Asphalt Additives Market

Global Market Study on Asphalt Additives: Increasing Focus toward the Development of Bio-based Asphalt Additives

Introduction

Upgrade of road networks in emerging countries is estimated to boost the asphalt market, thereby driving the demand for asphalt additives. Roads and highways are the dominant modes of land transport in many countries. Governments have taken initiatives to build roads, highways, and pavements to develop infrastructure.

Roads and infrastructure are expected to develop at a rapid pace in China, India, and other developing countries during the forecast period. China leads in terms of growth in the road & infrastructure industry.

The country is likely to maintain its dominance during the forecast period. The road & infrastructure industry in the U.S. is also expanding at a substantial pace.

Most roads in emerging countries are in poor condition, and need constant maintenance and rehabilitation. Governments of emerging countries are launching various projects to widen and extend many existing expressways and highways. For instance, currently, India has a highway network of approximately 100 thousand kms.

The Government of India is focusing strongly on upgrading its network of highways. Kenya announced an investment of around US$ 280 Mn on road rehabilitation projects to improve its links with South Sudan and Tanzania. All these factors will boost the growth of the global asphalt additives market throughout the forecast period of 2020 to 2030

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Companies

  • Kraton Corporation
  • Dow Chemical Company
  • Honeywell International Inc.
  • Evonik Industries AG
  • BASF SE
  • Huntsman International
  • Sasol Ltd.
  • Ingevity Corporation
  • Arkema Group
  • Kao Corporation
  • Engineered Additives LLC

Increasing Road Infrastructure Development Projects in Emerging Economies to Bolster Market Growth

Road construction and development activities are expected to increase significantly in the Asia Pacific region. Growing road and highway construction activities in China and India are expected to drive the demand for asphalt additives in these countries. New government initiatives for strengthening the road network in urban as well as in rural areas, in countries such as India, are estimated to drive market growth.

  • Demand for asphalt from road construction activities is growing due increase in environmental awareness and funding, government pressure for enhancement of infrastructure, and increasing number of highways, streets, and other non-building construction in regions such as North America and Europe.

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Asphalt Additives Market: Upward Trend of Efficient Road Transportation Surging Market Growth

According to a survey carried out by the American Road & Transportation Builders Association (ARTBA), the construction of roads, bridges, driveways, and parking lots in the U.S. is projected to grow in the coming years. Rising traffic congestion on national highways and other important roads has led to their degradation.

The construction of durable roads necessitates proper base materials. Rising industrialization has led to an increase in the need for efficient road transportation for the easy transportation of raw materials and finished products.

Thus, the growing need for efficient roads and highways will drive the demand for asphalt additives for enhancing the properties of traditional asphalt and to increase durability.

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Covid-19 Pandemic Impact on Global Asphalt Additives Market

With the outbreak of the coronavirus pandemic, which is getting worse by the day, the global asphalt additives market will be adversely affected in the near term. Lockdowns and social distancing norms have led to labor shortages, not to mentioned stalled infrastructure development projects.

As such, the demand for asphalt, and subsequently asphalt additives, will be hit in the near term. As such, the asphalt additives market will underperform in the year 2020, and will pick pace post pandemic.

global asphalt additives market

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Asphalt Additives Market: Competition Landscape

The global asphalt additives market is moderately consolidated, and the top five market players account for more than one-third of the total market share. Some of the key players in the asphalt additives market are Dow Chemical Company, BASF SE, Evonik Industries AG, and Kraton Corporation, among others.

Analysts’ Viewpoint

The asphalt additives market is expected to grow substantially in the coming period. This growth is anticipated to be supported by increasing number of environmental regulations on traditional materials, and growing number of highway & road development projects. North America is expected to hold a prominent share in the global asphalt additives market. Players in the market can focus on the development of bio-based products to comply with changing regulatory standards.

Asphalt Additives Market: Segmentation

PMR’s report has segmented the asphalt additives market into material, technology, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.

Material

  • Emulsifiers
  • Rejuvenators
  • Adhesion Promoters
  • Rheology and Elasticity Modifiers
  • Polymeric Modifiers
  • Others

Technology

  • Hot Mix
  • Cold Mix
  • Warm Mix

Application

  • Road Construction & Paving
  • Roofing
  • Airports
  • Industrial
  • Others

Region

  • North America
  • Latin America
  • Europe
  • South Asia and Pacific
  • East Asia
  • Middle East & Africa

Key Questions Answered in PMR’s Asphalt Additives Market Report

  • Which region is anticipated to hold a prominent share in the asphalt additives market over the forecast period?
  • What will be the key driving factors contributing to the demand for asphalt additives during the forecast period?
  • How will current trends impact the asphalt additives market?
  • Who are the key players in the asphalt additives market?
  • What are the crucial strategies used by leading players in the asphalt additives market to improve their market positions?
  • What will be the potential impact of the global Covid-19 pandemic on the asphalt additives market?
  • What are the potential barriers for new entrants?
  • What is the scope for new entrants in the market?

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