The Southeast Asia Asphalt Market was valued at USD 8.7 Billion in 2023 and is projected to reach USD 12.3 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period (2023–2030). This growth is being fueled by massive government infrastructure projects, rapid urbanization, and increasing investments in road construction and maintenance across the ASEAN region.

As Southeast Asia accelerates its infrastructure development to support economic growth and connectivity, the demand for high-quality asphalt is surging. The market is characterized by a mix of large multinational corporations, regional giants, and specialized suppliers. In this blog, we profile the Top 10 Companies in the Southeast Asia Asphalt Industry—key players who are building the roads, highways, and waterproofing solutions that underpin the region’s future.

---

🔟 1. Shell Bitumen

Headquarters: The Hague, Netherlands (Regional Hub: Singapore)
Key Offering: Penetration Grade Bitumen, Polymer Modified Bitumen (PMB), Bitumen Emulsions

Shell Bitumen is a global leader in the asphalt and bitumen market, with a significant presence across Southeast Asia. The company supplies a wide range of bitumen products tailored for the region’s hot and humid climate, focusing on durability and performance for major road projects.

Innovation and Sustainability Initiatives:

• Development of Shell Bitumen FreshAir, a lower-emission bitumen

• Investment in warm-mix asphalt technologies to reduce energy consumption

• Strategic partnerships with national highway authorities

Download FREE Sample Report: Southeast Asia Asphalt Market – View in Detailed Research Report

---

9️⃣ 2. ExxonMobil Bitumen

Headquarters: Irving, Texas, USA (Regional Hub: Singapore)
Key Offering: Pavement Preservation Products, Performance-Graded Asphalt Binders, Asphalt Additives

ExxonMobil is a major supplier of high-quality bitumen products in Southeast Asia, leveraging its global refining network. The company provides advanced asphalt solutions for everything from high-traffic expressways to airport runways, emphasizing product consistency and technical support.

Innovation and Sustainability Initiatives:

• Focus on long-lasting pavement solutions to reduce lifecycle costs

• Development of rubber-modified binders for enhanced performance

---

8️⃣ 3. TotalEnergies Bitumen

Headquarters: Paris, France (Regional Hub: Singapore)
Key Offering: Straight-Run Bitumen, Modified Binders, Industrial Bitumen

TotalEnergies has a strong foothold in the Southeast Asian market, supplying bitumen for critical infrastructure projects in Vietnam, Indonesia, and the Philippines. The company is known for its technical expertise and reliable supply chain.

Innovation and Sustainability Initiatives:

• Production of high-performance binders for heavy traffic conditions

• Commitment to reducing the carbon footprint of its operations

---

7️⃣ 4. PT Pertamina (Persero)

Headquarters: Jakarta, Indonesia
Key Offering: Petroleum Bitumen, Asphalt Cement, Specialty Asphalts

As Indonesia’s state-owned oil and gas corporation, Pertamina is the dominant asphalt supplier in the archipelago and a significant player regionally. The company plays a crucial role in supporting the government’s ambitious infrastructure programs, including toll road expansions and rural connectivity projects.

Innovation and Sustainability Initiatives:

• Investment in refinery upgrades to increase domestic bitumen production capacity

• Development of asphalt products resistant to tropical weather conditions

Download FREE Sample Report: Southeast Asia Asphalt Market – View in Detailed Research Report

---

6️⃣ 5. BP Bitumen

Headquarters: London, UK (Regional Hub: Singapore)
Key Offering: Bitumen for Roads, Industrial Bitumen, Modified Binders

BP Bitumen supplies products across Southeast Asia, with a focus on technical innovation and quality. The company works closely with contractors and governments to deliver solutions for challenging infrastructure projects, from coastal highways to urban flyovers.

