Asphalt stocks may not be the flashiest in the market, but for 2025, they’re riding high on powerful tailwinds.
Covering our roads, highways, airports, or driveways, these companies supply materials or services a city can’t live without.
With road budgets inflating and infrastructure rebuilds gearing up, asphalt exposure is a quietly compelling play.
This guide covers the ten best asphalt stocks, from U.S. pure plays to global materials giants, highlighting their strengths, risks, and long-term potential.
You’ll learn what each does, why they’re poised for growth, and what to watch out for before investing.
TL;DR: Best Asphalt Stocks To Watch Out
Here’s the quick snapshot of our top asphalt-related picks for 2025:
- Vulcan Materials (NYSE: VMC): U.S. aggregates and asphalt leader
- Martin Marietta (NYSE: MLM): Broad materials player across regions
- CRH (NYSE: CRH): Global materials giant with asphalt presence
- Holcim (OTCMKTS: HCMLY): Worldwide concrete and asphalt firm
- Knife River (NYSE: KNF): Regional asphalt and paving focus
- Granite Construction (NYSE: GVA): U.S. heavy construction plus asphalt
- United States Lime & Minerals (NASDAQ: USLM): Lime supplier touching paving mix
- Heidelberg Materials (OTCMKTS: HLB): European cement and asphalt company
- Cemex SAB de CV ADR (NYSE: CX): Latin American materials with U.S. exposure
- Construction Partners (NASDAQ: ROAD): Pure-play paving specialist
10 Best Asphalt Stocks That You Can’t Miss
Vulcan Materials Company (NYSE: VMC)
Overview
Vulcan Materials is the biggest name in aggregates and a key asphalt operator across the U.S.
They’re the ones supplying the crushed stone, gravel, sand, and asphalt mix that build our roads, runways, and foundations.
What stands out is how they’ve held their ground even when weather or private construction demand has wavered over the last 115 years.
Despite storms slowing shipments in mid-2025, their disciplined pricing approach and operational focus have helped them stay resilient.
Growth Catalysts
Several things are lining up in their favor right now.
Public infrastructure spending continues to flow, especially through the Infrastructure Investment and Jobs Act (IIJA), and Vulcan is strategically positioned in the majority of states receiving highway funds.
Even though weather hit volumes, price increases and cost management pushed adjusted EBITDA margins higher in the first half.
Their balance sheet offers flexibility, too: solid cash flow, moderate debt levels, and a long dividend growth streak signal both strength and shareholder-friendly allocation.
Analysts talk about their pricing muscle, the diversity of markets they serve, and strategic acquisitions as key long-term advantages.
Risks
Still, the path isn’t without its bumps. Adverse weather disrupted second-quarter performance, allowing construction slowdowns to dent revenues. Despite a 4% year-over-year rise, they fell short of analyst expectations.
Higher borrowing costs and inflation continue to pressure end-market demand for construction materials.
And while pricing power has been strong, the roofing sector, mining permits, and local regulatory hurdles could slow margin expansion when the environment tightens.
Conclusion
In sum, Vulcan plays a dual role: it’s a scale-driven infrastructure materials giant and a disciplined operator with recognized financial strength.
Demand tied to public works keeps their pipeline visible, pricing discipline underpins margin gains, and savvy capital management supports growth while rewarding shareholders.
For anyone seeking durable exposure to road building and aggregates, Vulcan stands out.
Martin Marietta Materials Inc. (NYSE: MLM)
Overview
Asphalt and aggregates are foundational to any infrastructure initiative, and this company is firmly planted at the heart of that.
Serving not only as a major U.S. source of crushed stone, sand, and gravel, the company operates a growing magnesia specialties unit to bolster resilience and versatility.
Second-quarter 2025 results underline that: revenues landed at $1.81 billion, up nearly 3% year-over-year, while net income rose 12% to $328 million—highlighting both steady demand and operational strength.
Growth Catalysts
A wave of federal and state infrastructure projects continues to edge forward, keeping highways, bridges, and AI-related construction humming. The firm sees these tailwinds as engines that will keep demand steady—even as housing or private construction wavers.
Beyond that, their aggregates business is firing on all cylinders: pricing power remains strong, with average selling prices rising over 7%, and profits on aggregates rising nearly 10%.
