1. Executive Summary

1.1 Overview of the US Asphalt Market

1.2 Current Asphalt Binder Price Trends

1.3 National Asphalt Binder Composite Performance

1.4 Monthly Price Movement and Market Direction

1.5 Finished Hot Mix Asphalt Price Trends

1.6 Key Factors Driving Asphalt Price Increases

1.7 Refinery Feedstock Costs and Heavy Crude Supply

1.8 Construction Season Demand and Infrastructure Spending

1.9 Regional Price Differences Across the United States

1.10 Key Findings and Market Implications

2. US Asphalt Market Overview and Industry Context

2.1 Introduction to the US Asphalt Industry

2.2 Role of Asphalt in Road Construction and Infrastructure

2.3 Asphalt Binder and Hot Mix Asphalt Market Structure

2.4 Relationship Between Crude Oil Refining and Asphalt Production

2.5 Asphalt as a Heavy Refining Residue Product

2.6 Overview of the US Paving and Construction Industry

2.7 Asphalt Consumption Across US Roadways

2.8 Infrastructure Investment and Jobs Act Impact

2.9 State Department of Transportation Paving Programs

2.10 Public Infrastructure Spending and Asphalt Demand

2.11 Refining Economics and Asphalt Supply

2.12 Current Market Conditions and Industry Trends

3. US Asphalt Price Tracker

3.1 Overview of the Epignosis Insights Asphalt Price Tracker

3.2 National Liquid Asphalt Binder Price Composite

3.3 PG 64-22 Equivalent Asphalt Binder Pricing

3.4 Finished Hot Mix Asphalt Plant Gate Pricing

3.5 Monthly Price Benchmarking Methodology

3.6 National Price Trend from January to September 2026

3.7 Monthly Asphalt Binder Price Movement

3.8 Monthly Hot Mix Asphalt Price Movement

3.9 Month on Month Binder Price Changes

3.10 Comparison of Binder and HMA Price Performance

3.11 Key Price Trends During the Second Quarter

3.12 August and September Price Developments

3.13 Monthly Price Tracker Data Table

3.14 Interpretation of National Asphalt Price Trends

4. National Liquid Asphalt Binder Price Analysis

4.1 Overview of National Asphalt Binder Pricing

4.2 January 2026 Asphalt Binder Price Benchmark

4.3 February and March Price Developments

4.4 April and May Price Acceleration

4.5 June and July Price Trends

4.6 August and September Price Movement

4.7 Six Consecutive Months of Price Increases

4.8 National Binder Composite Growth During 2026

4.9 Key Drivers of National Price Movement

4.10 Impact of Refinery Feedstock Costs

4.11 Impact of Heavy Crude Supply

4.12 Seasonal Paving Demand Influence

4.13 National Price Outlook

5. Finished Hot Mix Asphalt Market Analysis

5.1 Overview of Finished Hot Mix Asphalt

5.2 HMA Composition and Production Process

5.3 Relationship Between Liquid Binder and Aggregate

5.4 National HMA Plant Gate Price Trends

5.5 Monthly HMA Price Movement in 2026

5.6 Comparison of HMA and Binder Price Changes

5.7 Impact of Binder Costs on HMA Pricing

5.8 Aggregate Costs and Production Economics

5.9 Regional Differences in HMA Pricing

5.10 Gulf Coast and Southern State Pricing

5.11 HMA Market Drivers

5.12 Finished Asphalt Price Outlook

6. Regional Asphalt Price Analysis Across the United States

6.1 Overview of Regional Asphalt Price Variation

6.2 Regional Price Spread in the US Asphalt Market

6.3 Midwest and Mid Continent Asphalt Pricing

6.4 Northeast Asphalt Pricing

6.5 Mid Atlantic Asphalt Pricing

6.6 Southern US Asphalt Pricing

6.7 Refinery Proximity and Regional Price Differences

