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
Increasing Road Infrastructure Development Projects in Emerging Economies to Bolster Market Growth
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.
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.
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 – Scope of the Report
A latest market report on the global asphalt additives market by Persistence Market Research (PMR) provides global industry analysis of 2014–2018 and forecasts for 2019–2029. The report delivers a detailed assessment of the most significant market dynamics. The asphalt additives market study also includes key drivers, trends, opportunities, and restraints, along with comprehensive information about the market structure. This report also presents exclusive facts and figures about how the asphalt additives market is expected to grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s report in a comprehensive manner. This information helps readers to understand the quantitative development projections of the asphalt additives market over the forecast period.
The study is relevant for stakeholders in the asphalt additives market, as well as manufacturers, distributors, suppliers, and investors. Industry experts, researchers, journalists, and business researchers in the asphalt additives market can leverage the information and statistics presented in PMR’s report.
The report includes facts and figures related to the macro- as well as micro-economic factors that are impacting the growth of the asphalt additives market. The study also offers actionable insights based on the future trends in the asphalt additives market. The global asphalt additives market study also provides key insights regarding the impact of Covid-19 outbreak on the global market. Furthermore, regional players and new entrants in the asphalt additives market can also use the information presented in this report to make effective business decisions and gain momentum in the market.
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 PMR’s Asphalt Additives Market Report
Asphalt Additives Market: Research Methodology
PMR uses an exclusive research methodology to conduct comprehensive research on the development of the asphalt additives market, and reach conclusions on the future growth factors of the market. Primary and secondary and research is utilized by our analysts to ensure precision and reliability of the conclusions in this report.
Secondary resources referred to by PMR’s analysts during the asphalt additives market study comprise facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Our analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to obtain information with the utmost accuracy.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the asphalt additives market to make PMR’s projections on the growth prospects of the market more accurate and reliable.