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Asphalt manufacturing in the u.s.

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  • 1. Get more info on this report!Asphalt Manufacturing in the U.S.February 1, 2009Worldwide annual consumption of asphalt is at more than 100 million tons. In the UnitedStates, generally 90% of liquid asphalt cement consumed is used for road paving andapproximately 10% is used for roofing products, with other specialty applicationsaccounting for only a very small fraction of consumption.Though asphalt occurs naturally, the majority of today’s asphalt is produced as aresidual product of the crude oil refining process. Most refiners focus on refining moreexpensive, lighter, “sweeter” crudes to produce the higher-value products such gasolineand diesel fuel. In all, about two to three percent of all refined crude oil in the UnitedStates becomes asphalt.Most crude oil asphalt comes from less expensive, heavier, “sour” crude oils rather thanthe more expensive lighter, sweet crude oils. For crude oil refiners asphalt accounts fora much larger portion of the product refined.Demand for asphalt is driven to a small degree by the private sector, but most demandcomes from federal, state, and local governments. Funding for highway and roadinfrastructure construction and maintenance plays the largest role, but other publicsector projects such as airport runway and taxiway construction can also affect demand.Since funding for highway and road construction and maintenance projects are often setfor several years, demand tends to remain rather constant growing more or less at therate of inflation. However, the recent prospect of massive infrastructure spending tostimulate growth in the U.S. economy under the new Obama administration suggestdemand will likely increase significantly in the coming years.Specialists in Business Information (SBI) estimates the U.S. market for liquid asphaltcement totaled $11.7 billion in 2008, up 34% from $8.7 billion in 2007. This reportexplains why, and forecasts what lies ahead for the asphalt industry from 2009 - 2013.Scope of the ReportThis SBI report contains data and analysis describing the U.S. market for asphalt. Thereport focuses on the primary commodity market, refined liquid asphalt cement, and thesecondary product market, asphalt paving mixtures. In addition, limited data andanalysis are provided for the asphalt shingle and coating materials manufacturing
  • 2. market (asphalt roofing products). Chapter 3 covers the liquid asphalt cement marketwhile Chapter 4 covers the asphalt paving mixtures and asphalt roofing productsmarket. SBI refers to the asphalt paving and roofing markets as the asphalt productsmarket. Chapter 5 covers the competitive landscape of asphalt refiners and blenderswith data and analysis on U.S. asphalt refining capacity and utilization including profilesof major asphalt refiners, blenders, and paving mixture manufacturers. Chapter 6 looksat economic and market trends affecting the asphalt industry. Included are an analysisand forecast through 2009 of gross domestic product (GDP), an in-depth cost and priceanalysis of various components of the asphalt market as well as the competing concretemarket, and a look at the shift to warm mix, eco-challenges and weather/seasonalitytrends.. Finally, Chapter 7 provides a snapshot of the two end-user markets, asphaltpaving and asphalt roofing.Additional InformationMarket Insights: A Selection From The ReportAsphalt DemandDemand for asphalt is driven to a small degree by the private sector, but most demandcomes from federal, state, and local governments. Funding for highway and roadinfrastructure construction and maintenance plays the largest role, but other publicsector projects such as airport runway and taxiway construction can also affect demand.Since funding for highway and road construction and maintenance projects are often setfor several years, demand tends to remain rather constant growing more or less at therate of inflation. However, the recent prospect of massive infrastructure spending tostimulate growth in the U.S. economy under the new Obama administration suggestdemand will likely increase significantly in the coming years.U.S. Market Nears $12 BillionSBI estimates the U.S. market for liquid asphalt cement totaled $11.7 billion in 2008, up34% from $8.7 billion in 2007. According to SBI estimates, this followed a relativelymodest decline in 2007 of six percent from the 2006 level of $9.3 billion and 44% gainover the 2005 level of $6.4 billion. The remarkable rise in value of the market over thesefew years came about as refiners began to cut back production of asphalt in favor ofhigher-valued, highermargin refined products resulting in an asphalt shortage that droveprices sharply higher. For the ten-year period between 1999 and 2008, the market grewat a compound annual growth rate (CAGR) of 16%, however, for the five-year period2004-2008, growth was at a CAGR of 23%.In the News
