Warm Mix Asphalt Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Warm Mix Asphalt Market is Segmented by Application (Pavements, Roadways, Driveways, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Warm Mix Asphalt in revenue (USD Million) for all the above segments.

Market Snapshot

 Warm Mix Asphalt Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >4 %
 Warm Mix Asphalt Market Key Players

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Market Overview

The Global Warm Mix Asphalt Market is projected to register a CAGR of over 4% during the forecast period (2022-2027).

The COVID-19 pandemic affected the road construction industry because of disruption in the supply chain. During the pandemic, raw material supply, mainly sand, crushed stone, and gravel, for the warm mix asphalt industry were halted. There was also a labor crunch in the road construction industry as workers were falling ill due to covid-19 and many left for their hometowns amid fears of competing lockdown. The market started recovering in 2021 and it is expected to reach its pre covid levels during the forecasted period. 

  • Over the short term, increasing road construction globally under various government initiatives and rising awareness related to climate change worldwide, are some of the driving factors which are stimulating the market demand.
  • Lower processing temperature of warm mix asphalt is leading to excess water trapped on roads, which may hinder the market's growth.
  • Increasing carbon neutrality initiatives across the globe and R&D in the field of warm mix asphalt for improved performance, and others are likely to create opportunities for the market in the coming years.
  • The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Warm mix asphalt is a hot mix asphalt that is produced at a temperature range of 35 to 100 degrees Fahrenheit, generally cooler than hot mix asphalt production temperature. It is a term used for various technologies that allow hot mix asphalt pavement material to be manufactured and placed at a lower temperature without compromising on performance or quality. The warm mix asphalt market is segmented by application and geography. By applications, the market is segmented into pavements, roadways, driveways, and other applications. The report also covers the market size and forecasts for the warm mix asphalt market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of Revenue (USD Million).

Application
Pavements
Roadways
Driveways
Others Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Usage in the Roadways Application

  • Warm mix asphalt is widely adopted in the road construction industry as it reduces fuel consumption and Volatile Organic Compound (VOC) emissions. It reduces the fuel consumption by 20% as compared to hot mix asphalt due to lower viscosity.
  • Reduction in pre-mature aging of asphalt cement and lower fume and odor emissions are some of the benefits of using warm-mix asphalt in road construction.
  • Increasing investments in renewable energy infrastructure coupled with decreasing cost of renewable energy and rapid technology improvements are expected to drive the road construction industry. Besides, the growing demand for lowering carbon footprints from road construction will boost the demand for the warm mix asphalt market.
  • Improved properties of warm mix asphalt as compared to hot mix asphalt such as lower paving costs, reduced emission of greenhouse gases, and extended paving season, enhances its usage in the road construction sector.
  • In the United States, the average monthly value of public highways and street construction was valued at USD 99.90 billion in 2021 as compared to 99.54 in 2020, registering a growth of 0.36%, as per US Census Bureau, which is stimulating the demand for warm mix asphalt market.
  • Owing to all these factors, the market for warm mix asphalt is likely to grow globally during the forecast period.
 Warm Mix Asphalt Market Share

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
  • India is expected to dominate in the road construction industry in the Asia-Pacific region. The Indian Road construction industry depicted significant growth over the years. India has the second-largest road network globally. The road network in India transports around 64.5% of all goods and 90% of total passenger traffic. In the financial year 202, 13,298 km of the highway was constructed in India.
  • Increasing policy initiatives by the Indian government such as Golden Quadrilateral and north-south-east-west corridor will boost the warm mix asphalt market. Besides, the National Highway Authority of India (NHAI) is planning to construct around 25,000 kilometers of national highways between 2022 to 2023 at a pace of over 50 km per day.
  • Increasing road transportation in India owing to the rise in sales of automotive and freight movement through roads, is expected to stimulate the demand for road construction materials such as warm-mix asphalt. Increased highway construction in India at 17% CAGR between 2016 to 2021, is projected to drive the market for warm mix asphalt.
  • Growing passenger traffic and increased construction of highways in China due to various government policies such as the Belt and Road Initiative (BRI). As per the Ministry of Transport of China, the total length of express ways was 161,000 kilometers in 2020 and grew significantly in 2021. Furthermore, China is planning to extend its national highway length to nearly 50% by 2035.
  • Due to all such factors, the market for warm mix asphalt in the region is expected to have a steady growth during the forecast period.
 Warm Mix Asphalt Market Growth Rate

Competitive Landscape

The warm mix asphalt market is partially consolidated in nature. Some of the major players in the market include Aggregate Industries, Martin Marietta Materials, Reeves Construction Co., PJ Keating, and CRH Americas Materials, Inc. among others (not in any particular order).

Recent Development

  • In June 2022, Aggregate Industries decided to transition to warm-mix asphalt (WMA) manufacturing as a standard across its asphalt product portfolio. This will benefit the company by reducing building costs, enhancing life expectancy, and carbon savings.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Road Construction Globally Under Various Government Initiatives

      2. 4.1.2 Rising Awareness Related to Climate Change Worldwide

    2. 4.2 Restraints

      1. 4.2.1 Lower Processing Temperature Leads To Excess Water Trapping

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Pavements

      2. 5.1.2 Roadways

      3. 5.1.3 Driveways

      4. 5.1.4 Others Applications

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Rest of Asia-Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 Italy

        4. 5.2.3.4 France

        5. 5.2.3.5 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 South Africa

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Aggregate Industries

      2. 6.4.2 Americas Materials, Inc.

      3. 6.4.3 BAOLIRUS International Investment Co., Ltd.

      4. 6.4.4 Blue Diamond Asphalt

      5. 6.4.5 Colas

      6. 6.4.6 Martin Marietta Materials

      7. 6.4.7 PJ Keating

      8. 6.4.8 Prospect Hill Road

      9. 6.4.9 Reeves Construction Co.

      10. 6.4.10 Zydex Industries

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Carbon Neutrality Initiatives across the Globe

    2. 7.2 R&D in the Field of Warm Mix Asphalt for Improved Performance

**Subject to Availability

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Frequently Asked Questions

The Warm Mix Asphalt Market market is studied from 2017 - 2027.

The Warm Mix Asphalt Market is growing at a CAGR of >4% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Martin Marietta Materials, Reeves Construction Co. , PJ Keating, CRH Americas Materials, Inc., Aggregate Industries are the major companies operating in Warm Mix Asphalt Market.

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