The global asphalt market size was estimated at USD 65.91 billion in 2024 and is anticipated to reach USD 83.35 billion by 2030, growing at a CAGR of 4.0% from 2025 to 2030. This steady growth reflects the increasing need for durable and cost-efficient construction materials driven by expanding transportation networks and infrastructure modernization initiatives worldwide. One of the key factors supporting this expansion is the rising demand for global air travel along with the continuous growth of international trade activities, which are encouraging both public and private sectors to invest heavily in airport expansion projects, new aviation hubs, and modernized port infrastructure to handle growing passenger and cargo volumes efficiently.

Asphalt plays a critical role in constructing runways, taxiways, container yards, and storage areas due to its superior load-bearing capacity, flexibility, and durability under continuous heavy traffic conditions. Its ability to withstand extreme weather variations, repeated aircraft landings, and heavy freight movement makes it an essential material for large-scale transportation infrastructure projects. This trend contributes significantly to the growth of the asphalt market, particularly in fast-developing economies and high-traffic regions where rapid urbanization, logistics expansion, and trade connectivity are creating strong demand for reliable paving solutions.

At the same time, advancements in asphalt production technologies are transforming material performance and sustainability standards. Innovations such as warm mix asphalt (WMA), recycled asphalt pavement (RAP), and polymer-modified asphalt (PMA) are improving durability, enhancing resistance to cracking and deformation, and reducing energy consumption during production. These technologies also help lower greenhouse gas emissions and promote resource efficiency, aligning with global sustainability goals. Governments and industries are increasingly adopting eco-friendly asphalt variants to comply with evolving regulatory frameworks and environmental standards, thereby stimulating market growth. In addition to supporting environmental objectives, these innovations reduce maintenance requirements and overall lifecycle costs, making asphalt a more economically attractive and sustainable choice for infrastructure developers and long-term construction projects.

Key Market Trends & Insights:

• The Asia Pacific dominated the global market with a revenue share of about 38.81% in 2024, highlighting the region’s strong influence on overall industry growth and development. This dominance is primarily supported by rapid urbanization, expanding transportation networks, and large-scale government investments in infrastructure modernization across emerging economies. Countries within the region are continuously investing in highways, smart cities, industrial corridors, and airport expansions to accommodate growing populations and economic activities. Increasing construction activities, rising vehicle ownership, and the need for improved road connectivity between urban and rural areas are further strengthening demand, allowing Asia Pacific to maintain its leading position in the global landscape.

• China asphalt market remains a central player in the global market, driven by extensive infrastructure development programs and continuous investments in road construction and maintenance. The country’s focus on expanding expressways, logistics hubs, and urban transportation systems supports consistent asphalt consumption. In addition, ongoing initiatives aimed at enhancing trade connectivity, industrial expansion, and regional development projects continue to generate strong demand for paving materials. China’s large construction sector, coupled with technological advancements in material production and sustainable infrastructure practices, reinforces its role as a key contributor to global industry dynamics.

• By product, the hot mix asphalt segment accounted for the largest revenue share of 72.1% in 2024, primarily due to its widespread application in road construction and heavy-duty paving projects. Hot mix asphalt is preferred for its durability, strength, and ability to withstand high traffic loads and varying climatic conditions. Its superior bonding properties and long service life make it suitable for highways, airports, and urban roadways where performance and reliability are essential. Continued investments in transportation infrastructure and road rehabilitation projects are further supporting the strong adoption of this segment across both developed and developing regions.

• By end-use, the infrastructural segment accounted for the largest revenue share of 70.2% in 2024, reflecting the significant role of infrastructure development in driving overall demand. Large-scale projects such as highways, bridges, tunnels, airports, and port facilities require substantial volumes of asphalt for paving and maintenance activities. Governments worldwide are prioritizing infrastructure upgrades to support economic growth, improve mobility, and enhance logistics efficiency. Increasing public infrastructure spending, combined with urban expansion and smart city initiatives, continues to strengthen the dominance of the infrastructural segment, making it the primary application area contributing to industry revenue generation.

