U.S. Asphalt Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)

U.S. Asphalt Market Emerging Trends & Growth Drivers

Advancements in Asphalt Technology Are Major Market Trends

Technological developments in RAP, WMA, and bio-asphalt assist in addressing environmental needs and, at the same time, providing quality infrastructure for the future.

Polymer-modified asphalt (PMA) is specifically developed for heavy traffic loads and severe climatic conditions. When polymers are added to conventional asphalt, the material becomes more durable, elastic, and capable of withstanding high amounts of stress. Therefore, PMA is ideal for use on busy highways and in regions where severe climate is expected, due to its resistance to wear due to cracking, rutting, and other forces. Therefore, PMA roads last longer and cost less in terms of repairs, while offering a smooth, less jerky drive.

Another significant advancement with huge potential in the future is intelligent materials, including self-healing asphalt. This material can heal small cracks on its own, by incorporating additives that expand or close the crack in response to heat or some other stimulus. In the long term, this lowers the requirement for expensive repairs and maintenance. These advancements in material technology are not only revolutionizing road construction and maintenance but also making these tasks more sustainable.

Increasing Infrastructure Spending, Urbanization, and Population Growth Drive Market

With the growth of cities and the appearance of new residential, commercial, public, and industrial facilities, the need for roads and parking spaces is growing dramatically in the country. As a result of urbanization, highways, streets, and other public amenities are needed, which creates a massive requirement for asphalt. According to the American Road & Transportation Builders Association, USD 9.2 billion worth of highways were constructed in the country in November 2023, which was 16% more than in November 2022.

Commercial buildings, including shopping centers and office complexes, also need paved car parking lots, which are often constructed of asphalt. Such an expansion of urban facilities underlines the importance of asphalt for the functioning of the contemporary city.

Not only urban areas but suburbs and residential areas too need roads, streets, and pavements. New homes and communities require driveways, walkways, and local streets, most of which are made of asphalt because of its reasonable cost of construction and durability. Hence, as the population moves to suburban areas, the need for asphalt to connect developing residential areas will continue to rise.

The U.S. government, through its Infrastructure Investment and Jobs Act (IIJA), is committing a lot of money to the construction and rehabilitation of roads, highways, and bridges. Besides this federal funding, most states are also initiating infrastructure improvement programs, which, in turn, will increase the demand for asphalt. These initiatives will continue to propel the demand for asphalt for construction, as well as maintenance and renewal of roads.

U.S. Asphalt Market Segmentation Analysis

Product Insights

HMA is the largest category, with a market share of 65%, in 2024. It is extremely durable; therefore, it is extensively used for roads that handle dense traffic, such as highways, urban streets, and other large projects.

WMA is the fastest-growing category because it entails lower production temperatures, thus cutting energy usage and greenhouse gas emissions. This makes WMA an environmentally friendly product hence fitting the current trend of going green in the industry. Also, it is easier to apply, and its working conditions are better than other materials, which is why many construction projects prefer it.

Here are the products studied in the report:

• Hot-Mix (Largest Category)
• Warm-Mix (Fastest-Growing Category)
• Cold-Mix
• Polymer-Modified

Application Insights

The largest category is road construction because of the high demand for this material for constructing and rehabilitating roads, highways, and expressways. New and ongoing infrastructure developments and urban sprawl drive product demand.

Airport runways are the fastest-growing category, with 7.2% CAGR, due to the continuous growth in air traffic and the requirement for durable and high-performance pavements to support aircraft loads. This growth is also complemented by government investments in airport improvements. The U.S. already has over 5,000 public airports, a lot of which are undergoing massive renovations; many more are being constructed as well. For instance, the LAX modernization worth USD 30 billion, the New SLC Airport construction, the San Francisco International Airport capacity upgrade, and the new terminals at Portland International Airport and Pittsburgh International Airport are underway in the country.

The following applications are analyzed in the report:

• Road Construction (Largest Category)
• Roofing
• Paving
• Industrial
• Airport Runways (Fastest-Growing Category)
• Bridges and Dams
• Others

End User Insights

The largest consumer is governments and municipalities, with a market share of 55% in 2024. This is because most major roads, bridges, city streets, and airports are constructed by government agencies.

The commercial category is the fastest-growing due to the development of shopping avenues and malls, offices, and industrial buildings, which require parking and pavements.

Here are the end users studied in this report:

• Government & Municipalities (Largest Category)
• Commercial & Industrial Sector (Fastest-Growing Category)
• Residential sector

U.S. Asphalt Regional Market Performance

The South is the largest region with a market share of 60% in 2024. This is due to the increasing construction of roads and other kinds of infrastructure to accommodate a growing population. As per the U.S. Census Bureau, 132,665,693 people, the highest in the country, resided in its South in 2024.

The West is the fastest-growing region due to the rapid growth in population density, high investments in infrastructure, and the trending concept of green buildings. The cities of Los Angeles and San Francisco are home to many upscale neighborhoods, which are characterized by smooth, tree-lined boulevards.

Here are the categories of this segment:

• Northeast
• Midwest
• West (Fastest-Growing Category)
• South (Largest Category)

U.S. Asphalt Market Share Analysis

This industry in the U.S. is fragmented as there are a lot of players, both big and small, and located in different areas. Market leaders, such as Exxon Mobil and Shell, dominate the market; however, numerous small and regional producers are also essential, particularly in local paving and construction. These companies are relatively small and thus specialize in catering to cities or purposes.

The market is essentially fragmented due to the many uses of asphalt, including road construction, roofing, and other industrial uses. Therefore, although the market has a few major players, there is still a large potential for new entrants and niche players. Such a distribution of market share among companies with regional specialization leads to high competitiveness in the market.

U.S. Asphalt Market Developments

In October 2024, building material provider Quikrete announced plans to buy Summit Materials, which provides cement, ready-mix concrete, and asphalt, as well as construction and paving services.

In February 2024, CRH PLC completed its acquisition of ready-mixed concrete and cement assets in Texas for USD 2.1 billion.