Paving Asphalt in the US by Product, Application and Region

Paving asphalt gains will be driven by a more favorable funding environment, legislative pressure to improve the nation’s aging infrastructure, and healthy advances in nonbuilding construction activity, particularly in the highway and street segment.

Key Findings in the Paving Asphalt Market in the US Study:

Increases in Government Funding to Drive Demand

The passage of the FAST Act, which allocates $305 billion in funding for highway maintenance and other infrastructure projects, will boost short-term demand for paving products. In 2020, funding for this program will conclude; however it is expected that Congress will provide the highway funding program with a bailout to prevent a significant decline in funding for 2021.

Demand for Asphalt Emulsions Will Advance Well-Above the Market Average

Asphalt emulsions are expected to experience the most rapid gains of all paving products due to their cost effectiveness compared to asphalt cutbacks and efforts by manufacturers to reduce asphalt usage. Additionally, emulsions are better able to address environmental and worker safety concerns posed by other products such cutback asphalt and hot-mix asphalt cement.

Highway and Street Applications Will Continue to Dominate the Industry

Highway and street applications will continue to account for the majority of demand in the paving asphalt industry and grow at a pace similar to the market average. Gains will be driven by recent highway legislation and rising highway and street construction expenditures.

Study Coverage

This study presents historical demand data (2006, 2011, and 2016) and forecasts (2021) by product (asphalt cement, asphalt emulsions, and cutback asphalt), application (highways and streets, residential, and nonresidential), and region (Northeast, Midwest, South, West). The study also evaluates company market share and competitive analysis on industry competitors including Oldcastle Materials, Vulcan Materials, Summit Materials, Colas, Ergon, HollyFrontier, Alon USA, Calumet Specialty Products, and HeidelbergCement.

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EXECUTIVE SUMMARY

OVERVIEW

Key Findings

Historical Market Trends

Pricing

Foreign Trade

Supply & Demand

Market Challenges

Crude Oil Pricing & Production Trends

Government Funding

Impact on Asphalt Demand

FAST Act

Motor Fuel Tax & Highway Trust Fund

Asphalt Market Seasonality

Highway Mileage & Spending

Highway Mileage

Highway Spending

Overview

Federal Spending Environment

Environmental Issues

Recycling

Emissions-Related Issues

PRODUCTS

Key Findings

Definition & Scope

Demand by Product

Product Overview

Asphalt Cement

Asphalt Emulsions

Cutback Asphalt

Other Paving Products

Product Developments

Superpave

Perpetual Pavements

Asphalt Pellets

Asphalt Modifiers

Competitive Products

Portland Cement Concrete

Other Materials

APPLICATIONS

Key Findings

Paving Asphalt Demand by Application

Overview

Highways & Streets

Other Nonbuilding Applications

Nonresidential Buildings

Residential Buildings

REGIONS

Key Findings

Northeast

Regional Overview

New England

Middle Atlantic

Midwest

Regional Overview

East North Central

West North Central

South

Regional Overview

South Atlantic

East South Central

West South Central

West

Regional Overview

Mountain

Pacific

INDUSTRY STRUCTURE

Key Findings & Industry Composition

Market Share

Refined Asphalt Capacity

Refined Asphalt Capacity Overview

Northeast

Midwest

South

West

Refined Asphalt Production

Manufacturing

Marketing & Distribution

Cooperative Agreements

Mergers & Acquisitions

List of Industry Participants

APPENDIX

Scope

Methodology

Related Freedonia Group Studies

Definitions

Abbreviations

Macroeconomic Assumptions

Macroeconomic Trends by Region

Asphalt Paved Lane Miles

List of Tables

OVERVIEW

Table 2-1 | US Paving Asphalt Market, 2006 - 2016

Table 2-2 | Paving Asphalt Product Pricing, 2006 - 2021 ($/ton)

Table 2-3 | US Paving Asphalt Foreign Trade, 2006 - 2021 (million dollars)

Table 2-4 | Paving Asphalt Supply & Demand, 2006 - 2021 (000 tons asphalt content)

Table 2-5 | US Public Road Lane Miles, 2006 - 2021 (000 miles)

Table 2-6 | US Highway Spending, 2006 - 2021 (billion dollars) Error! Bookmark not defined.