  • 3. Asphalt Industry Big Winner in Obama Stimulus PlanNew York, January 28, 2009 - Thirty billion dollars is the current figure specified forhighway construction in the American Recovery and Reinvestment Act moving swiftlytoward signature by President Barack Obama. That’s a lot of asphalt!The President’s commitment to a colossal investment in the nation’s road infrastructureis further reinforced by the proposed National Infrastructure Reinvestment Bank that willinvest $60 billion over ten years and generate nearly two million new jobs. In the all-newreport, Asphalt Manufacturing in the U.S., industrial market research publisher SBIestimates that as much as 28% of the proposed $60 billion will go towards increasingpaving projects across American roads.SBI subsequently expects the domestic asphalt industry to surge over the next fouryears and build on the nearly $12 billion the U.S. market for liquid asphalt cementtotaled in 2008, which was a 34% increase from almost $9 billion in 2007. Through2013, SBI forecasts the U.S. liquid asphalt cement market will top $16 billionaccompanied by a compound annual growth rate (CAGR) of 7%. Overall, the U.S.asphalt products market is expected to grow at a CAGR of 10% through 2013 to over$38 billion compared to almost $24 billion in 2008.“The major infrastructure spending expected by the Obama administration and ademocratic Congress will mean greater demand for asphalt paving mixtures followingthe passage of a bill, which we at SBI expect may happen as early as spring 2009. Theeffects will be most noticeable in 2010 and beyond as state and local governments gettheir hands on much needed funds for projects already on hold,” says SBI AssociatePublisher Shelley Carr.Historically, the demand for asphalt is primarily driven by federal, state, and localgovernments seeking to fund highways and road infrastructure construction andmaintenance.Asphalt Manufacturing in the U.S. provides comprehensive market information for anasphalt industry certain to benefit from President Barack Obamas determination tocreate jobs in the U.S. quickly. Included are forecasts of what lies ahead for the asphaltindustry from 2009-2013. The report focuses on the primary commodity market (refinedliquid asphalt cement) and the secondary product market (asphalt paving mixtures).Limited data and analysis are also provided for the asphalt shingle and coatingmaterials manufacturing market (asphalt roofing products).About SBISBI (Specialists in Business Information) publishes research reports in the industrial,energy, building/construction, automotive/transportation and packaging markets. SBIalso offers a full range of custom research services.
  • 4. TABLE OF CONTENTSChapter 1: Executive Summary Scope of the Report Market Data Provided Methodology A Note on Measures Used Asphalt Production Asphalt Consumption Asphalt Applications Asphalt Supply Asphalt Demand Asphalt Economics Asphalt Distribution and SeasonalityThe U.S. Liquid Asphalt Cement Market U.S. Market Nears $12 Billion Table 1-1: U.S. Liquid Asphalt Cement Value of Apparent Consumption and Year-over-Year Percentage Change, 1999-2008 (in millions of dollars) 2008 Production Drops 14% Table 1-2: U.S. Liquid Asphalt Cement Apparent Consumption by Volume, Average Price per Barrel, and Year-over-Year Percentage Changes, 1999-2008 (in millions of barrels) Liquid Asphalt Cement Market Forecast Crude Costs to Remain Below 2008 Levels Obama Administration Likely to Spend on Infrastructure Coker Unit Investments Slow 2009 Production Increases Modest, Price Drops Significant Table 1-3: U.S. Liquid Asphalt Cement Value of Apparent Consumption Forecast and Year-over-Year Percentage Change, 2008-2013 (in millions of dollars) Consumption Growth at 8%, Prices Fluctuate Table 1-4: U.S. Liquid