Asphalt is a sustainable material for building pavements and roads, made from stones, sand, and gravel which is held together by asphalt cement. It is also called Bitumen. It is smooth and quiet, enabling vehicles on the road to consume less fuel and produce lower emissions.
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The market was valued at $72 billion in 2017, and is expected to be driven by rapid decline in oil and gas prices, being reflected in the price of refined petroleum products. Asia Pacific was the largest geographic region in the market in 2017, accounting for two-fifths of the global market share.
The asphalt market in The Business Research Company’s report is split into four segments: asphalt paving mixtures and blocks, prepared asphalt and tar roofing and siding products, roofing asphalts and pitches, and coatings and cement.
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China was the largest country in the asphalt market in 2017, accounting for less than one-fifth of the global asphalt market.
The top five competitors in the market are BP plc, CEMEX S.A.B. de C.V., Exxon Mobil, Royal Dutch Shell, and Marathon Petroleum. BP plc is the largest company in asphalt market with revenues of $200.4 billion. It is a British multinational oil and gas company, headquartered in London, England. The company operates in all areas of the oil and gas industry, including exploration and production, petrochemicals, refining, power generation and trading, distribution, and marketing.
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