According to the latest report by IMARC Group, titled " South Africa Asphalt Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the South Africa asphalt market is expected to exhibit a CAGR of 5.8% during 2022-2027. Looking forward, IMARC Group expects the global market to continue its robust growth during the forecast period (2022-2027).
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Asphalt, also called bitumen, represents a sticky, black, and highly viscous semi-solid or liquid hydrocarbon material that is extracted from petroleum distillation residue. Some common varieties of bitumen include penetration grade, cutback, modified, emulsions, etc. Asphalt is utilized as a binding agent in constructing roads, parking areas, pavements, etc. It assists in minimizing fuel consumption, improving vehicular performance, enhancing road safety, etc., by ensuring a better grip to the wheels. Asphalt is also widely used as an adhesive, sealant, and waterproofing agent across the residential, commercial, and industrial sectors.
South Africa Asphalt Market Trends:
The rising number of construction activities and elevating urbanization levels are among the primary factors driving the South Africa asphalt market. In line with this, the shifting preferences towards bitumen-based materials, owing to their higher durability, crack-resistance, improved binding properties, etc., are further catalyzing the market growth. Moreover, the increasing utilization of asphalt in the maintenance of highways, runways, pavements, etc., is acting as another significant growth-inducing factor. Besides this, the emerging trends of modern housing architecture and remodeling of existing infrastructures are propelling the demand for asphalt for sealing carpet tile backing, pipe coatings, paints, etc. Additionally, the rising popularity of numerous innovative product variants, such as emulsified asphalt and polymer modified asphalt, is anticipated to fuel the South Africa asphalt market in the coming years.
Competitive Landscape With Key Players:
The competitive landscape of the South Africa asphalt market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
Breakup by Product:
- Paving
- Roofing
- Others
Breakup by Application:
- Roadways
- Waterproofing
- Coatings
- Recreation
- Others
Breakup by Type:
- Penetration Grade
- Cutback
- Modified
- Emulsions
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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