Asphalt - Paving Grade: Market Size & Forecast 2026

The global paving-grade asphalt market sits at approximately USD 52 billion in 2025 (base year), representing a mature, infrastructure-anchored commodity category whose price trajectory is dominated by crude oil refining economics and government spending cycles. We estimate the market will grow at 3.2 percent CAGR through 2032, reaching roughly USD 65 billion by the forecast year, underpinned by the US Infrastructure Investment and Jobs Act (IIJA) deployment tail, China's post-Covid highway rehabilitation programme, and ongoing maintenance backlogs across mature European networks. The single overriding cost driver is the Penetration Grade 60/70 bitumen feedstock, which accounts for roughly 72 percent of hot-mix asphalt (HMA) production cost and trades in a USD 540-610 per metric tonne band across the three major trading regions in Q2 2026. A 29.8 percent surge in US paving-mixture produc

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