Asphalt

Passage of Highway Spending Bill Promotes Asphalt Demand

The December 2015 passage of a five-year, $305 billion highway spending bill will provide a significant boost to the consumption of asphalt in the US. The bill, which provides billions in spending on key highway and road construction and maintenance projects, will drive demand for asphalt paving products, such as asphalt cement and asphalt emulsions. As the vast majority of US highways and roads are paved with asphalt, road repair and rehabilitation projects often involve the application of asphalt paving materials.

Key Findings in the Asphalt Study:

Increasing Building Construction Spending to Spur Asphalt Consumption

US demand for asphalt is forecast to increase 3.3 percent annually to 26.8 million tons in 2019, equivalent to 148 million barrels of asphalt. Strong growth in residential building construction spending will boost demand for asphalt shingles installed on single-family homes. In the commercial market, rising construction of such structures as shopping malls, manufacturing plants, and office buildings will promote demand for bituminous low-slope roofing membranes and asphaltic cements used to pave parking lots.

Need to Repair Road and Highway Network Expected to Boost Paving Activity

Paving was the largest end use for asphalt in 2014 with three-quarters of consumption. Through 2019, demand for asphalt in paving applications is forecast to advance 3.1 percent annually to 19.6 million tons, supported by the pressing need to fix and repair older roads and highways. Concerns about excessive government spending among state and local legislative bodies will mean that DOTs will be reluctant to commit funds for large-scale highway and road construction programs. However, this will support a large number of road repair and maintenance projects, boosting the consumption of asphalt cements, asphalt emulsions, and related patching and repair materials.

Asphalt Emulsions to See More Use in Paving Applications

Among asphalt paving products, asphalt emulsions will see the fastest growth in demand through 2019, boosted by increasing use of in-place recycling. Asphalt emulsions can be used to recycle older pavements while minimizing asphalt consumption, thus reducing the time and cost of paving jobs. Asphalt cement will remain the leading paving material used in the US due to the prevalence of hot-mix and warm-mix asphalts in paving jobs. These products are favored for their moderate cost and solid performance properties, such as durability and good drainage.

Study Coverage

This Freedonia industry study analyzes the $15.7 billion US asphalt market. It presents historical demand data (2004, 2009, and 2014) and forecasts (2019 and 2024) by use (e.g., paving, roofing), product (e.g., asphalt cement, asphalt emulsions, cutback asphalt, asphalt shingles, modified bitumen roofing membranes, mopping asphalts, standard asphaltic roofing felts), market (building construction, nonbuilding construction), and US region. The study also considers market environment factors, details industry structure, evaluates company market share, and profiles 43 industry players, including CertainTeed, GAF, and Owens Corning.