Asphalt Cement Apparent Consumption by Volume, Average Price per Barrel Forecasts, and Year-over-Year Percentage Changes, 2008-2013 (in millions of barrels)The U.S. Asphalt Products Market Asphalt Products Market Reaches $24 Billion Table 1-5: U.S. Asphalt Products’ Value of Apparent Consumption and Yearover- Year Percentage Change, 1999-2008 (in millions of dollars) Total Quantities on the Decline Prices on the Move Upward Table 1-6: U.S. Asphalt Products’ Apparent Consumption by Quantity, Average Price per Metric Ton, and Year-over-Year Percentage Changes, 1999-2008 (in thousand metric tons) Asphalt Products Market to Top $38 billion by 2013 Paving Mixtures CAGR 14% by 2013
  • 5. Table 1-7: U.S. Asphalt Products’ Market Forecast by Segment and Yearover- Year Percentage Changes: Asphalt Paving Mixtures and Shingle and Coating Materials, 2008-2013 (in millions of dollars)Competitive Overview: Refiner Focus Fragmented and Regional Business Landscape Marathon Is Largest Refiner with 12% Share of Production Capacity Low Refiner Capacity Utilization Producers/Pavers Highly FragmentedEconomic & Marketplace Trends Real GDP Growth Projected at Negative 0.8% for 2009 Figure 1-1: Percentage Changes in U.S. Current-Dollar GDP, Real GDP and the GDP Price Index, 2002-2008 (percentage) Asphalt Product Producer Prices Skyrocket Price Increases by Product Paving Products: Mixtures See 17% Gain in 2008 Roofing Products See Relatively Modest Price Increases in 2008 Asphalt Input Prices: Crude Up 75%+ Coker Projects May Further Reduce Asphalt Supply Pavement Input Prices: Liquid Asphalt and Aggregate Up Overall 7% Other Asphalt Pavement Input Costs Higher Prices on Input Materials for Concrete Prices and Supply Jeopardizing Road Maintenance Budgets Warming Weather Trends Benefit Marketplace Re-Defining as a Green Industry Labor Shortages and Immigration to Hamper Road Building Warm Mix Asphalt Positioned to Usurp Hot MixEnd User Markets Paving Industry Consumes 93% Asphalt Plus Asphalt Roofing No Growth in Sight Total Construction Spending Declines Table 1-8: Total U.S. Construction Spending and Year-over-Year Percent Change, 2002-2008 (in millions of dollars) Highway & Street Construction Down from Mid-Decade Table 1-9: Total Highway & Street Construction Spending and Year-over- Year Percent Change, 2002-2008 (in billions of dollars) State & Local Pavement Spending at $50 Billion for 2008 Table 1-10: Total State & Local Pavement Spending and Year-over-Year Percent Change, 2002-2008 (in billions of dollars) Federal Spending and SAFETEA-LU Table 1-11: Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) Total Highway Spending (Excluding Transportation Research) and Year-over-Year Percent Change, 2005-2009 (in billions of dollars) Non-Residential Pavement Contractor Revenue Affected by Price Fluctuations Table 1-12: Total Non-Residential Pavement Contractor Revenues and Yearover- Year Percent Change, 2002-2008 (in billions of dollars)
  • 6. “Residential” Pavement Contractor Revenue Arcs Downward Table 1-13: Total “Residential” Pavement Contractor Revenues and Yearover- Year Percent Change, 2002-2008 (in billions of dollars) Roofing Contractor Revenues Decline 16% in 2008 Table 1-14: Total Roofing Contractor Revenues and Year-over-Year Percent Change, 2002-2008 (in billions of dollars)Chapter 2: Introduction Scope of the Report Market Data Provided Competitive Landscape Economic and Market Trends End User Markets Methodology Terms A Note on Measures Used Asphalt Primer Production Consumption Applications Supply Demand Asphalt Economics Distribution and SeasonalityChapter 3: The U.S. Liquid Asphalt Cement Market U.S. Market Nears $12 Billion Figure 3-1: U.S. Liquid Asphalt Cement Value of Apparent Consumption, 1999- 2008 (in billions of dollars) Table 3-1: U.S. Liquid Asphalt Cement Value of Apparent Consumption and Year-over-Year Percentage Change, 1999-2008 (in millions of dollars) Real Consumption Lower, Prices Higher Figure 3-2: U.S. Liquid Asphalt Cement Apparent Consumption by Volume and Average Price per Barrel, 1999-2008 (in millions of barrels) 2008 Production Drops 14% Table 3-2: U.S. Liquid Asphalt Cement Apparent Consumption by Volume, Average Price per Barrel, and Year-over-Year Percentage Changes, 1999-2008 (in millions of barrels) Components of Trade Table 3-3: U.S. Liquid Asphalt Cement Value of Components of Trade, 1999- 2008 (in millions of dollars) Table 3-4: U.S. Liquid Asphalt and Road Oil Supply and Disposition, 1999-2008 (in millions of barrels) Value of Net Shipments Figure 3-3: U.S. Liquid Asphalt Cement Value of Net shipments (Shipments Less Exports) and Percent of U.S. Apparent Consumption, 1999-2008 (in billions of dollars)
