Report: US asphalt sales growth is ahead
Demand for asphalt in the United States used for paving, roofing and other products is forecast to rise 3 percent annually to 27.6 million tons in 2021, says The Freedonia Group in a new study.
In terms of weight, asphalt used in paving products is projected to see the most rapid growth, reaching nearly 22 million tons in 2021, the Freedonia Group adds.
According to the study, the gains will be boosted by a favorable federal highway funding environment, legislative pressure to repair the nation’s infrastructure, rising office and commercial construction spending, and strong growth in housing starts.
The report also forecasts that demand for asphalt in paving applications is projected to rise 3.4 percent annually to 21.9 million tons in 2021. The improvement would reflect a turnaround from the declines seen in the 2006-2011 period. Despite this, demand for asphalt paving products is not expected to reach the 2006 peak level, the report says.
The Freedonia Group is an international industrial research company that publishes more than 100 studies annually.
About the Author: Allison Kral
Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.Subscribe to Pit & Quarry
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