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US Asphalt Industry
Demand for primary asphalt in the U.S. is projected to increase 2.4% 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% 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% 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 roadbuilding will support gains in demand. Meanwhile, the Northeast will remain the smallest and slowest growing regional market.
This study examines the U.S. 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 U.S. industry structure, evaluates company market shares and profiles 40 leading competitors.
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