Asphalt price October 2024 and outlook (see chart below)
- North America:US$0.6/KG, unchanged
- Europe:US$0.56/KG, -1.8% down
- Northeast Asia:US$0.5/KG, -2% down
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Asphalt price index
This post is a summary of the Asphalt price developments. The price developments of Asphalt are expressed in US$ prices converted FX rates applicable at the time when the price was valid. Asphalt price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.
The outlook for Asphalt prices, on the second tab, is generated from different inputs including:
- Very recent price developments of immediate cost drivers of Asphalt prices
- Recent price developments of underlying feedstocks which drive the price of Asphalt
- Market futures for both cost drives and feedstocks of Asphalt prices
- Adjustment of current supply/demand imbalances in the Asphalt market
- Longer term trends in likely demand conditions
Further information on the Asphalt price index
What is Asphalt
Asphalt, also known as bitumen, is a black, sticky, semi-solid material that is primarily used in the construction and maintenance of roads, driveways, and other surfaces. It is a natural material that is derived from the distillation of crude oil and is typically mixed with aggregate materials, such as sand and gravel, to form a strong and durable surface.
Asphalt is commonly used in the construction of pavements, as it is able to withstand the weight of vehicles and is resistant to wear and tear. It is also used in the construction of roofs, as it is waterproof and has good insulating properties. In addition, asphalt is used as a sealant for pipes and other underground structures to prevent water infiltration and protect against corrosion.
Asphalt is a versatile material that is easy to work with and has a relatively low cost compared to other paving materials. However, it is not environmentally friendly, as it is a byproduct of the oil industry and its production and use contribute to air pollution. As a result, there is a growing trend towards the use of more environmentally friendly alternatives, such as permeable pavements and recycled asphalt.
How is Asphalt produced
in the construction and maintenance of roads, driveways, and other surfaces. It is a natural material that is derived from the distillation of crude oil and is typically mixed with aggregate materials, such as sand and gravel, to form a strong and durable surface.
There are several steps involved in the production of asphalt:
Crude oil refinement
Asphalt is a byproduct of the oil refining process. Crude oil is first extracted from the ground and then refined at a refinery to separate the various components, including gasoline, diesel, and asphalt.
Distillation
The crude oil is heated to very high temperatures in a process called distillation, which separates the various components of the oil based on their boiling point. Asphalt is one of the heaviest and thickest components of crude oil and is typically found near the bottom of the distillation column.
Blending
Once the asphalt has been extracted from the crude oil, it is typically blended with other materials to adjust its properties and make it more suitable for specific applications. For example, asphalt used in road construction is typically mixed with aggregate materials such as sand and gravel.
Transportation and storage
Asphalt is typically transported to construction sites in large tanker trucks and is stored in asphalt storage tanks until it is needed for use.
Asphalt is a versatile material that is easy to work with and has a relatively low cost compared to other paving materials. However, it is not environmentally friendly, as it is a byproduct of the oil industry and its production and use contribute to air pollution. As a result, there is a growing trend towards the use of more environmentally friendly alternatives, such as permeable pavements and recycled asphalt.
What is Asphalt used for
Asphalt, also known as bitumen, is a black, sticky, semi-solid material that is primarily used in the construction and maintenance of roads, driveways, and other surfaces. It is a natural material that is derived from the distillation of crude oil and is typically mixed with aggregate materials, such as sand and gravel, to form a strong and durable surface.
Some of the main uses of asphalt include:
Road construction and maintenance
Asphalt is the most widely used material for the construction and maintenance of roads, as it is able to withstand the weight of vehicles and is resistant to wear and tear. It is also relatively easy to repair and maintain.
Driveways
Asphalt is commonly used for the construction of driveways, as it is a durable and low-maintenance material.
Roofing
Asphalt is used as a waterproofing material for roofs and is also used in the production of asphalt shingles, which are a popular choice for residential roofs.
Sealant
Asphalt is used as a sealant for pipes and other underground structures to prevent water infiltration and protect against corrosion.
Other applications
Asphalt is also used in the production of adhesive and sealant products, as well as in the manufacturing of floor tiles and other building materials.
Asphalt is a versatile material that is easy to work with and has a relatively low cost compared to other paving materials. However, it is not environmentally friendly, as it is a byproduct of the oil industry and its production and use contribute to air pollution. As a result, there is a growing trend towards the use of more environmentally friendly alternatives, such as permeable pavements and recycled asphalt.
How big is the Asphalt market
The asphalt market is a significant industry, with a global market value of approximately $80 billion in 2020, according to a report by Mordor Intelligence. The market is expected to grow at a compound annual growth rate (CAGR) of 5.3% between 2021 and 2026, driven by increasing infrastructure development and the growing demand for road construction and maintenance.
The Asia-Pacific region is the largest market for asphalt, accounting for more than 40% of global demand. China is the largest producer and consumer of asphalt, followed by the United States and India.
The main drivers of the asphalt market are the increasing demand for road construction and maintenance, as well as the growing use of asphalt in the construction of residential and commercial buildings. Other factors contributing to the growth of the asphalt market include the increasing demand for asphalt in the construction of airports and other infrastructure projects, and the use of asphalt as a sealant for pipes and other underground structures.
The asphalt market is expected to continue to grow in the coming years, driven by the increasing demand for infrastructure development and the growing use of asphalt in a variety of applications. However, the market is also facing challenges, including increasing concerns about the environmental impact of asphalt production and the availability of alternative materials.
According to https://oec.world/ :
Asphalt are the world’s 883rd most traded product.
In 2020, the top exporters of Asphalt were Bahrain ($214M), Greece ($184M), United States ($141M), Spain ($67.5M), and United Arab Emirates ($51.9M).
In 2020, the top importers of Asphalt were Saudi Arabia ($279M), United States ($180M), Egypt ($82M), France ($51.1M), and Canada ($48.2M).
Further reading
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