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  1. Asphalt

    $5,500.00

    1. 1 INTRODUCTION

      $89.00

    2. 2 EXECUTIVE SUMMARY

      $111.00

      1. Table | ASPHALT DEMAND

    3. 3 MARKET ENVIRONMENT

      $2,209.00

      1. 3.1 General

        $82.00

      2. 3.2 Macroeconomic Trends

        $191.00

        1. Table | MACROECONOMIC INDICATORS

      3. 3.3 Demographic Trends

        $171.00

        1. Table | POPULATION & HOUSEHOLDS

      4. 3.4 Construction Trends

        $1,040.00

        1. Table | CONSTRUCTION EXPENDITURES

        2. 3.4.1 Building Construction Trends

          $706.00

          1. Table | BUILDING CONSTRUCTION EXPENDITURES

          2. Table | RESIDENTIAL BUILDING CONSTRUCTION EXPENDITURES

          3. Table | NEW HOUSING INDICATORS

          4. Table | HOUSING STOCK BY TYPE

          5. CHART II-1 YEAR OF CONSTRUCTION OF HOUSING STOCK, 2014

          6. Table | RESIDENTIAL IMPROVEMENT & REPAIR EXPENDITURES

          7. Table | NONRESIDENTIAL BUILDING CONSTRUCTION EXPENDITURES

          8. Table | NONRESIDENTIAL BUILDING IMPROVEMENT & REPAIR EXPENDITURES

        3. 3.4.2 Nonbuilding Construction

          $217.00

          1. Table | NONBUILDING CONSTRUCTION EXPENDITURES

          2. Table | US HIGHWAY MILEAGE

          3. Table | PUBLIC HIGHWAY SPENDING

      5. 3.5 Petroleum Industry Trends

        $103.00

        1. Table | REFINED PETROLEUM PRODUCTS CONSUMPTION & PRODUCTION

      6. 3.6 Asphalt Trends

        $82.00

        1. Table | ASPHALT MARKET, 2004-2014

        2. CHART II-2 ASPHALT MARKET, 2005-2014

      7. 3.7 Asphalt Market Seasonality

        $82.00

        1. CHART II-3 ASPHALT MARKET SEASONALITY

      8. 3.8 Asphalt Products Pricing Trends

        $223.00

        1. Table | ASPHALT PRODUCTS PRICING

        2. 3.8.1 Refined Asphalt Pricing

          $117.00

        3. 3.8.2 Asphalt Products Pricing

          $82.00

      9. 3.9 Competitive Products

        $173.00

        1. 3.9.1 Roofing

          $82.00

        2. 3.9.2 Paving

          $86.00

      10. 3.10 Foreign Trade

        $170.00

        1. 3.10.1 Primary Asphalt

          $82.00

        2. 3.10.2 Asphalt Products

          $82.00

          1. Table | ASPHALT PRODUCTS FOREIGN TRADE

    4. 4 ASPHALT OVERVIEW

      $1,625.00

      1. 4.1 General

        $82.00

      2. 4.2 Primary Asphalt

        $151.00

        1. 4.2.1 Crude Oil Feedstocks

          $82.00

        2. 4.2.2 Refining Capacity

          $82.00

      3. 4.3 Paving Methods

        $487.00

        1. 4.3.1 Hot-Mix Asphalt

          $82.00

        2. 4.3.2 Warm-Mix Asphalt

          $140.00

        3. 4.3.3 Hot- & Cold-Patch Methods

          $82.00

        4. 4.3.4 Other Asphalt Paving Methods

          $246.00

      4. 4.4 Paving Asphalt Product Developments

        $233.00

        1. 4.4.1 Superpave

          $82.00

        2. 4.4.2 Perpetual Pavements

          $82.00

        3. 4.4.3 Asphalt Pellets

          $82.00

        4. 4.4.4 Asphalt Modifiers

          $92.00

      5. 4.5 Asphalt Types Used in Roofing Products

        $82.00

      6. 4.6 Environmental Issues

        $497.00

        1. 4.6.1 Recycling

          $356.00

        2. 4.6.2 Emissions-Related Issues

          $107.00

      7. 4.7 Government Road Construction Activity

        $174.00

        1. 4.7.1 MAP-21

          $82.00

        2. 4.7.2 Highway Trust Fund

          $83.00

    5. 5 ASPHALT SUPPLY & DEMAND

      $849.00

      1. 5.1 General

        $82.00

        1. CHART IV-1 REFINED ASPHALT FLOW CHART

      2. 5.2 Supply & Demand

        $191.00

        1. Table | ASPHALT SUPPLY & DEMAND

      3. 5.3 Asphalt Types

        $82.00

      4. 5.4 Asphalt Demand by Use

        $498.00

        1. Table | ASPHALT DEMAND BY USE

        2. CHART IV-2 ASPHALT DEMAND BY USE, 2014

        3. 5.4.1 Paving Asphalts

          $281.00

          1. Table | PAVING DEMAND FOR ASPHALT

        4. 5.4.2 Roofing Asphalts

          $122.00

          1. Table | ROOFING DEMAND FOR ASPHALT

      5. 5.5 Other Asphalts

        $82.00

        1. Table | DEMAND FOR ASPHALT IN OTHER USES

    6. 6 ASPHALT PRODUCTS

      $1,842.00

      1. 6.1 General

        $82.00

        1. Table | ASPHALT PRODUCTS DEMAND

