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Asphalt Additives Market

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

Asphalt Additives Market Segmentation By Product Type - Emulsifiers, Rejuvenators, Adhesion Promoters, Rheology and elasticity modifiers, Polymeric Modifiers.

Global Asphalt Additives Market Snapshot

Insights revealed by the research conducted by Persistence market research on the Asphalt Additives market portray substantial gains, with the market expanding at around 4.5% CAGR from 2023 to 2033.

Asphalt Additives Sales (2022A)

US$ 4,885.3 Million

Asphalt Additives Demand (2023E)

US$ 5,095.2 Million

Asphalt Additives Market Projections (2033F)

US$ 7,913.9 Million

Value CAGR (2023 to 2033)

5.5%

Collective Value Share: Top 3 Countries (2023E)

50.9%

Asphalt additives are compounds that can be added to the asphalt binder to alter the properties of the final blend depending on whether hot mix, cold mix, or warm mix asphalt is needed. With the use of these additives, stripping, life cycle costs, cracking, raveling, permanent deformation, and pavement thickness all could be reduced. These additives come in a variety of types, including PAC, novophalt, polyester modifiers, and multi-grade asphalt cement. They are frequently utilized in parking lots, on roadways, on sidewalks, and at airports. To reduce moisture damage, adhesion promoters are used to improve the asphalt mix's physical or chemical properties.

The market for asphalt additives is rising as a result of rising customer preference for asphalt additives in roofing applications and a quickening expansion of their use in road construction due to enhanced concrete performance with less pavement rutting and moisture-induced degradation. The increase in government investment in the construction of national highways and expressways globally to enhance road networks in downtrodden areas is expected to create ample space for Asphalt Additives.

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A comparison of global asphalt additives market growth between 2018 and 2022 vs. projected growth for 2023 to 2033

Sales of asphalt additives increased at a CAGR of 2.1% between 2018 and 2022. Sales of asphalt additives have significantly grown from 2018 to the middle of 2019. This is due to the thriving demand in the asphalt pavement industry, which is driven by the necessity for high temperature and aging resistance, advancements in thermal stripping, and reduced maintenance expenses for pavements. The pandemic had an impact on numerous aspects of the value chain for asphalt additives, which was evident in the years 2020 and 2021. Construction projects across the globe were delayed as a result of COVID-19. due to which the market has seen a dent at the time of Covid-19.

On the upside, The construction sector has a lot of potential to boost recovery by generating new jobs in a variety of industries, and recovery measures could, in turn, promote the asphalt additives transformation toward sustainability and growth. Insights revealed by research on the Asphalt Additives market portray substantial gains, with the market expanding at around 5.5% CAGR from 2023 to 2033.

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Market Dynamics

Emerging Warm Mix Asphalt (WMA) Technology is the New Frontier for Asphalt Additives Market

Warm mix asphalt technology is a fast-emerging technology across the globe due to the increase in awareness about pollution control. Warm Mix Asphalt technology enables manufacturers of asphalt pavement materials to reduce the temperatures at which asphalt mixes are created and applied. The technology also aids in reducing greenhouse gas emissions and fuel consumption.

Warm mix asphalt technology lowers the viscosity of the asphalt binder to enable the layering of asphalt particles at lower temperatures. This is done by the addition of asphalt additives in the asphalt mix. There are several additives, including water-based, organic, and chemical additives, that are used to combine asphalt binders and aggregates at lower temperatures to produce high-performance warm mix asphalt. The market for asphalt additives is expected to experience substantial gains during the forecast period due to a rise in the usage of warm-mix asphalt technology, Many developing countries are shifting their focus toward warm-mix asphalt technology to earn carbon credits under the Kyoto Protocol.

Shifting Focus Towards Bio-based Additives.

The increase in the demand for eco-friendly additives, led by the rise in the trend of decreasing the reliance on petroleum-based additives, has encouraged industry participants to shift toward bio-based additives. Regulatory bodies have enacted guidelines regarding the commercialization of bio-based products. There has been a significant shift in focus toward bio-based additives.

