PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1702418
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1702418
U.S. Asphalt Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)
The U.S. asphalt market, valued at $32.6 million in 2024, is projected to reach $52.9 million by 2032, growing at a CAGR of 6.3%. The growth is fueled by increasing infrastructure investments, advancements in asphalt technology, and the rising demand for environmentally sustainable practices in road construction and maintenance. Innovations such as warm-mix asphalt (WMA) and recycled asphalt pavement (RAP) are helping reduce energy consumption and carbon emissions. The market also benefits from government infrastructure initiatives, such as the Infrastructure Investment and Jobs Act, which significantly boost demand for asphalt in road construction and maintenance projects.
Key Insights
Hot Mix Asphalt (HMA) is the largest product segment, comprising 65% of the market, due to its durability and suitability for high-traffic roads and highways.
Warm Mix Asphalt (WMA), the fastest-growing category, is gaining popularity for its energy efficiency and environmentally friendly properties, making it ideal for large-scale projects.
Road construction is the dominant application segment, driven by urbanization, population growth, and government investments in infrastructure.
Airport runways are the fastest-growing application, with a CAGR of 7.2%, spurred by growing air traffic and ongoing airport modernization projects.
The government and municipal sector remains the largest end user, accounting for 55% of the market share in 2024, primarily due to the construction and maintenance of public infrastructure.
The Southern U.S. region holds the largest market share, while the West region is experiencing the fastest growth due to increased urbanization and infrastructure development.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Product
- 1.4.2. Market Size Breakdown, by Application
- 1.4.3. Market Size Breakdown, by End User
- 1.5. Market Data Reporting Unit
- 1.5.1. Revenue
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Industry Background
- 5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
- 5.3. Impact of COVID-19
- 5.4. Sociopolitical Impact
- 5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
Chapter 6. Competitive Landscape
- 6.1. List of Market Players and their Offerings
- 6.2. Competitive Benchmarking of Key Players
- 6.3. Product Benchmarking of Key Players
- 6.4. Recent Strategic Developments by Key Players
Chapter 7. U.S. Market
- 7.1. Overview
- 7.2. Market Revenue, by Product (2019-2032)
- 7.3. Market Revenue, by Application (2019-2032)
- 7.4. Market Revenue, by End User (2019-2032)
- 7.5. Market Revenue, by Country (2019-2032)
Chapter 8. Northeast Market
- 8.1. Overview
- 8.2. Economic Indicators
- 8.3. Regional Hotspots
- 8.4. Growth Drivers
- 8.5. Challenges and Barriers
- 8.6. Competitive Strategies
- 8.7. Emerging Players
- 8.8. Import/Export Policies
- 8.9. Compliance Requirements
- 8.10. Emerging Investment Areas
- 8.11. Major Ongoing Projects
- 8.12. Market Size and Forecast
- 8.12.1. Market Revenue, by Product (2019-2032)
- 8.12.2. Market Revenue, by Application (2019-2032)
- 8.12.3. Market Revenue, by End User (2019-2032)
Chapter 9. Midwest Market
- 9.1. Overview
- 9.2. Economic Indicators
- 9.3. Regional Hotspots
- 9.4. Growth Drivers
- 9.5. Challenges and Barriers
- 9.6. Competitive Strategies
- 9.7. Emerging Players
- 9.8. Import/Export Policies
- 9.9. Compliance Requirements
- 9.10. Emerging Investment Areas
- 9.11. Major Ongoing Projects
- 9.12. Market Size and Forecast
- 9.12.1. Market Revenue, by Product (2019-2032)
- 9.12.2. Market Revenue, by Application (2019-2032)
- 9.12.3. Market Revenue, by End User (2019-2032)
Chapter 10. West Market
- 10.1. Overview
- 10.2. Economic Indicators
- 10.3. Regional Hotspots
- 10.4. Growth Drivers
- 10.5. Challenges and Barriers
- 10.6. Competitive Strategies
- 10.7. Emerging Players
- 10.8. Import/Export Policies
- 10.9. Compliance Requirements
- 10.10. Emerging Investment Areas
- 10.11. Major Ongoing Projects
- 10.12. Market Size and Forecast
- 10.12.1. Market Revenue, by Product (2019-2032)
- 10.12.2. Market Revenue, by Application (2019-2032)
- 10.12.3. Market Revenue, by End User (2019-2032)
Chapter 11. South Market
- 11.1. Overview
- 11.2. Economic Indicators
- 11.3. Regional Hotspots
- 11.4. Growth Drivers
- 11.5. Challenges and Barriers
- 11.6. Competitive Strategies
- 11.7. Emerging Players
- 11.8. Import/Export Policies
- 11.9. Compliance Requirements
- 11.10. Emerging Investment Areas
- 11.11. Major Ongoing Projects
- 11.12. Market Size and Forecast
- 11.12.1. Market Revenue, by Product (2019-2032)
- 11.12.2. Market Revenue, by Application (2019-2032)
- 11.12.3. Market Revenue, by End User (2019-2032)
Chapter 12. Company Profiles
Chapter 13. Appendix
- 13.1. Sources and References
- 13.2. Related Reports