PRODUCTS

Table 3-1 | Paving Asphalt Products Definitions & Applications

Table 3-2 | Asphalt Demand in Paving Products, 2006 - 2021 (000 tons asphalt content)

Table 3-3 | Asphalt Demand in Asphalt Cement, 2006 - 2021 (000 tons asphalt content)

Table 3-4 | Asphalt Demand in Asphalt Emulsions, 2006 - 2021 (000 tons asphalt content)

Table 3-5 | Asphalt Demand in Cutback Asphalt, 2006 - 2021 (000 tons asphalt content)

Table 3-6 | Asphalt Demand in Other Paving Products, 2006 - 2021 (000 tons asphalt content)

Table 3-7 | Selected Asphalt Modifier Descriptions

Table 3-8 | Advantages & Disadvantages of Asphalt & Portland Cement Concrete

APPLICATIONS

Table 4-1 | Asphalt Demand in Paving Products by Application, 2006 - 2021 (000 tons asphalt content)

Table 4-2 | Asphalt Demand in Highway & Street Applications by Product 2006 - 2021 (000 tons asphalt content)

Table 4-3 | Asphalt Demand in Other Nonbuilding Applications by Product 2006 - 2021 (000 tons asphalt content)

Table 4-4 | Asphalt Demand in Nonresidential Applications by Product 2006 - 2021 (000 tons asphalt content)

Table 4-5 | Asphalt Demand in Residential Applications by Product, 2006 - 202 (000 tons asphalt content)

REGIONS

Table 5-1 | Northeast: Paving Asphalt Demand & Asphalt Paved Lane Miles by Subregion, 2006 - 2021

Table 5-2 | New England: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-3 | Middle Atlantic: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-4 | Midwest: Paving Asphalt Demand & Asphalt Paved Lane Miles by Subregion, 2006 - 2021

Table 5-5 | East North Central: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-6 | West North Central: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-7 | South: Paving Asphalt Demand & Asphalt Paved Lane Miles by Subregion, 2006 - 2021

Table 5-8 | South Atlantic: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-9 | East South Central: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-10 | West South Central: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-11 | West: Paving Asphalt Demand & Asphalt Paved Lane Miles by Subregion, 2006 - 2021

Table 5-12 | Mountain: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

Table 5-13 | Pacific: Paving Asphalt Demand & Asphalt Paved Lane Miles by State, 2006 - 2021

INDUSTRY STRUCTURE

Table 6-1 | US Paving Asphalt Sales by Company, 2016 (million dollars)

Table 6-2 | US Asphalt Refining Capacity, 2016 (million barrels)

Table 6-3 | Northeast Asphalt Refining Capacity, 2016 (million barrels)

Table 6-4 | Midwest Asphalt Refining Capacity, 2016 (million barrels)

Table 6-5 | South Asphalt Refining Capacity, 2016 (million barrels)

Table 6-6 | West Asphalt Refining Capacity, 2016 (million barrels)

Table 6-7 | US Refined Asphalt Production by Region & Subregion, 201 (million barrels)

Table 6-8 | Selected Cooperative Agreements

Table 6-9 | Selected Acquisitions & Divestitures

APPENDIX

Table 7-1 | 2012 NAICS Codes for Paving Asphalt Products

Table 7-2 | Abbreviations Used in Study

Table 7-3 | Refined Petroleum Products Supply & Demand (million barrels)

Table 7-4 | Macroeconomic Indicators, 2006 - 2021 (billion 2009 dollars)

Table 7-5 | Population & Households, 2006 - 2021 (million persons)

Table 7-6 | Construction Expenditures, 2006 - 2021 (billion 2009 dollars)

Table 7-7 | Building Construction Expenditures, 2006 - 2021 (billion 2009 dollars)

Table 7-8 | Residential Construction Expenditures, 2006 - 2021 (billion 2009 dollars)

Table 7-9 | Residential Improvement & Repair Expenditures, 2006 - 2021 (billion 2009 dollars)

Table 7-10 | Housing Stock by Type, 2006 - 2021 (million units)

Table 7-11 | New Housing Indicators, 2006 - 2021

Table 7-12 | Nonresidential Building Construction Expenditures 2006 - 2021 (billion 2009 dollars)

