Knife River Expands into Utah with Acquisition of Morgan Asphalt
Published: 11 Mar 2026
Author: Precedence Research
Knife River Corporation has entered the Utah market by acquiring Salt Lake City-based Morgan Asphalt Inc.
In February 2026, Knife River Corporation (NYSE: KNF) expanded its operations into Utah by acquiring Salt Lake City-based Morgan Asphalt Inc. This acquisition, reported in The Chronicle-Journal, allows the company to strengthen its presence in the region by serving public and private-sector customers with aggregate production and paving services.
With over 30 years of proven aggregate reserves, the company delivers high-quality materials, asphalt production from its West Salt Lake City plant, and expert contracting services, including grading, excavation, and paving. This acquisition improves Knife River's vertical integration in the region, contracting services, bringing in structured asphalt paving and aggregate production capabilities to promote growth along with the Wasatch Front. This acquisition marks Knife River's entry into the Utah market, boosting its presence in the Western US.
According to Towards Chem&Materials, the asphalt release agents market size accounted for USD 411.90 million in 2025 and is predicted to increase from USD 430.52 million in 2026 to approximately USD 640.89 million by 2035, expanding at a CAGR of 4.52% from 2026 to 2035 as demand for sustainable and biodegradable products is increasing.
About Knife River
As a member of the S&P MidCap 400, Knife River Corporation is a major construction materials company and heavy civil contractor having specialization in infrastructure projects. They mine aggregates like stone, sand, and gravel to produce concrete and asphalt. Beyond manufacturing, they handle vertically integrated contracting for public infrastructure and private developments.
Increasing Infrastructure Development to Accelerate the Asphalt Release Agents Market
- Surge in investment in urban infrastructure, new highway construction projects, and road maintenance is the major market driver.
Strict environmental policies are propelling the shift from sustainable to oil-based non-toxic agents and alternatives. - Cutting-edge formulations enhance efficiency, reduce cleanup time, and minimize equipment use, substantially fuelling market expansion.
- The ongoing integration of innovative technologies in the development of high-performance biodegradable surfactants is impacting positive market growth.
- Market players are heavily using AI to optimize chemical formulations for better heat resistance and lower environmental impact.
Biodegradable agents, such as those derived from soybean or pine, now dominate the market in environmentally conscious regions like North America and Europe. - Massive growth in developing economies, particularly in the Asia Pacific, necessitates extensive new asphalt paving for expanded transportation networks.