  • 7. Table 3-5: U.S. Liquid Asphalt Cement Value of Net Shipments and Yearover- Year Percentage Change, 1999-2008 (in millions of dollars) Net Shipment Volume, Prices Figure 3-4: U.S. Liquid Asphalt Cement Net Shipments (Shipments Less Exports) by Volume and Average Net Shipment Prices per Barrel, 1999-2008 (in billions of dollars) Table 3-6: U.S. Liquid Asphalt Cement Net Shipments by Volume, Average Price per Barrel, and Year-over-Year Percentage Changes, 1999-2008 (in millions of barrels) Value of Imports Volatile Figure 3-5: U.S. Liquid Asphalt Cement Imports and Percent of U.S. Value of Apparent Consumption, 1999-2008 (in millions of dollars) Table 3-7: U.S. Liquid Asphalt Cement Value of Imports and Year-over-Year Percentage Change, 1999-2008 (in millions of dollars) Import Volume Growth at 4%, Prices at 25% in Ten-Year Period Figure 3-6: U.S. Liquid Asphalt Cement Imports by Volume and Average Price per Barrel, 1999-2008 (in millions of barrels) Table 3-8: U.S. Liquid Asphalt Cement Imports by Volume, Average Price per Barrel, and Year-over-Year Percentage Changes, 1999-2008 (in millions of barrels) Export Share Improves Figure 3-7: U.S. Liquid Asphalt Cement Value of Exports and Percent of U.S. Value of Shipments, 1999-2008 (in millions of dollars) Table 3-9: U.S. Liquid Asphalt Cement Value of Exports and Year-over-Year Percentage Change, 1999-2008 (in millions of dollars) Export Volume Growth at 20%, Prices at 11% in Ten-Year Period Figure 3-8: U.S. Liquid Asphalt Cement Imports by Volume and Average Price per Barrel, 1999-2008 (in millions of barrels) Table 3-10: U.S. Liquid Asphalt Cement Exports by Volume, Average Price per Barrel, and Year-over-Year Percentage Changes, 1999-2008 (in millions of barrels)Market Forecast Asphalt Cement Market Impacted by Supply, Demand and Commodity Pricing Crude Costs to Remain Below 2008 Levels Obama Administration Likely to Spend on Infrastructure Coker Unit Projects Further Shift Refiner Interests Away from Asphalt Figure 3-9: U.S. Liquid Asphalt Cement Value of Apparent Consumption Forecast, 1999-2008 (in billions of dollars) 2009 Production Increases Modest, Price Drops Significant Table 3-11: U.S. Liquid Asphalt Cement Value of Apparent Consumption Forecast and Year-over-Year Percentage Change, 2008-2013 (in millions of dollars) Consumption Growth at 8%, Price Fluctuates Figure 3-10: U.S. Liquid Asphalt Cement Apparent Consumption by Volume and Average Price per Barrel Forecasts, 2008-2013 (in millions of barrels).
  • 8. Table 3-12: U.S. Liquid Asphalt Cement Apparent Consumption by Volume, Average Price per Barrel Forecasts, and Year-over-Year Percentage Changes, 2008-2013 (in millions of barrels)Chapter 4: The U.S. Asphalt Products Market Asphalt Products Market Reaches $24 Billion Figure 4-1: U.S. Asphalt Products’ Value of Apparent Consumption, 1999-2008 (in billions of dollars) Table 4-1: U.S. Asphalt Products’ Value of Apparent Consumption and Year- over-Year Percentage Change, 1999-2008 (in millions of dollars) Figure 4-2: Share of U.S. Asphalt Products’ Value of Apparent Consumption by Segment: Asphalt Paving Mixtures and Asphalt Shingle and Coatings, 2008 (percentage) Total Quantities on the Decline Figure 4-3: U.S. Asphalt Products’ Apparent Consumption by Quantity and Average Price per Metric Ton, 1999-2008 (in million metric tons) Prices on the Rise Table 4-2: U.S. Asphalt Products’ Apparent Consumption by Quantity, Average Price per Metric Ton, and Year-over-Year Percentage Changes, 1999-2008 (in thousand metric tons) Figure 4-4: Share of U.S. Asphalt Products’ Quantity of Apparent Consumption by Segment: Asphalt Paving Mixtures and Asphalt Shingle and Coatings, 2008 (percentage)Asphalt Paving Mixtures Market Paving Mixtures Reaches $17 Billion Figure 4-5: U.S. Asphalt Paving Mixtures Apparent Consumption and Percent of Total U.S. Asphalt Products’ Market, 1999-2008 (in billions of dollars) Table 4-3: U.S. Asphalt Paving Mixtures Apparent Consumption Value and Year- over-Year Percentage Change, 1999-2008 (in millions of dollars) Asphalt Paving Mixtures