The Latest Asphalt Industry Statistics Explained
The global asphalt market size was valued at USD 32.2 billion in 2018.
The statistic indicates that in 2018, the total value of the global asphalt market was estimated to be USD 32.2 billion. This figure represents the aggregate revenue generated from the production, distribution, and sales of asphalt products worldwide during that year. The market size is a reflection of the demand for asphalt in various industries such as construction, road infrastructure, and roofing. Factors like population growth, urbanization, and government investments in infrastructure development can influence the market size of asphalt. As a widely used material in various sectors, the size of the global asphalt market serves as a key indicator of economic activity and development in construction-related industries.
The asphalt market is predicted to grow at a CAGR of 4.2% from 2021 to 2028.
This statistic indicates that the asphalt market is expected to experience a Compound Annual Growth Rate (CAGR) of 4.2% over the period from 2021 to 2028. This implies that the market for asphalt products, typically used in road construction and various other applications, is projected to expand steadily at an average annual rate of 4.2% during the specified time frame. This growth forecast suggests a positive outlook for the asphalt industry, reflecting potential opportunities for market expansion and increased demand for asphalt-related products and services in the coming years.
The United States has over 3,500 asphalt production sites.
The statistic that the United States has over 3,500 asphalt production sites indicates the significant infrastructure and activity involved in the production of asphalt in the country. Asphalt is a key material used in the construction of roads, highways, and other transportation infrastructure, and the presence of such a large number of production sites suggests a robust industry to support the country’s infrastructure needs. The widespread distribution of these sites across the United States also highlights the importance of asphalt production as a key component of the construction sector, contributing to economic development and growth.
Over 94% of roadway is surfaced with asphalt in the United States.
The statistic that over 94% of roadway in the United States is surfaced with asphalt indicates the predominant material used for constructing roads in the country. Asphalt is a preferred choice for surfacing due to its durability, cost-effectiveness, and ease of maintenance. This statistic suggests that the majority of roads in the United States are likely to have similar characteristics and properties associated with asphalt, such as smoothness, noise reduction, and ability to withstand heavy traffic. It also highlights the widespread adoption of asphalt as a road construction material among state and local authorities responsible for maintaining the nation’s transportation infrastructure.
In 2019, the global asphalt market volume said to be around 1,418 million tons.
The statistic that in 2019, the global asphalt market volume was approximately 1,418 million tons indicates the total amount of asphalt that was produced and consumed worldwide during that year. Asphalt is commonly used in road construction, roofing, and other applications in the construction industry. This statistic provides important insights into the scale of the asphalt industry on a global level, highlighting the significant demand for this material. Understanding the market volume of asphalt can help stakeholders in the construction and infrastructure sectors to make informed decisions regarding production, pricing, and investment strategies.
The U.S. asphalt manufacturing industry alone generates about $10 billion in annual revenue.
The statistic stating that the U.S. asphalt manufacturing industry generates approximately $10 billion in annual revenue provides a key insight into the economic significance of this sector within the country. This information highlights the substantial financial impact of asphalt production on the economy, indicating its scale and importance in terms of contributing to overall market activity. The revenue figure also suggests that asphalt manufacturing likely plays a significant role in supporting employment opportunities, investment, and infrastructure development within the United States. Overall, the statistic underscores the considerable size and value of the asphalt manufacturing industry in the U.S. economy.
In 2019, the U.S. produced around 397 million metric tons of asphalt.
The statistic that in 2019, the U.S. produced around 397 million metric tons of asphalt indicates the significant scale of asphalt production within the country during that year. Asphalt is a key component in building and maintaining infrastructure such as roads, highways, and parking lots. The high volume production of asphalt suggests a strong demand for transportation and infrastructure development in the U.S. This statistic also reflects the ongoing construction and maintenance activities occurring within the country, highlighting the importance of the asphalt industry in supporting the nation’s economic growth and development.
In India, the asphalt market size was USD 2.8 billion in 2018.