Magnesia specialties are also contributing meaningfully to growth after recent acquisitions, helping diversify beyond traditional construction materials.
Leading into the second half, we’ve seen EBITDA guidance lifted to around $2.3 billion, showing confidence in both execution and markets ahead.
Risks
That said, there are a few cautionary notes. Weather can still be punishing: the asphalt and concrete side of the business saw shipments slide, and costs creep up during a wet spring.
And while the focus on aggregates is smart, exiting weaker cement and ready-mix operations may create shorter-term earnings lulls if new volume doesn’t come online fast enough.
Lastly, while magnesia is a higher-margin niche, it depends on industrial demand cycles that can ebb differently than infrastructure demand.
Conclusion
Taken altogether, this firm is proving itself more than just a one-trick pony.
It’s steadily surfacing under the hood of America’s rebuild, leveraging infrastructure demand, pricing discipline, and strategic diversification.
For long-term investors who appreciate both steady demand and margin growth, this name provides tangible exposure to the very best in asphalt, aggregates, and broader building materials innovation, all grounded in a clear operational thesis for 2025 and beyond.
CRH plc (NYSE: CRH)
Overview
CRH is a globally diversified building materials powerhouse, with deep roots in North America, where a significant portion of its operations and profit sits.
Rather than being a small-time asphalt producer, it runs a vast portfolio that includes cement, aggregates, ready-mixed concrete, and asphalt products.
Today’s CRH isn’t just about volume; it’s also about modern infrastructure solutions and sustainability.
That mix gives it both local muscle and global reach, making it a solid anchor in infrastructure-focused portfolios.
Growth Catalysts
A clear advantage lies in CRH’s aggressive acquisition strategy.
In 2025 alone, it agreed to buy Eco Material Technologies for $2.1 billion, a move aimed at securing sustainable, low-carbon cement solutions that are gaining traction with infrastructure planners and contractors alike.
On the operational side, quarterly results show steady revenue growth and margin improvement, driven by disciplined pricing and demand from sectors like data centers and commercial construction.
The business also benefits from high technical momentum: it recently earned a relative strength rating above 80, putting it in the sweet spot for early-stage growth opportunities.
Risks
That said, the road isn’t without a few bumps. Its aggressive acquisition pace means integration must go smoothly to avoid dilution of value.
While its Americas business is a strength that also concentrates its exposure, slower regional growth or policy shifts could directly affect overall performance.
Additionally, economic or political shifts that slow infrastructure investment would likely ripple across CRH’s earnings.
Conclusion
Here’s the takeaway: CRH offers a rare combo, a massive, diversified platform with asphalt and materials exposure, plus smart investments in sustainable construction solutions.
It’s not the flashiest name, but its scale, strategy, and growth pipeline make it a compelling contender for investors aligned with long-term infrastructure demand.
Holcim AG (OTC: HCMLY)
Overview
Holcim AG towers over the horizon as a global behemoth in building materials.
Based in Switzerland, it spans 45 countries with over 48,000 employees, offering everything from cement and aggregates to high-performance surfacing systems and sustainable building solutions.
The company recently completed the spin-off of its North American operations into a standalone company named Amrize, one of the largest such moves in the sector, which allows Holcim to sharpen its strategic focus on global, innovation-led growth.
Growth Catalysts
What makes Holcim stand out are the big bets it’s placing on sustainability and smart building.
Its NextGen Growth 2030 strategy lays out a roadmap for turning half of its sales toward high-value “building solutions”, think energy-efficient products and decarbonized concrete, through organic investment and acquisitions.
On the green front, Holcim is tackling both carbon and ecosystem impact head-on: the company’s net-zero targets for 2030 and 2050 have been validated by the Science-Based Targets initiative, and it’s among the first globally to set nature-specific goals like reducing freshwater withdrawals by nearly 40% in sensitive regions.
It also supports sustainable design through its Holcim Foundation, which celebrates visionary construction projects that marry creativity with ecological responsibility.
Risks
None of this is risk-free.
Some advocacy groups have called out the company for not cutting emissions fast enough before the Amrize spin-off, pointing to a need for deeper environmental action, especially in cement production, one of the most carbon-intensive industries.
Add in the usual integration hurdles that come from M&A, plus volatile regional demand, and you get a sense that patience will be key to capturing Holcim’s upside.
