Asphalt Additives Market size is valued at USD 3,862.8 million in 2021 and is expected to grow at a CAGR of 7.1% during the forecast period 2022 to 2028. The global market provides a detailed overview and which can be segmented by product type, application, and technology. By product type, the asphalt additives market has been segmented into polymeric modifiers, anti-strip & adhesion promoters, emulsifiers, chemical modifiers, and others (rejuvenators, warm mix additives, fibers, organic materials, rubber modifiers)). Based on type, the polymeric modifier segment accounted for the largest share, in terms of value, in 2021, and is projected to dominate the market attributing to various properties such as stiffness, strength, and making more advancement of flexibility and durability of asphalt pavements. By application, the asphalt additives market has been segmented into road construction & paving, roofing, airport construction, and others (parking lots and bridges)). Based on application, the road construction & paving segment of the market is expected to grow at the highest CAGR during the forecast period. As, Roads get damaged these days easily due to various factors such as wear & tear, moisture, hot/cold climate, and frost. Furthermore, this damage can be prevented with asphalt additives, as they support increasing the durability of pavements by preventing cracking and rutting which surely leads to an increase in the demand for asphalt additives. Based on the technology, the segment has been segregated into the hot mix, cold mix, and warm mix. Based on technology, the hot mix technology is expected to lead the asphalt additives market in the coming next few years owing to its various properties such as durability, and resistance to moisture damage and thermal cracking. It also offers excellent workability and skid resistance. This segment is further growth due to increasing developments in the construction of new highways and expressways.
In June 2020, BASE SE launched a bitumen additive B2Last that binds components in the bitumen to form a robust yet elastic polymer grid. This helps extend the road’s lifespan and durability.