Quantity and Price Figure 4-6: U.S. Asphalt Paving Mixtures Apparent Consumption by Quantity and Average Price per Metric Ton, 1999-2008 (in millions of metric tons) Table 4-4: U.S. Asphalt Paving Mixtures Apparent Consumption by Quantity, Average Price per Metric Ton, and Year-over-Year Percentage Changes, 1999- 2008 (in thousand metric tons) Components of Trade Table 4-5: U.S. Asphalt Paving Mixtures Components of Trade Value, 1999- 2008 (in millions of dollars) Net Shipment Value, Quantity and Price Figure 4-7: U.S. Asphalt Paving Mixtures Net Shipments Value (Shipments Less Exports) and Percent of U.S. Apparent Consumption, 1999-2008 (in billions of dollars) Table 4-6: U.S. Asphalt Paving Mixtures Net Shipments Value (Shipments Less Exports) and Year-over-Year Percentage Changes, 1999-2008 (in millions of dollars)
  • 9. Figure 4-8: U.S. Asphalt Paving Mixtures Net Shipments (Shipments Less Exports) by Quantity and Average Prices per Metric Ton, 1999-2008 (in million metric tons) Table 4-7: U.S. Asphalt Paving Mixtures Net Shipments (Shipments Less Exports) by Quantity, Average Prices per Metric Ton, and Year-over-Year Percentage Changes, 1999-2008 (in million metric tons) Import Value, Quantity, and Price Figure 4-9: U.S. Asphalt Paving Mixtures Import Value and Percent of U.S. Apparent Consumption, 1999-2008 (in millions of dollars) Table 4-8: U.S. Asphalt Paving Mixtures Import Value and Year-over-Year Percentage Changes, 1999-2008 (in millions of dollars) Figure 4-10: U.S. Asphalt Paving Mixtures’ Imports by Quantity and Average Import Prices per Metric Ton, 1999-2008 (in thousand metric tons) Table 4-9: U.S. Asphalt Paving Mixtures’ Imports by Quantity and Average Import Prices per Metric Ton, and Year-over-Year Percentage Changes, 1999-2008 (in thousand metric tons) Export Value, Quantities and Prices Figure 4-11: U.S. Asphalt Paving Mixtures’ Export Value and Percent of Total U.S. Shipment Value, 1999-2008 (in millions of dollars) Table 4-10: U.S. Asphalt Paving Mixtures’ Export Value and Year-over-Year Percentage Changes, 1999-2008 (in millions of dollars) Figure 4-12: U.S. Asphalt Paving Mixtures Exports by Quantity and Average Export Prices per Metric Ton, 1999-2008 (in thousand metric tons) Table 4-11: U.S. Asphalt Paving Mixtures Exports by Quantity and Average Export Prices per Metric Ton, 1999-2008 (in thousand metric tons)Asphalt Shingle and Coating Materials Market Shingle and Coating Materials Slides to $7 billion Figure 4-13: U.S. Asphalt Shingle and Coating Materials Apparent Consumption and Percent of Total U.S. Asphalt Products’ Market, 1999-2008 (in billions of dollars) Table 4-12: U.S. Asphalt Shingle and Coating Materials Apparent Consumption and Year-over-Year Percentage Changes, 1999-2008 (in millions of dollars) Asphalt Shingle & Coating Materials Quantity and Price Figure 4-14: U.S. Asphalt Shingle and Coating Materials Apparent Consumption by Quantity and Average Price per Metric Ton, 1999-2008 (in millions of metric tons) Table 4-13: U.S. Asphalt Shingle and Coating Materials Apparent Consumption by Quantity and Average Price per Metric Ton, and Yearover- Year Percentage Changes, 1999-2008 (in thousand metric tons) Components of Trade Table 4-14: U.S. Asphalt Shingle & Coating Materials Value of Components of Trade, 1999-2008 (in millions of dollars) Net Shipment Value, Quantity and Price Figure 4-15: U.S. Asphalt Shingle & Coating Materials Net Shipment Value (Shipments Less Exports) and Percent of U.S. Apparent Consumption, 1999- 2008 (in billions of dollars)
  • 10. Table 4-15: U.S. Asphalt Shingle & Coating Materials Net Shipment Value (Shipments Less Exports) and Year-over-Year Percentage Changes, 1999-2008 (in millions of dollars) Figure 4-16: U.S. Asphalt Paving Mixtures Net Shipments (Shipments Less Exports) by Quantity and Average Net Shipment Prices per Metric Ton, 1999- 2008 (in millions metric tons) Table 4-16: U.S. Asphalt Paving Mixtures Net Shipments (Shipments Less Exports) by Quantity, Average Net Shipment Prices per Metric Ton, and Year- over-Year Percentage Changes, 1999-2008 (in millions metric tons) .. Import Value, Quantity and Prices Figure 4-17: U.S. Asphalt Shingle & Coating Materials Import Value and Percent of U.S. Apparent Consumption, 1999-2008 (in millions of dollars) .. Table 4-17: U.S. Asphalt Shingle & Coating Materials Imports Value and Year- over-Year Percentage