Conclusion
Holcim isn’t just a building-materials giant; it’s a global infrastructure innovator leaning into sustainability and building solutions for a greener future.
By focusing on energy-efficient construction, nature-conscious operations, and strategic growth, it offers depth and durability for investors looking to ride the next wave of infrastructure and smart building trends.
Knife River Corp. (NYSE: KNF)
Overview
Deeply rooted in the American West and Midwest, Knife River crafts the building blocks of infrastructure, from crushed stone and gravel to asphalt and ready-mix concrete.
Operating across 14 states, it serves both materials and construction services through a vertically integrated model.
That means they mine, mix, and lay the asphalt themselves, rather than just supplying it, delivering a streamlined solution for highways, airports, and commercial developments.
The company also emphasizes a people-first approach, valuing community, safety, and long-term value creation in how they run operations.
Growth Catalysts
Knife River’s recent acquisition of Strata Corporation stands out as a strategic win.
Strata brings expansive aggregate reserves, asphalt plants, ready-mix facilities, and rail logistics, all of which bolster Knife River’s footprint in North Dakota and Minnesota.
The integration follows its broader “Competitive EDGE” initiative aimed at improving margins through smarter operations and cost control.
On the ground, demand is growing, and public-sector projects remain strong, especially in road repairs and expansion.
Even after weather-related hurdles early in the construction season, Knife River reported an all-time high backlog going into mid-2025.
Its presence across strategy-defined segments —West, Mountain, Central, and Energy Services —allows the company to capitalize on diverse funding and project cycles.
Risks
Still, operating outdoors means weather remains a critical wildcard.
Heavy rain and even flooding in regions like Texas and Oregon disrupted work in Q2 2025, delaying projects and denting short-term margins.
Integration risk is another concern, as melding Strata’s systems and culture into Knife River’s framework takes time and management bandwidth.
And while public-sector projects are healthy now, reliance on government budgets can create vulnerability if those funding levels waver.
Conclusion
By combining regional strength, materials control, and thoughtful expansion, Knife River delivers a compelling blend of reliability and growth.
Its strategic moves, from acquisitions to operational leadership, position it well in the evolving infrastructure landscape.
For investors favoring tangible, infrastructure-driven exposure, Knife River brings a grounded but forward-moving play.
Granite Construction Inc. (NYSE: GVA)
Overview
Granite Construction operates as a well-established player in civil construction and materials supply, with a legacy stretching back to the 1920s.
Headquartered in California, this company combines heavy infrastructure contracting with aggregate and asphalt production through a vertically integrated model.
It serves public and private clients across transportation, water, and mining sectors. By owning quarries and handling paving operations, Granite delivers both materials and services in tightly coordinated fashion.
This seamless control over supply and execution helps it maintain consistent quality and regional presence across Western and Central U.S. markets.
Growth Catalysts
A key source of momentum is the expanding backlog of federally funded infrastructure contracts. Projects such as the Horizon Lateral water pipeline—backed by IIJA funding—offer multiyear revenue clarity.
With its backlog up significantly from pre-pandemic levels, the company has more visibility than many peers.
Granite recently strengthened its regional presence through strategic acquisitions, including Warren Paving and Papich Construction.
These deals brought in valuable assets like quarries, asphalt plants, and logistics capability—particularly barge infrastructure—enabling smoother integration and supply in important markets like the Southeast and Central California.
That vertical expansion improves cost control and resilience.
The company is pushing initiatives like solar-powered facilities, increased recycled content in asphalt, and enhancements in safety and environmental stewardship.
These efforts meet client expectations and may lend long-term value in a green-conscious market.
Risks
That said, even Granite isn’t immune to cyclicality.
Heavy rain or unusual weather can delay projects and strain margins—especially when public funding timelines shift.
Rising commodity costs, particularly diesel and natural gas, remain a persistent drag in construction-heavy fields, despite Granite’s efforts to embed price protections.
Recently announced acquisitions also carry integration risk.
Absorbing new operations across diverse geographies takes cultural alignment and operational discipline. If that goes sideways, anticipated synergies could slip.
Conclusion
Granite Construction excels in infrastructure delivery through its combined strength in contracting and materials.