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Market Size & Forecast:

• 2024 Market Size: USD 65.91 Billion

• 2030 Projected Market Size: USD 83.35 Billion

• CAGR (2025-2030): 4.0%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Some key players operating in the market include CEMEX S.A.B. de C.V. and China Petroleum & Chemical Corporation (Sinopec), both of which play significant roles in supporting global asphalt supply through diversified product portfolios and strong production capabilities.

CEMEX is a global building materials company that provides a wide range of construction solutions, including advanced asphalt products designed to address modern infrastructure requirements. The company focuses on delivering high-performance paving materials that enhance road durability, efficiency, and sustainability. One of its notable solutions is VIALOW, a low-temperature asphalt technology that enables faster road construction processes by allowing roads to reopen more quickly after paving activities. This innovation helps reduce traffic disruptions and project downtime while also lowering fuel consumption during production. Additionally, VIALOW contributes to reduced carbon emissions, aligning with global sustainability goals and environmentally responsible construction practices, making it an attractive solution for infrastructure developers seeking greener alternatives.

Sinopec is a major integrated energy and chemical company in China engaged in the refining, production, and distribution of a wide variety of petroleum-based products, including asphalt. The company plays a critical role in supporting China’s extensive road construction and maintenance activities, supplying asphalt materials for highways, urban roads, and large-scale infrastructure projects. Sinopec’s asphalt products are engineered to perform under diverse climatic conditions and heavy traffic environments, ensuring long-term durability and structural stability. Its strong refining capacity, large distribution network, and continuous investment in product innovation enable the company to maintain a leading position in meeting domestic and international infrastructure demands.

Exxon Mobil Corporation and Marathon Petroleum Corporation are some emerging market participants strengthening competition and innovation within the asphalt industry.

ExxonMobil is a leading global energy company with a well-established presence in asphalt production and supply. The company manufactures a variety of asphalt products tailored for different paving and industrial applications, including Performance Graded (PG) asphalts such as PG 46-34, which are widely used in road construction projects requiring reliable performance under varying temperature conditions. ExxonMobil’s asphalt blendstocks are produced from carefully selected crude oils through advanced and controlled refining processes, ensuring consistent product quality, enhanced durability, and dependable performance. These materials support infrastructure projects that demand long service life and reduced maintenance requirements.

Marathon Petroleum is the largest asphalt producer in the United States and offers a comprehensive portfolio of asphalt solutions designed to serve multiple construction and industrial applications. Its product range includes asphalt cements, polymer-modified asphalts, emulsified asphalts, and industrial-grade asphalts, each developed to meet specific performance and environmental requirements. These products are widely used in road paving, repair and maintenance activities, and roofing applications. Supported by an extensive logistics and distribution network across the U.S., Marathon Petroleum ensures reliable supply and accessibility, enabling contractors and infrastructure developers to efficiently execute large-scale projects while maintaining consistent quality standards.

Key Players

• CEMEX S.A.B. de C.V.

• China Petroleum & Chemical Corporation

• Exxon Mobil Corporation

• Marathon Petroleum Corporation

• Royal Dutch Shell

• United Refining Company

• Boral

• Valero Marketing and Supply Company

• HEIDELBERGCEMENT AG

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Conclusion:

The asphalt industry is experiencing steady growth driven by increasing infrastructure development, rapid urbanization, and rising investments in transportation networks worldwide. Expanding road construction, airport modernization, and port development projects continue to strengthen demand, particularly in emerging economies. Technological advancements such as sustainable and performance-enhancing asphalt solutions are improving durability while supporting environmental objectives. Strong government involvement in infrastructure expansion and maintenance, along with the material’s cost efficiency and reliability, is expected to sustain long-term industry expansion across both developed and developing regions.