Asphalt Additives Market
Global Market Study on Asphalt Additives: Increasing Focus toward the Development of Bio-based Asphalt Additives
Asphalt Additives Market is segmented by Material that is Emulsifiers, Rejuvenators, Adhesion Promoters, Rheology and Elasticity Modifiers, Polymeric Modifiers also by technology that is Hot Mix, Cold Mix, Warm Mix and by its application such as Road Construction and Paving, Roofing, Airports, Industrial.
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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- 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.
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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.
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.
Key Questions Answered in Report
- How much is the asphalt additives market worth?
The global asphalt additives market is estimated to reach US$ 7.5 Bn by the year 2031.
- What will be the demand outlook?
The global asphalt additives market is slated to witness a CAGR of 4.5% between 2021 and 2031.
- What was the last 5 year market CAGR?
The global asphalt additives market witnessed a CAGR of 3.5% between 2015 and 2020.
- What are the key trends of asphalt additives market?
The current trend is that of an excessive use of asphalt in the roofing applications, so as to improve upon their durability and service life.
- What is driving the demand for asphalt additives?
Increase in infrastructure spending in countries like Indonesia, Malaysia, India, and China are driving the demand for asphalt additives.
- What is the market share of top 5 players?
The top 5 players such as Nouryon, Arkema SA, Honeywell International Inc., Evonik Industries, and Huntsman Corporation account for more than 65% of the market share.
- What are the top 4 countries driving demand?
The top 4 countries driving the demand include The Netherlands, US, France, and Germany.
- What is North America’s market Outlook?
North America will continue to hold the major share of revenue in asphalt additives market between 2021 and 2031.
- At what percentage asphalt additives market is going to register growth in Europe?
Europe is expected to witness growth at the rate of 3% in the asphalt additives market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and South Korea are expected to witness a flat curve in the asphalt additives market between 2021 and 2031.