Asphalt Market Demand, Trends and Research 2024

1. Downloaded from: justpaste.it/87r4q Asphalt Market Technological Growth and Demand 2024 The global asphalt market has the potential to grow by 30.31 million tonnes during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period. Know more: https://www.technavio.com/talk-to-us?report=IRTNTR40833&type=sample&src=report This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America), application (roadways, waterproofing, recreation, and others), and end-user (non-residential construction, residential construction, and others). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors including BP Plc, CEMEX SAB de CV, Chevron Corp., China Petroleum & Chemical Corp., Exxon Mobil Corp., Marathon Petroleum Corp., Owens Corning, Royal Dutch Shell Plc, TOTAL SA, and United Refining Co. How Will Waterproofing Influence Asphalt Market Growth? The increasing demand for waterproofing will be a significant factor in driving the growth of the asphalt market. Waterproofing of buildings is necessary to avoid mold, mildew, and decay, prevent leakages and dampness in buildings, safeguard the structural integrity of construction, and enhance the property value. Waterproofing chemicals, such as asphalt is widely used in the construction industry to protect structures from moisture and increase their service life. The use of asphalt in expansion joints helps in preventing water leakage, providing resistance to chemicals, better adherence to uneven surfaces, and improving tensile strength. Moreover, several countries are focusing on upgrading their aging infrastructure. Thus, the increasing construction of buildings, bridges, and structures across the world will boost the demand for waterproofing chemicals such as asphalt during the forecast period. Modifiers such as styrene-butadiene-styrene, atactic polypropylene, crumb rubber, and natural rubber are added to asphalt to improve strength and elasticity. The addition of styrene-butadiene-styrene helps in increasing abrasion resistance and aging stability of asphalt. Styrene-butadiene-styrene block copolymer-modified asphalt is widely preferred for road paving applications because of its high elasticity, increased viscosity, improved stiffness, and high resistance to operational and service temperature with heavy payloads. Atactic polypropylene is used in the form of plastic to increase the durability and life span of asphalt concrete. Asphalt modified with crumb rubber and natural rubber offers improved adhesion between aggregates and binders and high resistance to temperature variations and deformation. The increasing adoption of modified asphalt, which is one of the critical asphalt market trends, will help in significantly increasing the life span of construction structures.

2. During 2020-2024, the asphalt market will grow at a CAGR of over 4%.