The statement “In India, the asphalt market size was USD 2.8 billion in 2018” indicates the total value of the asphalt market in India for the year 2018. This figure represents the sum total of all sales and transactions related to asphalt products within the Indian market during that specific year. A market size of USD 2.8 billion suggests a significant presence and demand for asphalt-based products in India, reflecting the scale and economic importance of the industry within the country. This statistic is a key indicator for understanding the market dynamics and opportunities within the asphalt sector in India, providing valuable insights for stakeholders, policymakers, and investors looking to engage with this particular market.
China dominates the global asphalt consumption, occupying nearly 40.2% in 2019.
The statistic that China dominates the global asphalt consumption, occupying nearly 40.2% in 2019 indicates that China is the largest consumer of asphalt in the world, accounting for a significant portion of the total global consumption. Asphalt is a key material used in road construction and infrastructure development, and China’s high consumption reflects the country’s massive infrastructure projects and rapid urbanization. This statistic highlights China’s strong demand for asphalt compared to other countries, showcasing its leading role in the global asphalt market and its significant influence on the industry as a whole.
In Canada, asphalt plant production has increased from 5.03 million tons in 2009 to 6.70 million tons in 2018.
The statistic indicates that there has been a notable increase in asphalt plant production in Canada over the specified time period, with production levels rising from 5.03 million tons in 2009 to 6.70 million tons in 2018. This represents a total increase of 1.67 million tons, or approximately 33% growth, over the nine-year period. The expansion in asphalt production could be attributed to various factors such as increased infrastructure projects, road maintenance initiatives, and overall economic growth that may have boosted demand for asphalt materials in Canada. This rise in production suggests a positive trend in the construction and infrastructure sectors within the country, indicating potential economic development and increased construction activities during this period.
Every year, European asphalt pavement industry produces about 275 million tons of asphalt.
The statistic that the European asphalt pavement industry produces about 275 million tons of asphalt annually indicates the large scale of asphalt production within Europe. Asphalt is a key material used in road construction and maintenance, highlighting the significant infrastructure development and transportation needs in the region. This statistic not only underscores the industry’s substantial contribution to infrastructure projects but also reflects the demand for roadways and transportation networks in Europe. The volume of asphalt production serves as a metric for assessing the level of economic activity and investment in infrastructure within the region, highlighting the vital role of the industry in supporting sustainable development and mobility.
Reclaimed asphalt accounts for approximately 21% of asphalt’s total production in Europe.
The statistic reveals that reclaimed asphalt, which refers to asphalt pavement material that has been removed and recycled for reuse in new asphalt mixtures, makes up around 21% of the total production of asphalt in Europe. This suggests a significant and growing trend towards sustainability in the asphalt industry, as reusing reclaimed asphalt reduces the need for virgin materials, conserves resources, and minimizes environmental impact. The statistic indicates that European countries are increasingly recognizing the benefits of incorporating reclaimed asphalt into their asphalt mixtures to promote more sustainable practices in road construction and maintenance.
In the U.S, more than 100 million tons of RAP (reclaimed asphalt pavement) were collected for re-use in 2019.
The statistic that more than 100 million tons of reclaimed asphalt pavement (RAP) were collected for re-use in the U.S. in 2019 highlights the significant impact of recycling asphalt materials in the construction industry. RAP is generated from old asphalt pavements that are milled and processed for reuse in new projects, reducing the need for virgin materials and decreasing environmental impact. This substantial quantity of RAP collected for re-use reflects a commitment to sustainability and resource conservation in the infrastructure sector, demonstrating the industry’s progress towards more eco-friendly practices and reduced carbon footprint.
Asphalt industry recycles and reuses nearly 100 million tons of asphalt pavement a year.
The statistic that the asphalt industry recycles and reuses nearly 100 million tons of asphalt pavement a year highlights the significant sustainability efforts within the industry. By recycling existing asphalt materials, the industry reduces the need for raw materials extraction, leading to environmental benefits such as decreased energy consumption and lower greenhouse gas emissions. This statistic underscores the asphalt industry’s commitment to resource conservation and its contribution to a more circular economy where materials are reused and repurposed, ultimately reducing waste and promoting long-term environmental sustainability.
The asphalt services market in the U.S. is forecasted to reach $37.8 billion by 2023.
