of the Moving Ahead for Progress in the 21st Century Act (MAP-21), which guarantees funding for highway and road construction projects through October 2014, will provide an immediate boost to demand for paving materials. However, long term gains will be checked by the efforts of government agencies to maintain existing road networks, rather than build new ones.

RAP to favor emulsions, suppress asphalt cement

Paving product demand will also be negatively affected by increasing use of in-place recycling road construction methods, such as those that use RAP. These methods are favored by state transportation agencies because they are less costly; however, reusing old pavement to make new road surfaces suppresses demand for asphalt cement, the most frequently specified paving material. Demand for asphalt emulsions, however, will benefit from rising use of RAP, as emulsions can be blended with old pavements to rejuvenate worn highway surfaces and repair moderately damaged highways.

Residential segment to pace asphalt roofing market

Demand for asphalt used to make roofing and other products is forecast to rise 3.0 percent annually to 7.7 million tons in 2017. Advances will be spurred by the rebound in building construction expenditures. The residential market will see the fastest growth, as strong gains in single-family housing completions will boost demand for asphalt shingles. In the nonresidential segment, rising construction spending will support demand for low-slope roofing products, such as modified bitumen membranes, roll roofing, and mopping asphalts.

Study Scope

This study analyzes the 23.3 million ton US asphalt industry. It presents historical demand data for 2002, 2007 and 2012, and forecasts for 2017 and 2022 by use (paving, roofing), product (e.g., asphalt cement, asphalt emulsions, cutback asphalt, asphalt shingles, modified bitumen roofing membranes, mopping asphalts, standard asphaltic roofing felts), market (e.g., residential buildings, nonresidential buildings, nonbuilding, nonconstruction) and region.

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 39 industry players, including GAFMC, Owens Corning and CertainTeed.

