According to the recent research report titled ‘Global Asphalt Market Size study, by Application (Roadways, waterproofing, paving, others) by End-Use (Residential Construction, Non-Residential Construction, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global asphalt market is projected to record considerable growth during 2020-2027.
 

Growing construction industry in emerging countries like Brazil, India, and China, rapid urbanization in developing & developed economies, along with surging commercial and residential construction projects, and government investments towards development of infrastructure are the key factors driving the growth of global asphalt market.
 

For those uninitiated, asphalt, a purified residue, is obtained from refinement of certain crude oils. It is mainly utilized in construction of roads as a binder and is added with aggregate particles to produce asphalt concrete. Chief applications of asphalt include sealing flat roof, roofing belt, and waterproofing products.
 

According to GovInsider, out of 1000 smart city plans registered worldwide, 500 are in China. Moreover, China allocated USD 46.52 billion in 2017 as investment for pilot project development. 
 

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According to India Smart Grid Forum, 99 towns have been selected for upgradation under the Smart City program by the Indian government. Increasing construction of national and provincial highways for development of infrastructure across the globe will create lucrative growth prospects for the industry.
 

Based on application spectrum, global asphalt market is divided into paving, waterproofing, roadways, and others. Speaking of end-use scope, the industry is categorized into non-residential construction, residential construction, and others.
 

From a regional perspective, worldwide asphalt industry is segmented into Latin America, North America, Asia-Pacific, Europe, and Rest of the World. The report states that Asia Pacific currently holds significant share of the overall market and will grow further, on account of increasing construction activities across the region along with growing infrastructure development schemes. In addition, rapid urbanization and surging disposable income will also contribute to APAC asphalt market outlook.
 

Leading organizations in global asphalt market are Aggregate Industries Ltd., NuStar Energy LP, Mapei SpA, Henry Company LLC, Chevron Corporation, Royal Dutch Shell plc, Anglo American PLC, Petroleos De Venezuela SA, BP plc, and Exxon Mobil Corporation.