Abstract
US primary asphalt demand to increase 2.4 percent annually through 2013
Demand for primary asphalt in the US is projected to increase 2.4 percent
annually from a weak 2008 base. Demand will benefit in large part from renewed
growth in highway capital spending and road improvement and repair activity.
Gains in consumption will also derive in large part from an expected recovery
in new home building, sparking increased demand for asphalt shingles and other
roofing products, as well as paving asphalt used in driveways and roads.
Infrastructure improvements to spur paving product gains
Paving products represent the dominant outlet for primary asphalt, accounting
for more than 80 percent of total demand. Consumption of asphalt paving
products will benefit over the short term from stimulus spending, much of
which was targeted at infrastructure improvements. Over the longer term,
demand for asphalt paving products will be driven by the need to repair and
upgrade existing roadways and from more stable petroleum pricing, which will
expand the amount of road surface being paved.
Residential applications to foster growth in asphalt roofing products
Demand for asphalt roofing products, the dominant roofing materials used in
the United States, will increase 1.5 percent annually through 2013. Widely
used in both residential and nonresidential roofing applications, asphalt
roofing materials will benefit from the recovery in new residential
construction, as well as continued gains in residential improvement and repair
applications. In nonresidential markets, on the other hand, demand will
decline slightly through 2013, reflecting a downturn in construction spending
in that market segment.
South to remain top region
The South will remain the largest asphalt consuming region in the US,
reflecting its large installed base of homes and revived growth in new housing
completions. The region also possesses the largest installed base of highways
and roads, supporting demand for asphalt paving products. The Midwest, also a
sizeable consumer of asphalt products, will benefit from a strong resurgence
in new housing construction. In the West region, strong new housing
construction and road building will support gains in demand. Meanwhile, the
Northeast will remain the smallest and slowest growing regional market.
Study coverage
Asphalt, a new Freedonia industry study, examines the US market for asphalt
and asphalt products. Historical data (1998, 2003 and 2008) plus forecasts to
2013 and 2018 are presented for primary asphalt, asphalt paving products,
asphalt roofing and other asphalt products. The study also reviews key market
environment factors, assesses US industry structure, evaluates company market
shares and profiles 40 leading competitors.
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