6.8 Regional Crude Slate and Asphalt Yield

6.9 Freight Distance from Terminal to Plant

6.10 State Specific Asphalt Specifications

6.11 Differences Between State DOT Price Indices

6.12 Regional Price Benchmarking Considerations

6.13 Implications for Multi State Asphalt Buyers

7. State Level Asphalt Price Benchmarks

7.1 Oklahoma Asphalt Price Benchmark

7.2 Tulsa and Southern Kansas PG 64-22 Pricing

7.3 Oklahoma April to May Price Movement

7.4 Oklahoma Midwest and Mid Continent Market Conditions

7.5 Vermont Asphalt Price Benchmark

7.6 Vermont March to June Price Movement

7.7 Northeast Regional Price Developments

7.8 Maryland Asphalt Price Benchmark

7.9 Maryland September 2026 Asphalt Pricing

7.10 Comparison of Oklahoma, Vermont and Maryland Prices

7.11 Indiana Asphalt Price Trends

7.12 State DOT Asphalt Price Index Analysis

7.13 Regional Benchmarking and Procurement Implications

8. Key Drivers of US Asphalt Price Increases

8.1 Overview of the 2026 Asphalt Price Run Up

8.2 Refinery Feedstock Costs

8.3 Heavy Crude Oil Supply Constraints

8.4 Asphalt Production and Refinery Economics

8.5 Refinery Crude Slate Decisions

8.6 Refinery Product Yield Optimization

8.7 Competition Between Asphalt and Higher Margin Refined Products

8.8 Gasoline, Diesel and Jet Fuel Refining Margins

8.9 Asphalt Supply Tightening Despite Crude Availability

8.10 Construction Season Demand

8.11 April to October Paving Season

8.12 Infrastructure Project Demand

8.13 Interaction Between Feedstock Costs and Seasonal Demand

8.14 Supply Chain Factors Behind Asphalt Price Increases

9. Refining Economics and Asphalt Supply Chain

9.1 Overview of Asphalt Refining Economics

9.2 Crude Oil Processing and Asphalt Production

9.3 Heavy Vacuum Residue and Asphalt Binder

9.4 Heavy Crude Processing Capacity

9.5 Refinery Configuration and Product Yield

9.6 Refinery Margin Optimization

9.7 Asphalt Supply Availability

9.8 Impact of Refinery Product Prioritization

9.9 Asphalt Supply Chain from Refinery to Terminal

9.10 Terminal to Plant Transportation

9.11 Asphalt Supply Chain Cost Drivers

9.12 Refinery Economics and Regional Price Spreads

9.13 Risks to Asphalt Supply Continuity

10. Construction Demand and Infrastructure Spending

10.1 US Road Construction and Asphalt Demand

10.2 Seasonal Paving Demand Patterns

10.3 April to October Construction Season

10.4 State DOT Infrastructure Programs

10.5 Infrastructure Investment and Jobs Act

10.6 Federal Road, Bridge and Transit Funding

10.7 Public Sector Asphalt Procurement

10.8 Infrastructure Project Scheduling

10.9 Asphalt Demand and Construction Season Pricing

10.10 Inelastic Public Sector Demand

10.11 Infrastructure Spending and Long Term Asphalt Consumption

10.12 Implications for Contractors and State DOTs

11. Producer Economics and Industry Analysis

11.1 Overview of US Asphalt Producer Economics

11.2 HF Sinclair 2026 Investor Disclosures

11.3 HF Sinclair Refining Segment

11.4 HF Sinclair Asphalt Company LLC

11.5 Asphalt Terminal Operations

11.6 Arizona, New Mexico and Oklahoma Market Presence

11.7 Retail Asphalt and Heavy Oil Value Chain

11.8 Heavy Crude Processing Strategy

11.9 Producer Margin Capture

11.10 Asphalt Economics Within Integrated Refining Operations

11.11 Impact of Refinery Margins on Asphalt Supply

11.12 Producer Side Market Implications

12. US Asphalt Price Index and Industry Indicators

