The global asphalt plant market was valued US$ 1.93 Bn in 2018 and is expected to reach US$ 2.47 Bn by 2027 with a CAGR growth rate of 2.8% in the forecast period from 2019 to 2027.
Asphalt is a sticky black or brown, highly viscous liquid or semi-solid form of petroleum and is a residue produced by crude oil refineries. Asphalt is primarily used for paving roads and has applications in transportation (roads, railway beds or airport runways, taxiways, etc.), recreation (playgrounds, bicycle paths, running tracks, and tennis court), agriculture (barn floors and greenhouse floor), industrial (ports, landfill caps, worksites), and building construction (floorings), among others. The construction activities across the world are increasing owing to growing urbanization and infrastructure projects in developing and developed economies. The road and highway construction activities across the world are increasing, and the government bodies are focusing on the speed and quality of the roads built, which is supporting the growth of the asphalt plant market. Currently, asphalt plant manufacturers are focusing on offering advanced asphalt plants that are easy to install and offer greater flexibility.
As asphalt recycling is gaining popularity, asphalt manufacturers across the world are focusing on offering asphalt mixing equipment with recycling capabilities. Also, portable asphalt plants are gaining traction, and the need for ease of transport and faster commissioning has led to the development of compact plants that fit in shipping containers and can be trucked to a site. The modular design ensures that the plants meet the client’s requirements. Asphalt plant manufacturers are focusing on offering tailored solutions and enable the customers to add containers, materials storage or feed bins, conveyors, and RAP feeds as per the requirements. The asphalt plant market is growing significantly in emerging economies of APAC and MEA owing to the growing number of construction activities and increasing urbanization However, increasing pollution and growing awareness regarding the emission from the asphalt plant are the major factors that might hinder the growth of the asphalt plant market.
Asphalt Plant Market by Type
Asphalt Plant Market by Product
Asphalt Plant Market by Application
Asphalt Plant Market by Region
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