Report: 2019 asphalt demand to exceed 122 million metric tons

Through 2019, global demand for asphalt is projected to expand 2.8 percent per year to 122.5 million metric tons, reports “World Asphalt,” a study from The Freedonia Group. According to the study, gains will be driven by growth in China and other developing countries as they work to improve their transportation infrastructures.

The study also reports that the Asia/Pacific region has overtaken North America as the largest regional market for asphalt. Additionally, the study projects that the region will continue to record the fastest advances through 2019. However, growth in China will decelerate from the rapid gains of the 2009-14 period as the country focuses on repairing current roadways.

According to the study, North America is a major asphalt consumer because of the need for maintenance on its regional network of roads and highways. Nearly 90 percent of this maintenance is done in the U.S. In addition, demand in 2019 is expected to surpass the 2009 level.

Finally, recovery in asphalt demand in Western Europe will be driven by increased expenditures on road maintenance and repair applications after years of low spending on infrastructure improvements.