“The asphalt additive market is projected to grow at a CAGR of 5.7 % from 2019 to 2029, in terms of value.”
The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 6.3 billion by 2029, at a CAGR of 5.7% from 2019 to 2029. Increasing developments in the Asia Pacific infrastructure market, recyclability of asphalt, development of warm-mix asphalt, and increasing use of asphalt in roofing applications is fueling the growth of the market across the globe. The use of concrete and bio asphalt as substitutes for asphalt and volatility in the prices and supply of the material acts as a major restraint for the growth of asphalt additives market during the forecast period.
“The rejuvenators segment is the fastest growing type segment, in terms of value during the forecast period”
Based on type, the rejuvenators segment is projected to grow at the highest CAGR. Increasing use of recycled materials, such as Reclaimed Asphalt Pavement (RAP) and Recycled Asphalt Shingles (RAS) in the asphalt pavements application, has resulted in the growing demand for rejuvenator asphalt additives to restore the strength and durability of aged binders. Rejuvenators are being widely used to improve properties, such as viscosity, of aging binders. The growth of this segment is due to the increased use of recycled road material for pavement application globally.
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“The polymeric modifier segment is projected to be lead the asphalt additive market during the forecast period.”
Based on type, the polymeric modifier segment accounted for the largest share, in terms of value, in 2018. The growth of this segment can be attributed to the excellent properties such as stiffness, strength, and improve the flexibility and durability of asphalt pavements. These are easy to use, and the raw materials used to make them are readily available, which makes them the most preferred type of asphalt additives globally.
“The Asia Pacific region is the largest growing regional segment.”
The Asia Pacific region is projected to lead the asphalt additive market from 2019 to 2029, in terms of value and volume. The increasing demand for asphalt additives products in developing economies, such as India and China, due to increasing infrastructure spending is expected to bolster market growth. China is the leading consumer of asphalt additives products in the Asia Pacific region. The considerable growth and innovation, along with industry consolidations, is expected to fuel the growth of the Asia Pacific asphalt additives market.
The warm mix segment is the fastest-growing technology segment”
The demand from warm mix technology segment is rising due to various properties that have made it more attractive than other asphalt mixes. Less energy is needed to heat the asphalt mix, and less fuel is required to produce warm-mix asphalt. Also, it is environment-friendly as it produces fewer emissions, thus improving the working conditions at asphalt pavement sites. These properties will further increase its market share in the technology sector.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 75%, Tier 2 – 20%, and Tier 3 – 5%
- By Designation: C-level Executives – 45%, Directors – 30%, and Others – 25%
- By Region: Asia Pacific – 30%, Europe – 15%, North America – 40%, the Middle East & Africa- 10%, and South America – 5%
Furthermore, as a part of the qualitative analysis of the asphalt additives market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation (US), Arrmaz (US), BASF SE (Germany), and Kao Corporation (Japan).
- The report defines, segments, and projects the size of the asphalt additive market based on application, type, technology, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, new product developments, acquisitions, and collaborations undertaken by them in the market.
Reasons To Buy the Report:
- The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the asphalt additive market and its segments.
- This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.