Changes, 1999-2008 (in millions of dollars) Figure 4-18: U.S. Asphalt Shingle & Coating Materials Imports by Quantity and Average Import Prices per Metric Ton, 1999-2008 (in thousand metric tons) Table 4-18: U.S. Asphalt Shingle & Coating Materials Imports by Quantity, Average Import Prices per Metric Ton, and Year-over-Year Percentage Changes, 1999-2008 (in thousand metric tons) Export Value, Quantity and Prices Figure 4-19: U.S. Asphalt Shingle & Coating Materials Value of Exports and Percent of Total U.S. Shipment Value, 1999-2008 (in millions of dollars) Table 4-19: U.S. Asphalt Shingle & Coating Materials Exports and Yearover- Year percentage Changes, 1999-2008 (in millions of dollars) Figure 4-20: U.S. Asphalt Shingle & Coating Materials Exports by Quantity and Average Export Prices per Metric Ton, 1999-2008 (in thousand metric tons) Table 4-20: U.S. Asphalt Shingle & Coating Materials Exports by Quantity, Average Export Prices per Metric Ton, and Year-over-Year Percentage Changes, 1999-2008 (in thousand metric tons)Market Forecast Asphalt Products Market to Top $38 billion by 2013 Figure 4-21: U.S. Asphalt Products’ Market Forecast by Segment: Asphalt Paving Mixtures and Shingle and Coating Materials, 2008-2013 (in billions of dollars) Paving Mixtures to Grow at 14% CAGR Table 4-21: U.S. Asphalt Products’ Market Forecast by Segment and Yearover- Year Percentage Changes: Asphalt Paving Mixtures and Shingle and Coating Materials, 2008-2013 (in millions of dollars) Figure 4-22: U.S. Asphalt Paving Mixtures Forecast by Quantity and Average Price per Metric Ton, 2008-2013 (in millions of metric tons) Government Spending to Bolster Market Table 4-22: U.S. Asphalt Paving Mixtures Forecast by Quantity, Average Price per Metric Ton, and Year-over-Year Percentage Changes, 2008-2013 (in millions of metric tons) Roofing Products Will Soften in 2009
  • 11. Figure 4-23: U.S. Asphalt Shingle and Coating Materials Forecast by Quantity and Average Price per Metric Ton, 2008-2013 (in millions of metric tons) Slow Improvement by 2013 Table 4-23: U.S. Asphalt Shingle and Coating Materials Forecast by Quantity, Average Price per Metric Ton, and Year-over-Year Percentage Changes, 2008- 2013 (in millions of metric tons)Chapter 5: Competitive Overview Introduction Competitive Landscape Consists of Three Stages Fragmented and Regional Business Landscape Figure 5-1: Top 10 U.S. Asphalt Refiners by Production Capacity, 2008 (percentage) Marathon Is Largest Refiner with 12% Share of Production Capacity Table 5-1: U.S. Asphalt Production Capacity by Company, 2008 (barrels per day) Low Refiner Capacity Utilization Figure 5-2: Total Asphalt Refiner Net Production Yield and Excess Capacity, 1999-2008 (in thousand barrels per day) Asphalt Considered Secondary and Low Value Change in Perception on the Horizon? Producers/Pavers Highly Fragmented The U.S. Market Consists of Many Local Mini-Markets Regional Supply ShortagesAsphalt Producer ProfilesErgon, Inc Overview Performance Products Table 5-2: Selected Ergon Companies and Brands Significant EventsMarathon Oil Corporation Overview Performance Figure 5-3: Total Marathon Oil Corporation Revenue, 2004-2008 (in billions of dollars) Figure 5-4: Marathon Oil Corporation Total Asphalt Yield and Percent of Total Refined Product Yield, 2004-2008 (thousand barrels per day) Figure 5-5: Marathon Oil Corporation Total Asphalt Sales and Percent of Total Refined Product Sales, 2004-2008 (thousand barrels per day) Products Table 5-3: Selected Marathon Asphalt Products Significant EventsNuStar Energy L.P. Overview Performance Figure 5-6: NuStar Energy LP Total Sales by Segment: Product Marketing versus Service, 2005-2008 (in millions of dollars)
  • 12. Figure 5-7: Share of NuStar Energy LP Refining Yield in Thousands of Barrels per Day by Major Product: Asphalt versus Other (Naptha, Marine Fuel Oil, etc), Q1-Q3 2008 (percent) Products Significant EventsSemMaterials (SemGroup L.P.) Overview Performance Products Table 5-4: Selected SemMaterials Products Significant EventsValero Energy Corporation Overview Performance Figure 5-8: Total Valero Energy Corporation Revenue, 2004-2008 (in billions of dollars) Figure 5-9: Valero Energy Corporation Total Lube & Asphalt Sales and Percent of Total Refined Product Sales, 2004-2008 (in billions of dollars) . Figure 5-10: Valero Energy Corporation Total Asphalt Yield and Percent of