Bio-based additives are made up of renewable raw materials. These additives are safe to handle, eco-friendly, and non-hazardous. They do not release any harmful components during production and application. Bio-based products can significantly lower the overall expenditure on energy. Key Players are increasingly using eco-friendly products, owing to the rise in awareness about the environment among consumers. For Instance, Kraton Corporation’s SYLVAROAD RP1000 asphalt additives are a bio-based additive that helps lower energy consumption and the CO2 footprint of pavements, CECA’s Cecabase RT is produced from at least 50% vegetable oil. It helps reduce energy consumption by up to 30% during construction work.

All these benefits & Investments in bio-based additives are estimated to provide lucrative opportunities to the Global asphalt additives market shortly.

Availability of Substitutes & Volatility in prices constraint the growth of Asphalt Additives

Asphalt additives are petrochemical-based products, hence their cost is volatile. The cost of asphalt additives is being influenced by shifts in the cost of petrochemical products. This in turn is having an impact on the asphalt additive supply chain. Asphalt Additives' prices would change in response to changes in petrochemical costs.

In the construction and upkeep of roadways, concrete is a widely used material. Over the past several years, governments of various countries have preferred the utilization of concrete and cement in the construction of roads due to their numerous benefits, such as their high durability, low maintenance requirements, resilience to weather changes, and eco-friendly application methods. Similarly, alternatives to asphalt driveways include gravel, permeable pavement, and pavers. Intense competition faced by asphalt from its substitutes is likely to hamper the asphalt additives market during the forecast period this impedes the market growth.

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Country-wise Insights

How does China is contributing to the growth of the Asphalt Additives Market?

The Chinese market for asphalt additives is anticipated to advance at a steady growth owing to the rising investment in infrastructure construction in the region. Such a factor, in turn, would boost the demand for various types of asphalt additives, such as polymeric modifiers, emulsifiers, chemical modifiers, and rejuvenators. China is estimated to witness growth in the demand for asphalt additives due to increased investment in road and belt construction activity. As per the Chinese Ministry of Commerce (MOFCOM), Chinese enterprises invested about US$89.9 billion along the belt and road with a year-on-year increase of 10.2% in the first half of 2022. Also, there were 1,840 newly signed projects with a total contract value of over US$38 million with a focus on 55 countries that are along the belt and road from China to Europe including South Asia.

What is the market scenario of Asphalt Additives in the U.S.?

The U.S. economy relies on a massive network of infrastructure, including ports, highways, bridges, electricity grids, and internet access. As traffic congestion increases, vital roads and national highways deteriorate. The high deterioration of roads in the U.S. is the cause of traffic. To release this problem Government is funding several transportation infrastructures.

To determine the potential future expansion for driveway, bridge, road, and parking lot development in the United States, the American Road & Transportation Builders Association (ARTBA) undertook a survey. The significance of the road base has come to light due to the deterioration brought on by increased traffic on major roads and interstates. Long-lasting highway construction requires the use of the proper base materials. Growing industrialization has increased the need for effective road transportation, enabling the rapid movement of raw materials and finished products. The market for asphalt additives will be driven by the U.S.'s increasing requirement for effective roads and highways, which will also raise the demand for conventional materials' enhanced qualities to increase durability.

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Category-wise Insights

What is the growth outlook of the polymeric modifiers segment in the Asphalt Additives market?

The Asphalt Additives Market was dominated by the polymeric modifiers segment. The polymeric modifier class of asphalt additives is widely used for building roads, airport runways, paving roads, and constructing parking lots using numerous methods including cold mix, hot mix, and warm mix.

The elements fostering this segmental expansion are an increase in traffic volume and trucks carrying heavier loads. According to Fintraffic, the amount of traffic on highways and main highways rose by 3% in 2021 compared to 2020. The need for polymeric modifiers will develop in tandem with the amount of traffic on the roads, which will boost the market size for asphalt additives throughout the forecast period.

