Asphalt market continues to grow amid the effect of Covid19. The lockdowns may have slowed down many industries across the globe but because of asphalt’s versatility, it remained to be on-demand and will continue to manifest market growth in the U.S. in 2021. For one, the real estate industry is at an unexpected success with record-low mortgage rates, people are taking advantage to purchase their homes.
This trend attracts investors to renovate or build a house for sale thus the need for construction materials including asphalt. Asphalt is also used in road construction. As the government focuses on road rehabilitation and infrastructure repair, the demand for asphalt also increases. Recent studies by the American Society of Civil Engineers (ASCE) have shown that the country’s infrastructure is at D+. This means that our current infrastructure is “mostly below standard” and with a “strong risk of failure.”. This puts the general public at risk thus more and more people call to increase funding on roan maintenance and infrastructure.
In a recent article by World Highways, US asphalt sees to continue its growth for the next year with several factors driving its sales up.