      2. 6.2 Demand Drivers

        $203.00

      3. 6.3 Paving Products

        $594.00

        1. Table | USE OF ASPHALT IN PAVING PRODUCTS

        2. CHART V-1 USE OF ASPHALT IN PAVING PRODUCTS, 2014

        3. 6.3.1 Asphalt Cement

          $160.00

          1. Table | ASPHALT CEMENT

        4. 6.3.2 Asphalt Emulsions

          $130.00

          1. Table | ASPHALT EMULSIONS -- ASPHALT CONTENT

        5. 6.3.3 Cutback Asphalt

          $82.00

          1. Table | CUTBACK ASPHALT -- ASPHALT CONTENT

        6. 6.3.4 Other Asphalt Paving Products

          $82.00

          1. Table | OTHER ASPHALT PAVING PRODUCTS -- ASPHALT CONTENT

      4. 6.4 Roofing Products

        $712.00

        1. Table | USE OF ASPHALT IN ROOFING PRODUCTS

        2. CHART V-2 USE OF ASPHALT IN ROOFING PRODUCTS, 2014

        3. 6.4.1 Asphalt Shingles

          $149.00

          1. Table | ASPHALT SHINGLES -- ASPHALT CONTENT

        4. 6.4.2 Modified Bitumen Roofing Membranes

          $154.00

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

        5. 6.4.3 Mopping Asphalts

          $104.00

          1. Table | MOPPING ASPHALT DEMAND

        6. 6.4.4 Standard Asphaltic Roofing Felts

          $130.00

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

        7. 6.4.5 Other Asphalt Roofing Products

          $89.00

          1. Table | OTHER ASPHALT ROOFING PRODUCTS -- ASPHALT CONTENT

      5. 6.5 Other Asphalt Products

        $266.00

        1. Table | ASPHALT CONTENT IN OTHER PRODUCTS

        2. 6.5.1 Construction Products

          $181.00

        3. 6.5.2 Nonconstruction Products

          $82.00

    7. 7 MARKETS

      $1,462.00

      1. 7.1 General

        $82.00

        1. Table | ASPHALT DEMAND BY MARKET

      2. 7.2 Construction

        $1,345.00

        1. Table | CONSTRUCTION DEMAND FOR ASPHALT BY MARKET & APPLICATION

        2. CHART VI-1 CONSTRUCTION DEMAND FOR ASPHALT BY MARKET, 2014

        3. 7.2.1 Residential Building

          $442.00

          1. Table | RESIDENTIAL BUILDING MARKET FOR ASPHALT BY PRODUCT & APPLICATION

          2. Table | NEW RESIDENTIAL BUILDING MARKET FOR ASPHALT

          3. Table | RESIDENTIAL IMPROVEMENT & REPAIR ASPHALT DEMAND

        4. 7.2.2 Nonresidential Building

          $274.00

          1. Table | NONRESIDENTIAL BUILDING MARKET FOR ASPHALT BY PRODUCT & APPLICATION

          2. Table | NEW NONRESIDENTIAL BUILDING MARKET FOR ASPHALT

          3. Table | NONRESIDENTIAL BUILDING IMPROVEMENT & REPAIR MARKET FOR ASPHALT

        5. 7.2.3 Nonbuilding

          $456.00

          1. Table | NONBUILDING CONSTRUCTION MARKET FOR ASPHALT BY PRODUCT & APPLICATION

          2. Table | NEW NONBUILDING CONSTRUCTION MARKET FOR ASPHALT

          3. Table | NONBUILDING IMPROVEMENT & REPAIR MARKET FOR ASPHALT

      3. 7.3 Nonconstruction Markets

        $82.00

        1. Table | ASPHALT DEMAND IN NONCONSTRUCTION MARKETS

    8. 8 REGIONS

      $1,986.00

      1. 8.1 General

        $82.00

      2. 8.2 Regional Demographic & Economic Activity

        $466.00

        1. 8.2.1 Population Patterns

          $117.00

          1. Table | POPULATION BY REGION

        2. 8.2.2 Economic Outlook

          $106.00

          1. Table | GROSS DOMESTIC PRODUCT BY REGION

        3. 8.2.3 Construction Activity

          $94.00

          1. Table | CONSTRUCTION EXPENDITURES BY REGION

        4. 8.2.4 Housing Trends

          $123.00

          1. Table | REGIONAL HOUSING INDICATORS

      3. 8.3 Refined Asphalt Production by Region

        $129.00

        1. Table | US REFINED ASPHALT PRODUCTION BY REGION, 2014

        2. CHART VII-1 US REFINED ASPHALT PRODUCTION BY REGION, 2014

      4. 8.4 Regional Asphalt Demand

        $1,318.00

        1. Table | ASPHALT DEMAND BY REGION & APPLICATION

        2. CHART VII-2 ASPHALT DEMAND BY REGION, 2014

        3. 8.4.1 Northeast

          $232.00

          1. Table | NORTHEAST ASPHALT DEMAND BY SUBREGION & APPLICATION

          2. Table | NEW ENGLAND ASPHALT DEMAND

          3. Table | MIDDLE ATLANTIC ASPHALT DEMAND

        4. 8.4.2 Midwest

          $326.00

          1. Table | MIDWEST ASPHALT DEMAND BY SUBREGION & APPLICATION

          2. Table | EAST NORTH CENTRAL ASPHALT DEMAND

