Demand for asphalt in the United States used for paving, roofing and other products is forecast to rise 3 percent annually to 27.6 million tons in 2021, says The Freedonia Group in a new study.
In terms of weight, asphalt used in paving products is projected to see the most rapid growth, reaching nearly 22 million tons in 2021, the Freedonia Group adds.
According to the study, the gains will be boosted by a favorable federal highway funding environment, legislative pressure to repair the nation’s infrastructure, rising office and commercial construction spending, and strong growth in housing starts.
The report also forecasts that demand for asphalt in paving applications is projected to rise 3.4 percent annually to 21.9 million tons in 2021. The improvement would reflect a turnaround from the declines seen in the 2006-2011 period. Despite this, demand for asphalt paving products is not expected to reach the 2006 peak level, the report says.
The Freedonia Group is an international industrial research company that publishes more than 100 studies annually.
