U.S. demand for asphalt is forecast to increase 3.3 percent annually to 26.8 million tons in 2019.
This is equivalent to 148 million barrels of asphalt, the vast majority of which is refined petroleum asphalt. Asphalt demand will be spurred by a rebound in building construction, which will boost demand for asphalt shingles and such low-slope roofing products as modified bitumen membranes.
In the much larger asphalt paving segment, gains will be supported by the efforts of state and local governments to maintain the nation’s aging road and highway network. Legislative bodies are expected to allocate more funds for repair work, supporting the use of asphalt cements and asphalt emulsions.
These and other trends are presented in Asphalt, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Paving was the largest end use for asphalt in 2014 with three-fourths of consumption. Analyst Matt Zielenski forecasts, “Demand for asphalt in paving applications will advance 3.1 percent annually to 19.6 million tons.” Improving economic conditions and the pressing need to fix and repair older roads and highways will support growth.