Asphalt Additives Market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Asphalt Additives Market
Chemicals or substances that are added to the asphalt in order to alter the final outcome of concrete are known as asphalt additives. Asphalt additives are any of a number of substances that can be added to the asphalt binder to alter the characteristics of the final blend of HMA. Additives being used to boost AC performances include polymers, chemical modifiers, extenders, oxidants and antioxidants, hydrocarbons and antistripping additives. The most commonly used chemical modifier is phosphoric acid. This modifier may be used in combination with polymers to increase the high-temperature stiffness. The additives are used for the construction of HMA pavements, to reduce traffic volumes, traffic loads and tire pressure.
Market Dynamics: Asphalt Additives Market
Growing consumer inclination towards asphalt additives for roofing applications are expected to augment the global market growth. These additives are added to roofing products for high quality and UV resistance. Heavy investments in construction industry to meet rising industrial and residential infrastructure demand in BRICS is expected to drive overall demand in the respective countries, further complementing the global market growth. Sporting events such as 2016 Olympics in Brazil and FIFA World Cup 2018 in Russia are expected to further drive construction growth, thus generating requirement for asphalt additives. Factors inhibiting the growth of the asphalt additives market include volatility in asphalt price and supply, lack of awareness about asphalt additives, and presence of substitutes such as concrete and bio asphalt.
Market Scope: Asphalt Additive Market
Asphalt additive market is segmented based on product type, application, and technology
Based on product type, market is segmented into the following:
- Polymeric modifiers
- Anti-strip & adhesion promoters
- Chemical modifiers
- Others (rejuvenators, warm mix additives, fibers, organic materials, rubber modifiers)
Based on the application, market is segmented into the following:
- Road construction & paving
- Airport construction
- Others (parking lots and bridges)
Based on the technology, the market is segmented into the following:
- Hot mix
- Cold mix
- Warm mix
Regional Analysis: Asphalt Additives Market
Geographically, asphalt additives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific Asphalt Additives Market has accounted for the largest share of the asphalt additives market in 2015. There is a significant infrastructure gap in the Asia-Pacific region. Maximum economic growth and utilization of facilities in countries of this region are possible with the implementation of new infrastructure projects. Thus, the road infrastructure projects by governments of various countries in Asia-Pacific are expected to drive the asphalt additives market. North America Asphalt Additives Market is projected to account the second highest market share for asphalt additives. Growing construction activities and road building in the U.S. is expected to fuel the popularity and demand for the global asphalt additives market in this region. Europe Asphalt Additives Market is expected to register a significant growth during the forecast period due to strict environmental rules in Europe are projected to support the use of warm mix of asphalt which in turn, fuels the demand and popularity from the global asphalt additives market.
Competition Assessment: Asphalt Additives Market
Some of the players in the asphalt additives market include:
- Ingevity Corporation (U.S.)
- The Dow Chemical Company (U.S.)
- DuPont Evalay (U.S.)
- Arkema S.A. (France)
- I. du Pont de Nemours and Company (U.S.)
- Sasol Limited (South Africa)
- MeadKraton Corporation (U.S.)
- Akzo Nobel, Kao Corporation (Netherland)
- Arrmaz (U.S.)
- Honeywell International, Inc. (U.S.)
Notable Market Developments: Asphalt Additives Market
- In November 2018, Honeywell announced that it has completed its acquisition of warehouse automation solutions provider Transnorm.