The statistic indicates that the asphalt services market in the United States is projected to grow significantly, with a forecasted value of $37.8 billion by the year 2023. This forecast suggests a positive trend in the demand for asphalt services in the U.S., potentially driven by factors such as infrastructure development, road construction projects, and maintenance requirements. Such growth in market value reflects the anticipated increase in business opportunities and investments within the asphalt services industry, highlighting the sector’s importance and potential economic impact in the coming years.
The future hot-mix asphalt market is forecast to grow from $72.4 billion in 2020 to $131.3 billion in 2027.
The statistic provided indicates the anticipated growth of the hot-mix asphalt market from $72.4 billion in 2020 to $131.3 billion in 2027. This forecast suggests a significant expansion in market size over the seven-year period. The growth can be attributed to factors such as increased infrastructure development, road construction projects, and maintenance activities driving the demand for hot-mix asphalt materials. The projected growth reflects favorable market conditions and opportunities for companies operating in the industry to capitalize on the expanding market share and potential revenue growth.
More than 30,000 American jobs are tied to the asphalt production industry.
The statistic states that over 30,000 jobs in the United States are directly connected to the asphalt production industry, suggesting a significant economic impact and job creation stemming from this sector. It implies that asphalt production plays a substantial role in supporting a workforce in various roles such as production, transportation, engineering, and maintenance within the industry. The statistic highlights the importance of the asphalt production industry in providing employment opportunities and contributing to the overall economy through job stability, income generation, and potential career growth for individuals involved in this sector.
The paving asphalt product industry revenue in the U.S. decreased by 4.6% in 2020 due to COVID-19.
The statistic indicating that the paving asphalt product industry revenue in the U.S. decreased by 4.6% in 2020 due to COVID-19 highlights the impact of the global pandemic on the construction sector. The decline in revenue can be attributed to various factors like disruptions in supply chains, project delays, reduced construction activity, and economic uncertainties brought about by the pandemic. With lockdowns and restrictions in place, construction projects were halted or postponed, leading to decreased demand for paving asphalt products. The 4.6% decrease in revenue underscores the significant challenges faced by the industry during the unprecedented circumstances of the COVID-19 crisis.
There are nearly 2,400 companies involved in asphalt production in the United States.
The statistic indicating that there are nearly 2,400 companies involved in asphalt production in the United States suggests a diverse and competitive industry landscape. This large number of companies highlights the widespread demand for asphalt materials in various construction projects across the country. The presence of numerous companies indicates a competitive market environment where different players likely offer a range of products and services to cater to the needs of the construction sector. The sheer quantity of companies involved in asphalt production also implies a level of decentralization within the industry, with various companies contributing to the overall supply chain and infrastructure development in the United States.
The asphalt manufacturing industry in the U.S. is expected to grow by 1.8% in 2021.
The statistic “The asphalt manufacturing industry in the U.S. is expected to grow by 1.8% in 2021” indicates a projected increase in the output or revenue of the asphalt manufacturing sector within the United States over the course of the year 2021. A growth rate of 1.8% suggests a moderate expansion in the industry’s overall performance, potentially driven by factors such as increased infrastructure projects, maintenance work, or demand for asphalt-related products. This statistic provides valuable insight into the anticipated trend within the asphalt manufacturing sector, offering stakeholders and policymakers a basis for decision-making, investment planning, and assessing the overall economic health and trajectory of the industry.
Conclusion
Overall, the asphalt industry statistics provide valuable insights into the growth, trends, and impact of this important sector. By analyzing data on production, consumption, employment, and market dynamics, stakeholders can make informed decisions and strategic plans for the future of the industry. These statistics underscore the significance of asphalt in infrastructure development and sustainability efforts, highlighting its critical role in driving economic growth and innovation.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.globenewswire.com
2. – https://www.www.fortunebusinessinsights.com
3. – https://www.eapa.org
4. – https://www.www.statista.com
5. – https://www.www.ibisworld.com
6. – https://www.www150.statcan.gc.ca
7. – https://www.www.prnewswire.com
8. – https://www.www.asphaltpavement.org
