Asphalt Product Manufacturers
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 560 asphalt product manufacturers in the US produce asphalt and tar paving mixtures and blocks, asphalt shingles, roofing cements, and coatings. Asphalt paving mixtures and block account for more than half of industry revenue. Other key product categories include prepared asphalt and tar roofing and siding products and roofing asphalts and pitches, coatings, and cements.
Seasonality of Demand
The industry is subject to seasonal factors because road paving and roof installation activity occurs exclusively outdoors.
Material Cost Variability
The cost of asphalt, the primary material input to production for pavement and roofing products, is volatile and influenced by the trends in the global crude oil market.
Industry size & Structure
The average asphalt paving products manufacturer employs about 35 workers and generates about $33 million annually. The average asphalt roofing products manufacturer employs about 102 workers and generates about $137 million annually.
- The asphalt paving products manufacturing industry consists of about 455 firms that employ 16,100 workers and generate about $15 billion annually. The asphalt roofing product manufacturing industry consists of about 106 companies that employ about 10,800 workers and generate over $14.5 billion annually.
- Paving products account for about 56% of total industry revenue, while roofing products account for the remaining 44%. Paving product companies account for about 81% of the industry, while roofing products companies account for 19%.
- The industries are concentrated at the top; the top 50 asphalt paving product manufacturing companies account for 66% of industry revenue. The top 20 asphalt roofing product manufacturing companies account for 91% of industry revenue.
- Large firms that manufacture asphalt roofing products include Owens-Corning, GI-Holdings (GAF), and Holcim (formerly Firestone Building Products). Large firms that manufacture asphalt paving products include Vulcan Materials and Asphalt Materials.
- The biggest firms are vertically integrated and produce complementary or related products, such as asphalt, construction aggregates (crushed stone, sand, gravel), concrete, metal roofing, or building insulation.
Industry Forecast
Asphalt Product Manufacturers Industry Growth
Recent Developments
Feb 4, 2025 - Trump Order Casts Doubt over IIJA Funding
- Soon after taking office, President Trump issued an executive order called “Unleashing American Energy” that included an order to pause and review funding processes that some legal experts suggest will likely have ramifications for the Biden-era Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA), according to Construction Dive. Many stakeholders found the order's wording unclear, prompting the Office of Management and Budget to issue a memo limiting the funding pause to programs the original order termed as part of the “Green New Deal.” Even with the clarifying memo, experts suggest the order could stop obligated funding for infrastructure projects that are already underway. The order is expected to face legal challenges. At the end of 2024, about $294 billion in funding authorized under the IIJA remained unspent.
- After posting solid gains in 2023 and 2024, construction spending for nonresidential buildings is expected to slow significantly in 2025 and 2026, according to the American Institute of Architects’ (AIA) Consensus Construction Forecast released in January. Total spending for nonresidential building construction increased by 20% in 2023 and another 6% in 2024 but is forecast to slip to 2.2% in 2025 and 2.6% in 2026. For the next two years, growth will be led by data centers, which should support modest office construction in an otherwise challenging market. The warehouse sector is oversupplied, which will limit spending growth. Spending on institutional projects should remain stable as they are less susceptible to cyclical factors. AIA Chief Economist Kermit Baker said, “The modest outlook is partly based on a few expected headwinds to building activity, including potential tariffs on imports. There is also policy concern around how the construction labor force might be impacted by emerging immigration policy. Construction sector spending has been exceedingly strong – albeit unusually unbalanced – and coupled with these headwinds the projections are only very modest gains the next two years.”
- US private residential construction spending increased 1.5% in December 2024 from November and was up 6% year-over-year. Private residential spending growth in December was led by a 1% rise in new single-family construction spending compared to the previous month, but single-family spending was down 0.8% compared to December 2023. New private multifamily construction spending declined by 0.3% in December 2024 compared to November and was off by 10.5% year-over-year. December’s rise in private residential construction spending marked the third consecutive month of growth.
- US spending for highway and street construction in 2025 is expected to grow by about 3%, according to FMI’s first-quarter 2025 North American Engineering and Construction Outlook. While funding from the Infrastructure Investment & Jobs Act (IIJA) for programmed highway projects is scheduled to expire in 2026, FMI expects another round of fresh funding as temporary and grant projects are either extended or made permanent. Highway and street spending is forecast to rise 2% in 2026, 3% in 2027, and 5% in 2028.
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