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  1. Asphalt

    $5,300.00

    1. 1 INTRODUCTION

      $96.00

    2. 2 EXECUTIVE SUMMARY

      $108.00

      1. Table | ASPHALT DEMAND (thousand tons)

    3. 3 MARKET ENVIRONMENT

      $2,254.00

      1. 3.1 General

        $82.00

      2. 3.2 Macroeconomic Environment

        $166.00

        1. Table | MACROECONOMIC INDICATORS (billion 2005 dollars)

      3. 3.3 Demographic Trends

        $194.00

        1. Table | POPULATION & HOUSEHOLDS (million persons)

      4. 3.4 Construction Expenditures

        $1,082.00

        1. Table | CONSTRUCTION EXPENDITURES (billion 2005 dollars)

        2. 3.4.1 Building Construction

          $792.00

          1. Table | BUILDING CONSTRUCTION EXPENDITURES (billion 2005 dollars)

          2. Table | RESIDENTIAL BUILDING CONSTRUCTION EXPENDITURES (billion 2005 dollars)

          3. Table | NEW HOUSING INDICATORS

          4. Table | HOUSING STOCK BY TYPE (million units)

          5. Table | RESIDENTIAL IMPROVEMENT & REPAIR EXPENDITURES (billion 2005 dollars)

          6. Table | NONRESIDENTIAL BUILDING CONSTRUCTION EXPENDITURES (billion 2005 dollars)

          7. Table | NONRESIDENTIAL BUILDING IMPROVEMENT & REPAIR EXPENDITURES (billion 2005 dollars)

        3. 3.4.2 Nonbuilding Construction

          $193.00

          1. Table | NONBUILDING CONSTRUCTION EXPENDITURES (billion 2005 dollars)

          2. Table | US HIGHWAY MILEAGE (thousand miles)

          3. Table | PUBLIC HIGHWAY SPENDING (billion 2005 dollars)

      5. 3.5 Petroleum Industry Trends

        $120.00

        1. Table | REFINED PETROLEUM PRODUCTS CONSUMPTION & PRODUCTION (million barrels)

      6. 3.6 Primary Asphalt Market Trends

        $107.00

        1. Table | PRIMARY ASPHALT MARKET, 2002-2012

      7. 3.7 Primary Asphalt Market Seasonality

        $82.00

      8. 3.8 Asphalt Products Pricing Trends

        $190.00

        1. Table | ASPHALT PRODUCTS PRICING

      9. 3.9 Competitive Materials

        $164.00

        1. 3.9.1 Roofing

          $82.00

        2. 3.9.2 Paving

          $90.00

      10. 3.10 Foreign Trade

        $159.00

        1. 3.10.1 Primary Asphalt

          $82.00

        2. 3.10.2 Asphalt Products

          $82.00

          1. Table | ASPHALT PRODUCTS FOREIGN TRADE (million dollars)

    4. 4 ASPHALT OVERVIEW

      $1,298.00

      1. 4.1 General

        $82.00

      2. 4.2 Primary Asphalt

        $84.00

      3. 4.3 Paving Methods

        $419.00

        1. 4.3.1 Hot-Mix Asphalt

          $82.00

        2. 4.3.2 Warm-Mix Asphalt

          $111.00

        3. 4.3.3 Hot- & Cold-Patch Materials

          $82.00

        4. 4.3.4 Other Asphalt Paving Methods

          $209.00

      4. 4.4 Paving Asphalt Product Developments

        $201.00

        1. 4.4.1 Superpave

          $82.00

        2. 4.4.2 Perpetual Pavements

          $82.00

        3. 4.4.3 Asphalt Modifiers

          $99.00

      5. 4.5 Asphalt Roofing Products

        $82.00

      6. 4.6 Environmental Issues

        $509.00

        1. 4.6.1 Recycling

          $179.00

        2. 4.6.2 Emissions-Related Issues

          $149.00

        3. 4.6.3 Government Road Construction Activity

          $141.00

    5. 5 PRIMARY ASPHALT SUPPLY & DEMAND

      $762.00

      1. 5.1 General

        $90.00

      2. 5.2 Supply & Demand

        $148.00

        1. Table | PRIMARY ASPHALT SUPPLY & DEMAND (million barrels)

      3. 5.3 Primary Asphalt Types

        $82.00

      4. 5.4 Primary Asphalt Demand by Use

        $436.00

        1. Table | DEMAND FOR PRIMARY ASPHALT BY USE (million barrels)

        2. 5.4.1 Paving Asphalts

          $260.00

          1. Table | PAVING DEMAND FOR PRIMARY ASPHALT

        3. 5.4.2 Roofing Asphalts

          $92.00

          1. Table | ROOFING DEMAND FOR PRIMARY ASPHALT

      5. 5.5 Other Asphalts

        $82.00

        1. Table | DEMAND FOR PRIMARY ASPHALT IN OTHER USES

    6. 6 ASPHALT PRODUCTS

      $1,710.00

      1. 6.1 General

        $82.00

        1. Table | ASPHALT PRODUCTS DEMAND (thousand tons)

      2. 6.2 Demand Drivers

        $145.00

      3. 6.3 Paving Products

        $553.00

        1. Table | USE OF ASPHALT IN PAVING PRODUCTS (thousand tons)

        2. 6.3.1 Asphalt Cement

          $149.00

          1. Table | ASPHALT CEMENT -- ASPHALT CONTENT