Which sector of the economy is expected to be a prominent application for Asphalt additives?

Road construction and paving held a significant share of the Asphalt Additives Market owing to boost viscosity and stiffness at high temperatures, asphalt additives such as polymeric modifiers, emulsifiers, chemical modifiers, and rejuvenators are frequently employed in road construction.

For instance, according to U.S. Facts, highway transportation accounted for 41% of government spending on infrastructure and transportation in 2021., To establish a finished town in 2022, Milton Town, Canada, has committed US$61.7 million in roads, bridges, and stormwater control ponds. Such infrastructure investments are anticipated to increase the demand for asphalt additives, which would fuel the expansion of the asphalt additives market over the course of the forecast year.

Competitive Landscape

The market for asphalt additives is substantially fragmented, with tier-one Key players owning one-third of the overall market share. To create new products, reduce costs, and seek new market niches, Key Players invest a reasonable portion of their revenues in research and development. Due to rising governmental initiatives in transportation and infrastructure operations, there has been a noticeable change in attention toward bio-based additives, and the asphalt additives market is expected to have substantial investment possibilities throughout the forecast period.

For instance,

  • In Aug 2022, Kao Corporation launched the first-ever recycled plastic bottle-based asphalt additive that contains NEWTLAC 5000, a novel additive with extraordinary durability, oil resistance, and environmental advantages.
  • In Apr 2019, Nouryon has expanded its offering for the asphalt sector with the inclusion of Wetfix G400, a flexible non-amine adhesion promoter created from renewable resources. Wetfix G400 provides customers with a greener alternative while maintaining the effectiveness and durability of asphalt mixes.

Scope of Report

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • USD Million for Value
  • Tons for Volume

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia and New Zealand
  • Gulf co-operation council countries
  • Türkiye
  • Northern Africa
  • South Africa

Key Segments Covered

  • Product Type
  • Technology
  • Application
  • Region

Key Companies Profiled

  • Evonik Industries AG
  • Kraton Corporation
  • Arkema S.A
  • Nouryon Chemicals
  • Dow Inc.
  • Honeywell International Inc.
  • Huntsman Corporation
  • Ingevity Corporation
  • BASF SE
  • Akzo Nobel N.V.
  • Sasol Limited
  • Kao Corporation
  • Tri-Chem Specialty Chemicals,LLC

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available Upon Request

Asphalt Additives Market Segmentation

By Product type:

  • Emulsifiers
  • Rejuvenators
  • Adhesion Promoters
  • Rheology and elasticity modifiers
  • Polymeric Modifiers
  • Others

By Technology:

  • Hot Mix
  • Cold Mix
  • Warm Mix

By Application:

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

By Region:

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

- Companies Covered in This Report -

  • J Evonik Industries AG
  • Kraton Corporation
  • Arkema S.A
  • Nouryon Chemicals
  • Dow Inc.
  • Honeywell International Inc.
  • Huntsman Corporation
  • Ingevity Corporation
  • BASF SE
  • Akzo Nobel N.V.
  • Sasol Limited
  • Kao Corporation
  • Tri-Chem Specialty Chemicals,LLC

- Frequently Asked Questions -

The global market of Asphalt Additives has reported a valuation of US$ 4,885.3 million in 2022.

The global market of Asphalt Additives is estimated to reach a valuation of US$ 5,095.2 million in 2023.

The global market of Asphalt Additives is estimated to reach a valuation of US$ 7,913.9 Million in 2033.

The global market of Asphalt Additives has exhibited a value CAGR of 2.1% over the last four Years.

The global market of Asphalt Additives has projected a value of CAGR of 4.5% from 2023 to 2033.

According to estimates, the Polymeric Modifiers market represents a significant portion of the global market for Asphalt Additives, accounting for around 35.3% of the whole.

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