A growing backlog, strategic acquisitions, and sustainability initiatives all signal momentum.
While external pressures like weather and supply costs pose challenges, the company’s integrated model and disciplined growth strategy make it compelling for investors wanting tangible exposure to the backbone of U.S. infrastructure.
United States Lime & Minerals Inc. (NASDAQ: USLM)
Overview
United States Lime & Minerals quietly powers a wide range of construction and industrial projects across the American heartland.
These products play key roles in stabilizing roads, treating water, manufacturing asphalt, and supporting everything from agriculture to steelmaking.
Its vertically integrated setup, owning both extraction and distribution, gives it a grounded efficiency not many firms can match.
Growth Catalysts
A standout feature is how reliably the company serves cyclical industries.
Its offerings are essential inputs in infrastructure, roofing, environmental systems, and even agricultural feed, meaning demand remains steady over time.
Recently, it earned top marks in industry performance metrics, signaling strength not just in fundamentals, but also in investor interest.
Additionally, a notable uptick in institutional accumulation reinforces confidence in both its strategy and execution.
These strength signals suggest the company is primed for growth alongside ongoing scaling in domestic construction.
Risks
Still, the company remains vulnerable to common industry challenges. Weather delays can disrupt open-pit quarrying, especially during spring or hurricanes, slowing project timelines and shipment volumes.
Its geographically concentrated operations, while efficient, may leave it exposed to regional economic or regulatory shifts.
Plus, the lime sector is incredibly competitive and price-sensitive; shifts in material costs or downstream demand for construction and industrial applications could squeeze profitability.
Conclusion
If you’re looking for steady exposure to infrastructure and industrial growth without overpaying for volatility, this stock offers grounded reliability.
Its diversified mix of essential lime-based products, consistent market demand, and structural advantages form a solid long-term foundation.
While not flashy, its resilience and niche mastery make it a solid building block in a diversified investment strategy.
Heidelberg Materials AG (OTC: HDLMY)
Overview
Heidelberg Materials is a massive, multinational building-materials leader, with a footprint that spans cement, aggregates, ready-mix concrete, and asphalt.
With roots dating back to the 19th century, it now operates across more than 50 countries with thousands of production sites and tens of thousands of employees.
The firm combines historic scale with modern ambition, balancing legacy infrastructure operations with forward-thinking innovations in sustainability and efficiency.
Growth Catalysts
Sustainable transformation is far more than a buzzword here; it’s central to the company’s identity.
Their flagship carbon capture project in Brevik, Norway, is the world’s first industrial-scale cement plant to successfully launch net-zero cement under the brand “evoZero.”
Every unit of zero-emissions cement they’ll make in 2025 is already sold out, underscoring real, tangible demand for greener construction solutions.
On top of that, regional expansion continues to bolster its foundation.
The recent purchase of Giant Cement Holding in the U.S. enhances its presence in both the Southeast and New England markets.
The company’s longer-term “Strategy 2030” lays out clear targets: sustained operating profit growth, an elevated return on invested capital, and a stronger North American tilt in its portfolio.
All the while, a new Remote Optimization Center in North America is helping centralize plant data, automating uptime, cutting waste, and further shrinking carbon output, while making operations more reliable.
Risks
Big size and ambition can create complexity. Integrating new operations and technologies is hard work.
Regulatory or subsidy shifts, especially around high-cost carbon capture, could undercut profitability if not managed carefully.
And while sustainability projects offer long-term value, they often require upfront investment and patience before financial rewards become evident.
Conclusion
Heidelberg Materials delivers rare breadth and ambition in infrastructure investing. It’s both an established global materials provider and a front-runner in sustainable building innovation.
That makes it a compelling option for those seeking influence from traditional infrastructure and early exposure to decarbonization in materials, a balanced take on the future of construction.
Cemex SAB de CV ADR (NYSE: CX)
Overview
Cemex is a major global provider of building materials, including cement, ready-mix concrete, aggregates, and broad urbanization solutions.
Headquartered in Mexico, it operates across the Americas, Europe, the Middle East, Africa, and Asia.
It brings a unique combination of geographic reach and depth, supplying vital materials that support public and private infrastructure projects, from highways to housing.
As of 2025, the company continues to navigate a transformation to sharpen its focus on efficiency and long-term sustainability while maintaining its foundational role in global construction.