Innovation and Sustainability Initiatives:

• Promotion of foam bitumen technology for cold recycling of pavements

• Development of solutions to improve road safety and durability

---

5️⃣ 6. PT Sri Rejeki Isman Tbk (Sritex)

Headquarters: Sukoharjo, Central Java, Indonesia
Key Offering: Asphalt Modified Fabrics, Geotextiles, Road Construction Materials

Sritex, primarily known as a textile manufacturer, has diversified into asphalt-related products, particularly geosynthetics and modified fabrics used in road construction for stabilization and reinforcement. The company serves the growing Indonesian market and exports regionally.

Innovation and Sustainability Initiatives:

• Innovation in composite materials for soil reinforcement

• Supporting local infrastructure development with domestically produced materials

---

4️⃣ 7. Tipco Asphalt Group

Headquarters: Bangkok, Thailand
Key Offering: Asphalt Products, Asphalt Emulsions, Polymer Modified Asphalt

Tipco Asphalt is one of Thailand’s leading asphalt producers and a key regional supplier. The company operates asphalt plants and terminals across Thailand and has a growing export business to neighboring countries, supporting road construction and maintenance projects.

Innovation and Sustainability Initiatives:

• Research into rubberized asphalt using recycled tires

• Expansion of production capacity to meet regional demand

---

3️⃣ 8. Hengyi Industries

Headquarters: Bandar Seri Begawan, Brunei (Operations in Malaysia)
Key Offering: Petroleum Bitumen, Aromatics, Chemical Intermediates

Hengyi Industries, through its large-scale refinery in Pulau Muara Besar, Brunei, produces bitumen for the Southeast Asian market. Its strategic location allows it to efficiently supply markets in Malaysia, Indonesia, and the Philippines, contributing to regional infrastructure growth.

Innovation and Sustainability Initiatives:

• Integration of bitumen production within a large, modern refinery complex

• Focus on meeting international quality standards for export markets

---

2️⃣ 9. WIRTGEN GROUP

Headquarters: Windhagen, Germany (Strong Regional Presence)
Key Offering: Road Construction Equipment, Asphalt Pavers, Milling Machines

While not a bitumen producer, the WIRTGEN GROUP is an indispensable player in the Southeast Asian asphalt ecosystem. The company’s advanced machinery for asphalt laying, compaction, and recycling is used on virtually every major road project, enabling efficient and high-quality construction.

Innovation and Sustainability Initiatives:

• Pioneering cold recycling and soil stabilization technologies

• Development of fuel-efficient and low-emission machinery

---

1️⃣ 10. Vikram Thermo (India) Ltd.

Headquarters: Ahmedabad, India (Exporting to Southeast Asia)
Key Offering: Bitumen Boiler, Asphalt Batch Mix Plant, Road Construction Equipment

Vikram Thermo is a leading Indian manufacturer of asphalt plants and equipment that has gained a significant market share in Southeast Asia. The company provides cost-effective and reliable machinery for producing hot mix asphalt, supporting the region’s small and medium-sized contractors.

Innovation and Sustainability Initiatives:

• Designing energy-efficient asphalt mixing plants

• Providing accessible technology for developing infrastructure markets

Get Full Report Here: Southeast Asia Asphalt Market – View in Detailed Research Report

---

🌍 Outlook: The Future of Southeast Asia’s Asphalt Market Is Smart and Sustainable

The Southeast Asia asphalt market is undergoing a significant transformation. While traditional hot-mix asphalt remains the backbone of road construction, the industry is increasingly adopting innovative materials and techniques to enhance durability, reduce environmental impact, and improve cost-efficiency.

📈 Key Trends Shaping the Market:

• Government-led infrastructure megaprojects (e.g., Indonesia’s Nusantara Capital City, Philippines’ “Build Better More”)

• Rising adoption of Polymer Modified Bitumen (PMB) and warm-mix asphalt technologies

• Growing emphasis on road maintenance and recycling to extend pavement life

• Increased use of geosynthetics and other additives for soil stabilization in challenging terrains

Get Full Report Here: Southeast Asia Asphalt Market – View in Detailed Research Report

The companies listed above are not only supplying essential materials—they are enabling the infrastructure revolution that is connecting communities and powering economic growth across Southeast Asia.