Global consumption of asphalt is forecast to advance 4.1 percent annually from a very weak 2010 base to 119.5 million metric tons in 2015, equivalent to 725 million barrels of primary asphalt. High petroleum prices combined with economic weakness and declining construction activity resulted in a significant drop in consumption in many of the world’s most developed asphalt markets over the 2005 to 2010 period. Demand in these markets, including North America, Western Europe and Japan, is expected to rebound through 2015.
North America to be fastest growing market
Gains will be most rapid in North America, where the market for asphalt is expected to rise 6.5 percent per annum to 36.6 million metric tons in 2015. Demand for asphalt in both paving and roofing applications will be driven by the recovering US economy and increasing construction activity in the country. The region is a significant consumer of primary asphalt due to the size of the US and Canadian road networks and the dominant position of asphalt materials in the North American roofing market.
These purchasing power parity GDP estimates for the benchmark year are based on gross domestic product data expressed in the individual countries’ local currency, which are then converted to US dollars by valuing each country’s output at US prices in the benchmark year. This approach values the same physical output at a consistent price for all countries, thereby reducing the distorting influence of different price levels in the different countries. The alternative approach of using exchange rates to convert local currency GDP to US dollars would tend to overvalue the output of countries with high average price levels and undervalue the output of countries with low average price levels, because exchange rate conversions only partially reflect the relative prices for goods and services that are domestically consumed and invested. Furthermore, factors other than relative prices, such as demand and supply in currency markets, interest rates and capital flows, affect exchange rates.
Major points covered in Table of Contents of this report include:
EXECUTIVE SUMMARY
MARKET ENVIRONMENT
World Economic Overview
Recent Historical Trends
World Economic Outlook
World Construction Overview
Building Construction
Residential Building Construction
Nonresidential Building Construction
Nonbuilding Construction
See More Freedonia Group Market Research Reports
See More Industry Profiles Market Research Reports
Report Details :
Published: February 2012
No. of Pages:
Price: Single User License – US $ 6100
North America to be fastest growing market
Gains will be most rapid in North America, where the market for asphalt is expected to rise 6.5 percent per annum to 36.6 million metric tons in 2015. Demand for asphalt in both paving and roofing applications will be driven by the recovering US economy and increasing construction activity in the country. The region is a significant consumer of primary asphalt due to the size of the US and Canadian road networks and the dominant position of asphalt materials in the North American roofing market.
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WORLD ASPHALT INDUSTRY
These purchasing power parity GDP estimates for the benchmark year are based on gross domestic product data expressed in the individual countries’ local currency, which are then converted to US dollars by valuing each country’s output at US prices in the benchmark year. This approach values the same physical output at a consistent price for all countries, thereby reducing the distorting influence of different price levels in the different countries. The alternative approach of using exchange rates to convert local currency GDP to US dollars would tend to overvalue the output of countries with high average price levels and undervalue the output of countries with low average price levels, because exchange rate conversions only partially reflect the relative prices for goods and services that are domestically consumed and invested. Furthermore, factors other than relative prices, such as demand and supply in currency markets, interest rates and capital flows, affect exchange rates.
Major points covered in Table of Contents of this report include:
EXECUTIVE SUMMARY
MARKET ENVIRONMENT
World Economic Overview
Recent Historical Trends
World Economic Outlook
World Construction Overview
Building Construction
Residential Building Construction
Nonresidential Building Construction
Nonbuilding Construction
See More Freedonia Group Market Research Reports
See More Industry Profiles Market Research Reports
Report Details :
Published: February 2012
No. of Pages:
Price: Single User License – US $ 6100
