Dallas, TX (PRWEB) March 03, 2014
World demand to rise 3.6% annually through 2017
World demand for primary asphalt, which is refined from crude petroleum or mined from naturally occurring sources, is projected to rise 3.6 percent yearly through 2017 from a weak 2012 base to 121 million metric tons (734 million barrels). Many developing countries, particularly those in the Asia/Pacific region, will post strong growth in asphalt demand as they work to improve transportation infrastructure. Mature asphalt markets, which saw declining demand between 2007 and 2012, will recover steadily, though in most cases 2017 asphalt demand will still be below 2007 levels. Gains will be fueled by especially strong growth in asphalt consumption in China and recovering demand in most developed countries.
Complete report is available @ http://www.rnrmarketresearch.com/world-asphalt-to-2017-market-report.html .
Asia/Pacific region to be the fastest growing market
The Asia/Pacific region, which overtook North America in 2009 as the world’s largest regional consumer of asphalt, is forecast to see the most rapid advances through 2017. China is expected to post robust growth through 2017, surpassing the United States as the largest national market for asphalt worldwide, despite deceleration from near double-digit annual growth in the 2007-2012 period. India, a much smaller asphalt market than China, will also post large annual gains through 2017 that will further boost regional demand. The massive transportation infrastructure building programs in those countries will fuel strong regional increases in asphalt demand as the region constructs new paved roads at a pace far exceeding that of any other region. Developed countries are also projected to see good gains through 2017, yet in most cases, they will not make up for the sharp contractions in asphalt consumption following the global economic recession. North America is a major asphalt consumer because of the need for maintenance of the region’s massive network of roads and highways. In addition, the US and Canada are major consumers of asphalt for roofing products; demand for those products will rise with increased building construction expenditures through 2017.
Japan and Western Europe experienced similar declines between 2007 and 2012. Recovery in asphalt demand in these countries will be driven by heightened expenditure on road maintenance and repair applications after years of very low spending on infrastructure improvements. Many countries maintain backlogs of necessary road repairs, which will bolster demand for asphalt for paving applications. While demand for asphalt will grow in both Western Europe and Japan through 2017, neither will register gains that make up for the declines exhibited in the 2007-2012 period.
Asphaltic roofing products gain market share in China
Paving products accounted for about four-fifths of asphalt demand in 2012. Asphalt is the dominant material in the global paving segment and is favored over concrete in most road paving applications for its noise reduction capabilities, relative speed of application, and price. On the other hand, in the global roofing market, asphalt products face competition from many other materials, including clay and concrete tile, metal, and fiber cement. While asphalt products predominate in some countries, most significantly the US and Canada, they hold only a small share in many other countries. Through 2017, increasing use of modified bitumen membranes and asphalt shingles will drive gains, especially in China, where asphaltic roofing products make up a growing share of the largest roofing market.
Company Profiles for global industry competitors such as Colas, CRH, GAF Materials, PEMEX, Royal Dutch Shell, Saint-Gobain and Valero Energy
Purchase a copy of this report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=152922 .
Browse more reports on Cement, Concrete & Asphalt Market @ http://www.rnrmarketresearch.com/reports/materials-chemicals/cement-concrete-asphalt .
Contact [email protected] for further information.
RnRMarketResearch.com (http://www.rnrmarketresearch.com/ .) is an online database of market research reports offers in-depth analysis of over 5000 market segments.