Growth Catalysts
At the heart of current momentum is the company’s “Cutting Edge” initiative, an ambitious cost-saving and transformation program aimed at boosting operating efficiency and debt reduction.
In 2025, Cemex is executing on that strategy, targeting significant savings through streamlined operations, digital integration, and optimized logistics.
The reoriented focus toward developed markets, especially the U.S., brings enhanced stability, as infrastructure investment there remains robust.
Meanwhile, emerging demand in regions like the Middle East and Africa provides powerful upside; those areas are fueling project-level opportunities that support cement and concrete volumes.
These structural and strategic moves together set a foundation that supports sustainable growth, irrespective of cyclical swings.
Risks
It’s not all upside. Cemex’s legacy exposure to regions like Mexico and the U.S. carries risks tied to weather disruptions or slower regional construction cycles.
While emerging regions are an opportunity, they also bring political, currency, and logistical complexity. Execution of its “Cutting Edge” program is crucial; poor integration of cost-saving measures or mishandled strategy shifts could delay returns.
And while shifting toward developed markets provides stability, it may also bring regulatory challenges and increased competition.
Conclusion
Cemex stands out as a global infrastructure backbone that’s now intentionally transforming from within.
By aggressively rethinking costs, realigning market focus, and balancing global demand, it’s positioning itself as both resilient and forward-looking.
Investors looking for exposure to global construction, but without exposure to volatility, may find Cemex’s thoughtful evolution hard to ignore.
Construction Partners Inc (NASDAQ: ROAD)
Overview
Construction Partners is a multi-faceted infrastructure firm rooted in the rapidly growing Sunbelt region.
With operations across eight Southeastern states, it builds and maintains roadways, bridges, airport surfaces, and commercial sites.
What sets it apart is its smart control of the full value chain, operating its own aggregates, hot-mix asphalt plants, and terminals.
That combination helps it deliver strong projects more efficiently than many competitors while maintaining tight oversight of quality and cost.
Growth Catalysts
The company’s growth engine is firing on all cylinders, thanks to a multi-pronged expansion strategy.
Organic demand in Sunbelt markets remains elevated, fueled by rising public infrastructure funding and booming private development.
On top of that, aggressive acquisitions, like Lone Star Paving in Texas and Durwood Greene Construction in Houston, have consistently added value by expanding geographic reach and operational capacity.
These additions contributed significantly to a record infrastructure backlog, approaching $3 billion this past quarter.
Technical upgrades are also in the mix, with sustainable paving innovations like cool pavements and permeable asphalt enhancing project resilience in high-heat regions.
Beyond project wins, Construction Partners attracts serious institutional interest. A rare top-tier composite rating underscores its market strength and trust from big-money investors.
That kind of backing tends to reinforce confidence, especially when backed by consistent execution.
Risks
Still, the ride isn’t without its share of bumps. Heavy rainfall or severe weather in the Sunbelt can delay worksites and chip away at margins.
Prioritizing acquisitions brings integration risk, where combining different operations smoothly is never guaranteed.
The company’s reliance on public spending means any change in infrastructure funding could directly impact project flow and financial stability.
Conclusion
Construction Partners is shaping up as a heavyweight for infrastructure investors, grounded in strong regional demand, supported by strategic acquisitions, and fortified with technical know-how.
It’s not just building roads, it’s building a business that thrives on growth and momentum.
If you’re looking for exposure to the backbone of southeastern construction growth, this firm offers both scale and ambition.
Are Asphalt Stocks a Good Investment?
If you’ve ever driven on a freshly paved highway, landed at an airport, or even pulled into a smooth parking lot, you’ve seen asphalt at work.
It may not sound exciting, but it’s hard to imagine modern life without it.
Therefore, asphalt stocks can be a smart addition to a portfolio, especially for those who want exposure to infrastructure spending and steady, demand-driven industries.
These companies benefit directly from government programs that fund roads and bridges, which tend to run on multi-year cycles.
When states and cities allocate budgets for repairs or new projects, asphalt producers and paving contractors are among the first in line to benefit.
On top of that, many of the largest players operate as regional leaders, giving them pricing power and a level of protection from competition.