        3. 6.3.2 Asphalt Emulsions

          $136.00

          1. Table | ASPHALT EMULSIONS -- ASPHALT CONTENT (thousand tons)

        4. 6.3.3 Cutback Asphalt

          $82.00

          1. Table | CUTBACK ASPHALT -- ASPHALT CONTENT (thousand tons)

        5. 6.3.4 Other Asphalt Paving Products

          $87.00

          1. Table | OTHER ASPHALT PAVING PRODUCTS -- ASPHALT CONTENT (thousand tons)

      4. 6.4 Roofing Products

        $693.00

        1. Table | USE OF ASPHALT IN ROOFING PRODUCTS (thousand tons)

        2. 6.4.1 Asphalt Shingles

          $123.00

          1. Table | ASPHALT SHINGLES -- ASPHALT CONTENT

        3. 6.4.2 Modified Bitumen Roofing Membranes

          $153.00

          1. Table | MODIFIED BITUMEN ROOFING MEMBRANES -- ASPHALT CONTENT

        4. 6.4.3 Mopping Asphalts

          $116.00

          1. Table | MOPPING ASPHALT DEMAND

        5. 6.4.4 Standard Asphaltic Roofing Felts

          $145.00

          1. Table | STANDARD ASPHALT ROOFING FELTS -- ASPHALT CONTENT

        6. 6.4.5 Other Asphalt Roofing Products

          $82.00

          1. Table | OTHER ASPHALT ROOFING PRODUCTS -- ASPHALT CONTENT (thousand tons)

      5. 6.5 Other Asphalt Products

        $251.00

        1. Table | ASPHALT CONTENT IN OTHER PRODUCTS (thousand tons)

        2. 6.5.1 Construction Products

          $156.00

        3. 6.5.2 Nonconstruction Products

          $82.00

    7. 7 MARKETS

      $1,213.00

      1. 7.1 General

        $82.00

        1. Table | ASPHALT DEMAND BY MARKET (thousand tons asphalt content)

      2. 7.2 Construction

        $1,093.00

        1. Table | CONSTRUCTION DEMAND FOR ASPHALT BY MARKET & APPLICATION (thousand tons asphalt content)

        2. 7.2.1 Residential Buildings

          $368.00

          1. Table | RESIDENTIAL BUILDING MARKET FOR ASPHALT BY PRODUCT & APPLICATION (thousand tons asphalt content)

          2. Table | NEW RESIDENTIAL BUILDING MARKET FOR ASPHALT (thousand tons asphalt content)

          3. Table | RESIDENTIAL IMPROVEMENT & REPAIR ASPHALT DEMAND (thousand tons asphalt content)

        3. 7.2.2 Nonresidential Buildings

          $297.00

          1. Table | NONRESIDENTIAL BUILDING MARKET FOR ASPHALT BY PRODUCT & APPLICATION (thousand tons asphalt content)

          2. Table | NEW NONRESIDENTIAL BUILDING MARKET FOR ASPHALT (thousand tons asphalt content)

          3. Table | NONRESIDENTIAL BUILDING IMPROVEMENT & REPAIR MARKET FOR ASPHALT (thousand tons asphalt content)

        4. 7.2.3 Nonbuilding

          $295.00

          1. Table | NONBUILDING CONSTRUCTION MARKET FOR ASPHALT BY PRODUCT & APPLICATION (thousand tons asphalt content)

          2. Table | NEW NONBUILDING CONSTRUCTION MARKET FOR ASPHALT (thousand tons asphalt content)

          3. Table | NONBUILDING IMPROVEMENT & REPAIR MARKET FOR ASPHALT (thousand tons asphalt content)

      3. 7.3 Nonconstruction Markets

        $82.00

        1. Table | ASPHALT DEMAND IN NONCONSTRUCTION MARKETS (thousand tons asphalt content)

    8. 8 REGIONS

      $2,061.00

      1. 8.1 General

        $82.00

      2. 8.2 Regional Demographic & Economic Trends

        $505.00

        1. 8.2.1 Population Patterns

          $131.00

          1. Table | POPULATION BY REGION (million persons)

        2. 8.2.2 Economic Outlook

          $132.00

          1. Table | GROSS DOMESTIC PRODUCT BY REGION (billion 2005 dollars)

        3. 8.2.3 Regional Construction

          $87.00

          1. Table | CONSTRUCTION EXPENDITURES BY REGION (billion 2005 dollars)

        4. 8.2.4 Housing Trends

          $125.00

          1. Table | REGIONAL HOUSING INDICATORS (thousand units)

      3. 8.3 Primary Asphalt Capacity by Region

        $112.00

        1. Table | US PRIMARY ASPHALT CAPACITY BY REGION, 2012

      4. 8.4 Regional Asphalt Demand

        $1,367.00

        1. Table | ASPHALT DEMAND BY REGION & APPLICATION (thousand tons asphalt content)

        2. 8.4.1 Northeast

          $240.00

          1. Table | NORTHEAST ASPHALT DEMAND BY SUBREGION & APPLICATION (thousand tons asphalt content)

          2. Table | NEW ENGLAND ASPHALT DEMAND (thousand tons asphalt content)

          3. Table | MIDDLE ATLANTIC ASPHALT DEMAND (thousand tons asphalt content)

        3. 8.4.2 Midwest

          $355.00

          1. Table | MIDWEST ASPHALT DEMAND BY SUBREGION & APPLICATION (thousand tons asphalt content)