Total Refined Product Yield, 2004-2008 (thousand barrels per day) Products Table 5-5: Selected Valero Products Significant EventsPaving Companies Oldcastle Materials (Oldcastle Inc./CRH Plc) Overview Performance Figure 5-11: Total Oldcastle Materials Revenue, 2004-2008 (in billions of dollars) Products Significant EventsVulcan Materials Company Overview Performance Figure 5-12: Total Vulcan Materials Revenue, 2004-2008 (in billions of dollars) Figure 5-13: Vulcan Materials’ Asphalt Mix and Concrete Revenue and Asphalt Mix Share of Total Operating Segment, 2004-2008 (in millions of dollars) Figure 5-14: Vulcan Materials Company Asphalt Mix Price and Volume Performance, 2004-2008 (in dollars and thousand short tons) Products Significant EventsChapter 6: Economic & Marketplace Trends Economic Crisis Peaks Real GDP Growth Projected at Negative 0.8% for 2009 Figure 6-1: U.S. Current-Dollar GDP vs. Real GDP, 2000-2009 (in trillions of dollars) Inflation Rears Its Ugly Head
  • 13. Figure 6-2: Percentage Changes in U.S. Current-Dollar GDP, Real GDP and theGDP Price Index, 2001-2009 (percentage)Economic Future UncertainAsphalt Product Producer Prices SkyrocketFigure 6-3: Estimated Share of Total Material Cost, 1999-2008 (percentage)Sharp Increase in Liquid Asphalt in 2008Figure 6-4: Asphalt Paving Mixture & Block Manufacturing Producer Price Indexand the Asphalt Shingle & Coating Materials Manufacturing Producer PriceIndex, 1999-2008 (index)By Contrast, Asphalt Roofing Slower GrowthFigure 6-5: Year-over-Year Percentage Change in Asphalt Paving Mixture &Block Manufacturing Producer Price Index and the Asphalt Shingle & CoatingMaterials Manufacturing Producer Price Index, 1999-2008 (percentage)Price Increases by ProductPaving Products: Mixtures See 17% Gain in 2008Figure 6-6: Asphalt Paving Product Manufacturing Producer Price Indexes:Emulsified Asphalt, Other Liquid Asphalt and Tar Paving Materials, Asphalt andTar Paving Mixtures (excluding liquid), 2005-2008 (index)Figure 6-7: Year-over-Year Percentage Change in Asphalt Paving ProductManufacturing Producer Price Indexes: Emulsified Asphalt, Other Liquid Asphaltand Tar Paving Materials, Asphalt and Tar Paving Mixtures (excluding liquid),2006-2008 (percentage)Roofing Products See Relatively Modest Price Increases in 2008Figure 6-8: Asphalt Roofing Product Manufacturing Producer Price Indexes:Roofing Asphalts & Pitches, Coatings, and Cements; Prepared Asphalt & TarRoofing & Siding Products, 1999-2008 (index)Figure 6-9: Year-over-Year Percentage Change in Asphalt Roofing ProductManufacturing Producer Price Indexes: Roofing Asphalts & Pitches, Coatings,and Cements; Prepared Asphalt & Tar Roofing & Siding Products, 1999-2008(percentage)Asphalt Input Prices: Crude Up 75%+Figure 6-10: Crude Petroleum Price Indexes: Domestic Production and Imports,1999-2008 (index)Figure 6-11: Year-over-Year Percentage Change in Crude Petroleum PriceIndexes: Domestic Production and Imports, 1999-2008 (percentage)Coker Projects May Further Reduce Asphalt SupplyPavement Input Prices: Liquid Asphalt and Aggregate Up 7%Figure 6-12: Primary Asphalt Pavement Commodity Input Price Indexes: Asphaltand Construction Aggregates, 1999-2008 (index)Figure 6-13: Year-over-Year Percentage Change in Primary Asphalt PavementCommodity Input Price Indexes: Asphalt and Construction Aggregates, 1999-2008 (percentage)Other Asphalt Pavement Input CostsFigure 6-14: Secondary Asphalt Pavement Commodity Input Price Indexes:Natural Gas and No. 2 Diesel Fuel, 1999-2008 (index)
  • 14. Figure 6-15: Year-over-Year Percentage Change in Asphalt Pavement Secondary Commodity Input Price Indexes: Natural Gas and No. 2 Diesel Fuel, 1999-2008 (percentage) Concrete Construction Input Prices High Figure 6-16: Concrete Construction Primary Commodity Price Indexes: Portland Cement, Construction Aggregates and Carbon Steel, 1999-2008 (index) Figure 6-17: Year-over-Year Percentage Change in Concrete Construction Primary Commodity Price Indexes: Portland Cement, Construction Aggregates and Carbon Steel, 1999-2008 (percentage) Concrete May Benefit Less Road Travel Not Easing Pressure on Aging Roads Figure 6-18: Total 12-Month Total Vehicle Distance Traveled versus Gasoline Producer Price Index, January 1998-August 2008 (billion miles) Prices and Supply Jeopardizing Road Maintenance Asphalt Paving Budgets Figure 6-19: Monthly Asphalt Prices by Selected