VANCOUVER, BC / ACCESSWIRE / February 18, 2022 / The latest Kinvestor Research Report on the liquid asphalt industry covers the history and uses of asphalt, analysis of current market data, and an outlook for the future of the industry. The report includes a projected 3.7% CAGR from 2021 to 2027 for the market, estimating an industry value of US$1.85 billion by 2027.
Download the Kinvestor Research report here for a full analysis of the global liquid asphalt industry.
Background
Liquid asphalt, also called 'asphalt cement' or 'asphalt binder' in Europe and North America, is a highly viscous liquid derived from petroleum. It can be found in natural deposits or be manufactured as a refined product.
Liquid asphalt that is derived from a refined product is manufactured in three distinct methods:
- The blending method - asphalt is blended with cutback (a solvent from petroleum)
- The heating method - takes place in asphalt cement plants. The finished product is asphalt cement which is also known as asphalt binding
- The emulsification process - also known as the water suspension method, liquid asphalt cement is dispersed in a large volume of water with an emulsifying agent
Uses of Liquid Asphalt
The report outlines three main uses for liquid asphalt:
- Municipal - town or city owned. Can be funnelled down to streets, alleyways, potholes, etc.
- Residential - owned by private homeowners - e.g., driveways
- Commercial - business owned, used for parking lots, sports courts, etc.
- Single Use Asphalt Shingles
Demand for asphalt binder in North America is currently highest for interstate highways and roofing, with 88% of the material acquired by end-users used for pavement.
Asphalt shingles, while not as long-lasting as their roofing alternatives, are the most cost-effective option and the material of choice for 75% of North American homes.
Market Outlook
As of 2020, the worldwide demand for asphalt was an estimated 143 million metric tonnes. At a forecasted CAGR of 3.6%, demand is expected to reach 174 million metric tonnes by 2025.
In Canada, the market for asphalt shingles is projected to reach US$1.85 billion by 2027, with a CAGR of 3.7% from 2021-2027.
Major Market Participants by Segment
Raw material suppliers
- Chevron Corporation
- Exxon Mobil Corporation
Bitumen manufacturers
- Indian Oil Corporation
- PetroChina Company Ltd.
Distributors/traders
- BitChem Asphalt Technologies Ltd.
- GP Petroleums Ltd.
Mixing/processing plants
- Ooms India
- AIMIX Group
End-users
- Gammon India Ltd.
- SAMWOH Corporation
Additional Report Highlights
- Pricing history
- Demand for liquid asphalt
- Yearly usage
Download the Kinvestor Research report here for a full analysis of the global liquid asphalt industry.
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