12.1 Overview of Asphalt Market Price Indicators

12.2 US Bureau of Labor Statistics Producer Price Index

12.3 Asphalt Paving Mixtures and Blocks Index

12.4 BLS Series WPU139401

12.5 Year on Year Asphalt Price Index Movement

12.6 Five Year Asphalt Price Index Movement

12.7 Comparison with Headline Consumer Inflation

12.8 Construction Materials Price Indicators

12.9 Engineering News Record Price Series

12.10 State DOT Asphalt Price Indices

12.11 Industry Benchmarking and Price Validation

12.12 Interpretation of Price Index Movements

13. Long Term Asphalt Supply Chain Risk and Energy Transition

13.1 Overview of Long Term Asphalt Supply Risks

13.2 Energy Transition and Refinery Configuration

13.3 Refinery Investment in Lighter Product Yield

13.4 Potential Reduction in Heavy Crude Processing Capacity

13.5 Asphalt Grade Residue Supply Risk

13.6 Relationship Between Refinery Configuration and Asphalt Availability

13.7 Asphalt Supply Risk Independent of Paving Demand

13.8 Long Term Implications for State DOTs

13.9 Multi Year Capital Program Planning

13.10 Asphalt Supply Chain Risk Through 2030 and Beyond

13.11 Structural Supply Risks Versus Cyclical Price Changes

13.12 Implications for Asphalt Procurement Strategy

14. US Asphalt Market Outlook

14.1 Fourth Quarter 2026 Asphalt Price Outlook

14.2 Seasonal Paving Demand Slowdown

14.3 Expected Price Plateau or Modest Pullback

14.4 Historical Seasonal Price Patterns

14.5 Regional Price Outlook

14.6 National Asphalt Binder Price Expectations

14.7 Finished HMA Price Outlook

14.8 Feedstock Cost Trends

14.9 Refinery Supply and Product Yield Considerations

14.10 Underlying Cost Trends and Market Pricing

14.11 Asphalt Price Outlook for 2027

14.12 2027 Spring Paving Season Price Expectations

14.13 Risks and Uncertainties in the Asphalt Market

14.14 Implications for 2027 Paving Contracts

14.15 Procurement and Budget Planning Recommendations

15. Methodology and Sources

15.1 Research Methodology

15.2 Epignosis Insights Monthly Desk Research Tracker

15.3 National Asphalt Binder Composite Methodology

15.4 PG 64-22 Equivalent Pricing

15.5 Finished HMA Plant Gate Price Methodology

15.6 State DOT Asphalt Price Index Benchmarking

15.7 Oklahoma, Vermont and Indiana Data Sources

15.8 Industry Reporting and Market Data

15.9 BLS Producer Price Index Data

15.10 NAPA Industry Data

15.11 HF Sinclair Public Disclosures

15.12 Engineering News Record Price Series

15.13 Data Cross Checking and Validation

15.14 Price Estimate Assumptions

15.15 Regional and Product Specification Limitations

15.16 Pricing Variations by Grade, Volume and Delivery Terms

15.17 Limitations of the Market Tracker

16. Frequently Asked Questions

16.1 What Is the Current Price of Liquid Asphalt Binder in the US?

16.2 Why Are US Asphalt Prices Rising in 2026?

16.3 How Much Have Asphalt Binder Prices Increased Since January 2026?

16.4 What Is the Average Price of Finished Hot Mix Asphalt Per Ton?

16.5 Why Do Asphalt Prices Rise Every Spring and Summer?

16.6 What Are the Main Drivers of Asphalt Price Changes?

16.7 Why Do Asphalt Prices Vary So Much by Region?

16.8 What Is the Current Asphalt Price in Oklahoma?

16.9 What Is the Current Asphalt Price in Vermont?

16.10 How Does Refinery Economics Affect Asphalt Prices?

16.11 How Does Infrastructure Spending Influence Asphalt Demand?

16.12 What Is the Outlook for US Asphalt Prices in 2027?