State, January 2005- November 2008 (in dollars) Summer Delays and Postponements Administrations Get Creative Warming Weather Trends Benefit Marketplace Weather Disasters Prompt Government Emergency Financial Response Asphalt as a Green Industry Reclaimed Road Surfaces The Future of Municipal Paving RAP Highest Recycling Rate Among Recycled Industrial Products Industry Leadership in Use of Other Waste Products Table 6-1: Asphalt Industry Recycling’s Report Card versus Other Industries, 2008 Labor Shortages and Immigration to Hamper Road Building Illegal Immigrants May Not Fill the Ranks Industry Unattractive to Younger Work Force Warm Mix Asphalt Positioned to Usurp Hot MixChapter 7: End User Markets Paving Industry Consumes 93% Asphalt Roofing Suffers with Residential Construction Downturn Asphalt Roofing No Rebound in Sight Paving Has A Friend in Obama Figure 7-1: Estimated Share of U.S. Asphalt Consumption by End-User Market, 2008 (percentage) Total Construction Spending Declines Figure 7-2: Total U.S. Construction Spending, 2002-2008 (in billions of dollars) Table 7-1: Total U.S. Construction Spending and Year-over-Year Percent Change, 2002-2008 (in billions of dollars) Non-Residential Spending Starts to Slow in 2008 Figure 7-3: Total Non-Residential Construction Spending and Percent of Total Construction Spending, 2002-2008 (in billions of dollars) Table 7-2: Total U.S. Non-Residential Construction Spending and Yearover- Year Percent Change, 2002-2008 (in billions of dollars)
  • 15. Residential Spending Nosedives Figure 7-4: Total Residential Construction Spending and Percent of Total Construction Spending, 2002-2008 (in billions of dollars) Table 7-3: Total U.S. Residential Construction Spending and Year-over- Year Percent Change, 2002-2008 (in billions of dollars) Highway & Street Construction Down from Mid-Decade Growth Rates But Growth Curtailed Somewhat by Delays and Other Constraints Figure 7-5: Total Highway & Street Construction Spending and Percent of Total Non-Residential Construction Spending, 2002-2008 (in billions of dollars) Table 7-4: Total Highway & Street Construction Spending and Year-over- Year Percent Change (in billions of dollars) State & Local Pavement Spending at $50 Billion for 2008 Figure 7-6: Total State & Local Pavement Spending and Percent of Total Highway & Street Construction Spending, 2002-2008 (in billions of dollars) 175 Table 7-5: Total State & Local Pavement Spending and Year-over-Year Percent Change, 2002-2008 (in billions of dollars) Figure 7-7: Share of U.S. State & Local Highway & Street Construction Spending by Type of Construction, 2007 (percentage) Federal Spending and SAFETEA-LU Figure 7-8: Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) Total Highway Spending (Excluding Transportation Research), 2005-2009 (in billions of dollars) Table 7-6: Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) Total Highway Spending (Excluding Transportation Research) and Year-over-Year Percent Change, 2005-2009 (in billions of dollars) New Administration Could Mean Boon for Asphalt Non-Residential Pavement Contractor Revenue Affected by Price Fluctuations Figure 7-9: Total Non-Residential Pavement Contractor Revenues and Percent of Total Highway & Street Construction Spending, 2002-2008 (in billions of dollars) Table 7-7: Total Non-Residential Pavement Contractor Revenues and Year-over Year Percent Change, 2002-2008 (in billions of dollars) “Residential” Pavement Contractor Revenue Arcs Downward Figure 7-10: Estimated Total “Residential” Pavement Contractor Revenues and Percent of Total Highway & Street Construction Spending, 2002-2008 (in billions of dollars) Table 7-8: Total “Residential” Pavement Contractor Revenues and Yearover- Year Percent Change, 2002-2008 (in billions of dollars) Roofing Contractor Revenues Decline 16% in 2008 Figure 7-11: Total Roofing Contractor Revenues and Percent of Total Construction Spending, 2002-2008 (in billions of dollars) Table 7-9: Total Roofing Contractor Revenues and Year-over-Year Percent Change, 2002-2008 (in billions of dollars)Appendix: Selected Corporate Addresses
  • 16. Appendix: Selected Associations AddressesAvailable immediately for Online Download athttp://www.marketresearch.com/product/display.asp?productid=2088212US: 800.298.5699UK +44.207.256.3920Intl: +1.240.747.3093Fax: 240.747.3004

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