Of course, no investment is bulletproof. Asphalt demand can be cyclical, rising when economies expand and construction projects ramp up, then slowing when interest rates rise or budgets tighten.
Costs are another factor to consider. Oil prices, for example, affect bitumen, a key ingredient in asphalt. Weather, too, can play a role, delaying projects and squeezing quarterly results.
Still, when you step back and look at the big picture, asphalt stocks tend to hold up well over the long run.
Roads will always need repair, and urban growth ensures new projects keep coming. For investors with patience, this sector offers stability with room for growth.
Key Trends Driving the Asphalt Market
One of the biggest forces shaping the asphalt market in 2025 is the ongoing wave of infrastructure spending.
The U.S. government is still rolling out funds from the Infrastructure Investment and Jobs Act, which means more money for highways, bridges, and local road projects.
Unlike other industries that depend on consumer whims, asphalt demand is tied to projects that have already been approved, funded, and scheduled.
That gives many asphalt producers a steady pipeline of work.
Urban expansion is another trend that’s hard to ignore. Cities are growing, suburbs are spreading, and new developments require roads, parking lots, and industrial access routes.
Every new housing community, shopping center, or warehouse needs a network of asphalt surfaces to function.
That demand is not a one-time event either. Roads wear out, weather takes its toll, and maintenance becomes a constant cycle.
Sustainability is also becoming more important in paving. Warm-mix asphalt and recycled materials are gaining traction because they lower emissions and reduce costs.
Large players in the industry are investing in greener technologies, which not only help the environment but also appeal to municipalities under pressure to meet climate goals.
Finally, the sheer age of America’s road system is a trend in itself. Many highways were built decades ago and are now overdue for repair or replacement.
For asphalt companies, that represents recurring demand that won’t disappear anytime soon. Put all of these factors together, and the market outlook for asphalt in 2025 looks strong and surprisingly resilient.
What to Watch When Investing in Asphalt Stocks
Investing in asphalt stocks can feel straightforward, but like any sector, there are details that matter. Here are a few areas smart investors keep an eye on.
Project Backlog and Pipeline
One of the strongest indicators of an asphalt company’s health is its backlog. This represents the projects already under contract but not yet completed.
A rising backlog usually signals steady future revenue. Since government projects are often awarded years in advance, companies with large, diverse backlogs have a built-in safety net even when the economy slows.
Regional Exposure
Asphalt is a local business. Transporting heavy aggregates or asphalt mix over long distances is expensive, so companies tend to dominate in specific regions.
Investors should check whether a firm has a balanced footprint across multiple states or if it relies too heavily on a single market.
A broad presence often means more resilience when local budgets tighten.
Margins and Cost Pressures
Profitability in asphalt comes down to managing costs. Fuel, labor, and bitumen prices all affect margins.
Companies that can control expenses or pass costs along through pricing tend to fare better over the long run. Consistent margin improvement is often a sign of strong management and operational efficiency.
Institutional Support
It’s also worth noting which big funds and institutions are buying into the sector. Large-scale investors like pension funds and mutual funds prefer steady, cash-generating businesses.
If they’re building positions in asphalt stocks, that’s usually a positive sign for long-term stability.
Taken together, these factors help investors separate the strongest players from those that may be more vulnerable to short-term swings.
FAQs
What Construction Stock Is Best?
Considering the fact that there are dozens of great stocks in the infrastructure segment of the market, it’s hard to call one single stock the best. However, if you’re looking for some solid infrastructure plays, look no further than the asphalt stocks we discussed earlier.
What Public Companies Make Asphalt?
Many public companies make asphalt here on home soil. Some include Vulcan Materials Co., CRH Plc, and Construction Partners Inc.
What Are Three Types Of Asphalt?
There are three primary types of asphalt: MC Cold Mix, Hot Asphalt, and UPM.
Conclusion
Infrastructure is the quiet engine behind economic mobility, and the best asphalt stocks remain firmly in that driver’s seat.
From Vulcan’s nationwide aggregate network to ROAD’s hands-on paving presence, each pick addresses a different angle of growth, from scalability to regional flair to global diversification.
Weather cycles, input costs, and political risk still matter, but so does thoughtful exposure to multiyear road investment trends.
Do your own due diligence, but if you believe roads are the arteries of growth, these are ten stocks worth exploring.
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