          3. Table | WEST NORTH CENTRAL ASPHALT DEMAND

        5. 8.4.3 South

          $379.00

          1. Table | SOUTH ASPHALT DEMAND BY SUBREGION & APPLICATION

          2. Table | SOUTH ATLANTIC ASPHALT DEMAND

          3. Table | EAST SOUTH CENTRAL ASPHALT DEMAND

          4. Table | WEST SOUTH CENTRAL ASPHALT DEMAND

        6. 8.4.4 West

          $311.00

          1. Table | WEST ASPHALT DEMAND BY SUBREGION & APPLICATION

          2. Table | MOUNTAIN ASPHALT DEMAND

          3. Table | PACIFIC ASPHALT DEMAND

    9. 9 INDUSTRY STRUCTURE

      $5,245.00

      1. 9.1 General

        $82.00

      2. 9.2 Industry Concentration

        $82.00

      3. 9.3 Refined Asphalt Capacity Share

        $103.00

        1. Table | US ASPHALT REFINING CAPACITY BY REFINER, 2014

      4. 9.4 Asphalt Paving Products Market Share

        $177.00

        1. Table | ASPHALT PAVING PRODUCTS MARKET LEADERS, 2014

        2. CHART VIII-1 ASPHALT PAVING PRODUCTS MARKET SHARE, 2014

      5. 9.5 Asphalt Roofing Products Market Share

        $118.00

        1. Table | ASPHALT ROOFING PRODUCTS MARKET LEADERS, 2014

        2. CHART VIII-2 ASPHALT ROOFING PRODUCTS MARKET SHARE, 2014

      6. 9.6 Manufacturing

        $107.00

      7. 9.7 Marketing & Distribution

        $209.00

      8. 9.8 Mergers & Acquisitions

        $82.00

        1. Table | SELECTED ACQUISITIONS & DIVESTITURES

      9. 9.9 Cooperative Agreements

        $82.00

        1. Table | SELECTED COOPERATIVE AGREEMENTS

      10. 9.10 Company Profiles

        $4,290.00

        1. 9.10.1 Alon USA Energy Incorporated

          $103.00

        2. 9.10.2 American Gilsonite Company

          $82.00

        3. 9.10.3 ArrMaz Custom Chemicals Incorporated

          $112.00

        4. 9.10.4 Axeon Specialty Products LLC

          $82.00

        5. 9.10.5 BASF SE

          $82.00

        6. 9.10.6 Berkshire Hathaway Incorporated

          $135.00

        7. 9.10.7 Bouygues SA

          $178.00

        8. 9.10.8 BP plc

          $82.00

        9. 9.10.9 Bridgestone Corporation

          $97.00

        10. 9.10.10 Building Materials Corporation of America

          $137.00

        11. 9.10.11 Calumet Specialty Products Partners LP

          $94.00

        12. 9.10.12 Chevron Corporation

          $82.00

        13. 9.10.13 CHS Incorporated

          $82.00

        14. 9.10.14 CRH plc

          $439.00

        15. 9.10.15 Delek US Holdings Incorporated

          $82.00

        16. 9.10.16 DuPont (EI) de Nemours

          $82.00

        17. 9.10.17 Ergon Incorporated

          $206.00

        18. 9.10.18 Exxon Mobil Corporation

          $85.00

        19. 9.10.19 Fortifiber Corporation

          $94.00

        20. 9.10.20 HeidelbergCement AG

          $82.00

        21. 9.10.21 Henry Company

          $156.00

        22. 9.10.22 HollyFrontier Corporation

          $82.00

        23. 9.10.23 Hood Companies

          $83.00

        24. 9.10.24 Hunt Consolidated Incorporated

          $82.00

        25. 9.10.25 Koch Industries Incorporated

          $82.00

        26. 9.10.26 LafargeHolcim Limited

          $105.00

        27. 9.10.27 Mapei SpA

          $97.00

        28. 9.10.28 Marathon Petroleum Corporation

          $82.00

        29. 9.10.29 NuStar Energy LP

          $82.00

        30. 9.10.30 Owens Corning

          $147.00

        31. 9.10.31 Phillips 66

          $82.00

        32. 9.10.32 Royal Dutch Shell plc

          $82.00

        33. 9.10.33 RPM International Incorporated

          $249.00

        34. 9.10.34 Saint-Gobain

          $208.00

        35. 9.10.35 Sinclair Oil Corporation

          $82.00

        36. 9.10.36 Summit Materials LLC

          $127.00

        37. 9.10.37 TAMKO Building Products Incorporated

          $162.00

        38. 9.10.38 UNIQUE Paving Materials Corporation

          $82.00

        39. 9.10.39 United Refining Company

          $82.00

        40. 9.10.40 Valero Energy Corporation

          $82.00

        41. 9.10.41 Vulcan Materials Company

          $82.00

        42. 9.10.42 Western Emulsions Incorporated

          $85.00

        43. 9.10.43 Ziegler Chemical & Mineral Corporation

          $82.00

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