Asphalt bitumen is widely used as a binding organic material, which is made from the by-products of crude oil. It is used in road construction and Winter Haven parking lot paving because it is easy to produce, it is recyclable, it is cheap, it is durable, and it is a non-toxic binder. In the last eight years, the construction industry has been seeing a profound growth which will last until 2019 for the 2018-2023 period.
The road building market will continue to see this growth way until next year because of North America’s and Europe’s focus on road construction and residential property construction.
Even by application alone, road construction is expected to dominate the market demand for bitumen. Just recently in Asia, China has come up with China’s Belt and Road Initiative, the first stage of which connected Hong Kong and mainland China with the region’s longest bridge.
The aim of the initiative is to connect Asia, Europe, the Middle East, and Africa by using vast logistics and transport network. This will include roads, airports, railway tracks, ports, pipelines, transnational electric grids, and fiber optic lines.
This hyper-connected world is what we’re looking at right now. This will all happen in the Asia Pacific where the demand for bitumen is expected to increase with the infrastructures in the region’s pipeline. The increase in infrastructure spending in the region will result in an even bigger demand for bitumen.
In its 2018 budget, India allotted almost 30 percent out of its core budgetary allocation to the Highways Ministry. The budget will include expenses on the development of National Highways—expressways, two-lane highways, and road connectivity.
In the United States, asphalt is being used in major highways, roads, auxiliary roads, streets, and expressways. It is the primary material being used by paving contractors to ensure safe and smooth roads for commuters.
It is also being promoted by the environmental laws and rules of the country because of its natural environment-friendly capacities. As a recyclable material, old asphalt is salvageable and can be used for repairs and replacements when it is mixed with new aggregate.
All over the world, asphalt is being hailed as the safest and most durable material to construct driveways, parking lots, roads, highways, and expressways.
It is also cheaper compared to cement, especially when its serviceable years are taken into account. Asphalt roads last for decades, sometimes even up to 20 years or more. Investing in asphalt parking lots and driveways is the smartest decision you can make as a commercial property owner.