Table 7-13 | Nonresidential Building Improvement & Repair Expenditures, 2006 - 2021 (billion 2009 dollars)

Table 7-14 | Nonbuilding Construction Expenditures, 2006 - 2021 (billion 2009 dollars)

Table 7-15 | Population by Region, 2006 - 2021 (million persons)

Table 7-16 | Gross Domestic Product by Region, 2006 - 2021 (billion 2009 dollars)

Table 7-17 | Construction Expenditures by Region, 2006 - 2021 (billion 2009 dollars)

Table 7-18 | US Asphalt Paved Lane Miles by Region, 2006 - 2021 (000 miles)

Table 7-19 | New England Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-20 | Middle Atlantic Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-21 | East North Central Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-22 | West North Central Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-23 | South Atlantic Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-24 | East South Central Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-25 | West South Central Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-26 | Mountain Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

Table 7-27 | Pacific Asphalt Paved Lane Miles by State, 2006 - 2021 (000 miles)

List of Charts

EXECUTIVE SUMMARY

Figure 1-1 | Key Trends in the US Paving Asphalt Market

OVERVIEW

Figure 2-1 | US Paving Asphalt Market Overview

Figure 2-2 | US Paving Asphalt Demand, 2006 - 2016 (000 tons asphalt content)

Figure 2-3 | Crude Oil & Refined Asphalt Price Volatility, 2006 - 2016 (dollars per barrel)

Figure 2-4 | Status of Highway Trust Fund, 1990 - 2016 (billion dollars)

Figure 2-5 | Average Monthly US Asphalt Refinery Production, 2000 - 2016 (000 barrels)

Figure 2-6 | Highway Spending Disbursements by Level of Government, 2016 (billion dollars)

PRODUCTS

Figure 3-1 | Key Trends in Paving Asphalt Products

Figure 3-2 | Paving Asphalt Product Shares, 2016 (million tons asphalt content)

Figure 3-3 | Paved & Unpaved Public Road Lane Miles, 2006 - 2021 (000 lane miles)

APPLICATIONS

Figure 4-1 | Key Trends in US Paving Asphalt Applications

Figure 4-2 | Paving Asphalt Demand Shares by Application, 2006 - 2021 (000 tons asphalt content)

Figure 4-3 | Highways & Streets Paving Asphalt Demand Volatility, 2006 - 2016 (percent growth)

Figure 4-4 | Other Nonbuilding Asphalt Demand Volatility, 2006 - 2016 (percent growth)

Figure 4-5 | Nonresidential Paving Asphalt Demand, 2006 - 2021 (000 tons asphalt content)

Figure 4-6 | Residential Paving Asphalt Demand Volatility, 2006 - 2016 (000 tons)

REGIONS

Figure 5-1 | Regional Paving Asphalt Demand, 2006 - 2021 (million tons asphalt content)

INDUSTRY STRUCTURE

Figure 6-1 | US Paving Asphalt Market Share, 2016 (billion dollars)

Figure 6-2 |US Paving Asphalt Market: Leading Supplier

Figure 6-3 | US Paving Asphalt Market: Second Leading Supplier

Figure 6-4 | US Paving Asphalt Market: Third Leading Supplier

Figure 6-5 | US Paving Asphalt Market: Fourth Leading Supplier

Figure 6-6 | US Paving Asphalt Market: Fifth Leading Supplier

Figure 6-7 | US Asphalt Refining Capacity Share, 2016 (million barrels)

Figure 6-8 | US Refined Asphalt Production by Region, 2016 (million barrels)

Figure 6-9 | Asphalt Product Flow Chart

APPENDIX

Figure 7-1 | Annual Growth in Real GDP, 2000 - 2016, Compared to 1980 - 2005 Average (%)

Figure 7-2 | Annual Population Growth, 2001 - 2016 (percent)

Figure 7-3 | Housing Stock by Year of Construction, 2016 (%)

Figure 7-4 | New Housing Square Footage by Housing Type, 2001 - 2016

Figure 7-5 | Share of Population by Region, 2006 - 2021 (percent)

Figure 7-6 | US Asphalt Paved Lane Miles by Region, 2016 (million miles)