          2. Table | EAST NORTH CENTRAL ASPHALT DEMAND (thousand tons asphalt content)

          3. Table | WEST NORTH CENTRAL ASPHALT DEMAND (thousand tons asphalt content)

        4. 8.4.3 South

          $379.00

          1. Table | SOUTH ASPHALT DEMAND BY SUBREGION & APPLICATION (thousand tons asphalt content)

          2. Table | SOUTH ATLANTIC ASPHALT DEMAND (thousand tons asphalt content)

          3. Table | EAST SOUTH CENTRAL ASPHALT DEMAND (thousand tons asphalt content)

          4. Table | WEST SOUTH CENTRAL ASPHALT DEMAND (thousand tons asphalt content)

        5. 8.4.4 West

          $318.00

          1. Table | WEST ASPHALT DEMAND BY SUBREGION & APPLICATION (thousand tons asphalt content)

          2. Table | MOUNTAIN ASPHALT DEMAND (thousand tons asphalt content)

          3. Table | PACIFIC ASPHALT DEMAND (thousand tons asphalt content)

    9. 9 INDUSTRY STRUCTURE

      $5,333.00

      1. 9.1 General

        $82.00

      2. 9.2 Industry Concentration

        $86.00

      3. 9.3 Primary Asphalt Market Share

        $204.00

        1. Table | US PRIMARY ASPHALT CAPACITY BY PRODUCER, 2012 (264.3 million barrels)

      4. 9.4 Asphalt Paving Products Market Share

        $163.00

        1. Table | ASPHALT PAVING PRODUCTS MARKET LEADERS, 2012

      5. 9.5 Asphalt Roofing Products Market Share

        $120.00

        1. Table | ASPHALT ROOFING PRODUCTS MARKET LEADERS, 2012 (million dollars)

      6. 9.6 Manufacturing

        $105.00

      7. 9.7 Marketing & Distribution

        $215.00

      8. 9.8 Mergers & Acquisitions

        $89.00

        1. Table | SELECTED ACQUISITIONS & DIVESTITURES

      9. 9.9 Cooperative Agreements

        $82.00

        1. Table | SELECTED COOPERATIVE AGREEMENTS

      10. 9.10 Company Profiles

        $4,249.00

        1. 9.10.1 Alon USA Energy Incorporated

          $116.00

        2. 9.10.2 American Gilsonite Company

          $98.00

        3. 9.10.3 ArrMaz Custom Chemicals Incorporated

          $152.00

        4. 9.10.4 BASF SE

          $100.00

        5. 9.10.5 Berkshire Hathaway Incorporated

          $159.00

        6. 9.10.6 Bouygues SA

          $181.00

        7. 9.10.7 BP plc

          $82.00

        8. 9.10.8 Bridgestone Corporation

          $108.00

        9. 9.10.9 Building Materials Corporation of America

          $167.00

        10. 9.10.10 Calumet Specialty Products Partners LP

          $82.00

        11. 9.10.11 CHS Incorporated

          $82.00

        12. 9.10.12 CRH plc

          $407.00

        13. 9.10.13 Delek US Holdings Incorporated

          $82.00

        14. 9.10.14 DuPont (EI) de Nemours

          $82.00

        15. 9.10.15 Ergon Incorporated

          $219.00

        16. 9.10.16 Exxon Mobil Corporation

          $82.00

        17. 9.10.17 Fortifiber Corporation

          $94.00

        18. 9.10.18 HeidelbergCement AG

          $82.00

        19. 9.10.19 Henry Company

          $185.00

        20. 9.10.20 HollyFrontier Corporation

          $82.00

        21. 9.10.21 Hood Companies

          $105.00

        22. 9.10.22 Koch Industries Incorporated

          $82.00

        23. 9.10.23 Lafarge SA

          $99.00

        24. 9.10.24 Marathon Petroleum Corporation

          $82.00

        25. 9.10.25 Murphy Oil Corporation

          $82.00

        26. 9.10.26 NuStar Energy LP

          $82.00

        27. 9.10.27 Owens Corning

          $191.00

        28. 9.10.28 Phillips 66

          $82.00

        29. 9.10.29 Royal Dutch Shell plc

          $82.00

        30. 9.10.30 RPM International Incorporated

          $249.00

        31. 9.10.31 Saint-Gobain

          $198.00

        32. 9.10.32 Sinclair Oil Corporation

          $82.00

        33. 9.10.33 TAMKO Building Products Incorporated

          $204.00

        34. 9.10.34 UNIQUE Paving Materials Corporation

          $82.00

        35. 9.10.35 United Refining Company

          $82.00

        36. 9.10.36 Valero Energy Corporation

          $82.00

        37. 9.10.37 Vulcan Materials Company

          $82.00

        38. 9.10.38 Western Emulsions Incorporated

          $82.00

        39. 9.10.39 Ziegler Chemical & Mineral Corporation

          $82.00

      11. 9.11 Additional Companies Mentioned in Study

        $82.00

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