The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major key factors driving the growth of the asphalt additive market across the globe.
“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.
“The road construction & paving segment is projected to lead the asphalt additive market during the forecast period.”
Based on application, the road construction & paving segment accounted for the largest share, in terms of value, in 2021. Asphalt is required for the construction and maintenance of pavements. Asphalt pavements can be constructed quickly and are easier to maintain. This enhance the demand of asphalt additives in road construction & paving application during the forecast period.
“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.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 47.2%, Tier 2 – 30.7%, and Tier 3 – 22.1%
- By Designation: C-level Executives – 42.1%, Managers – 39.6%, and Others– 18.3%
- By Region: North America – 35%, Europe – 22%, Asia Pacific – 25%, South America – 8%, Middle East & Africa – 10%
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players in the asphalt additives market. These players have adopted product launches, collaborations, partnerships, expansions, acquisitions, agreements, joint ventures, and investments as the main strategies for enhancing their business revenues and market shares.
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.
The report defines, segments, and projects the asphalt additives market based on application, type, technology, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, asphalt additives market manufacturers and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as product launches, collaborations, partnerships, expansions, acquisitions, agreements, joint ventures, and investments, 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.