Asphalt Additives Market is valued at USD 3415.6 Million in 2020 and expected to reach USD 5349.8 Million by 2027 with a CAGR of 6.62% overthe forecast period.
Factors such as increase in road construction projects along with the growing usage of asphalt additives in roofing applications, increasing up gradation of road networks in emerging countries and rising government pressure for enhancement of infrastructure are the major factors driving the market growth.
Asphalt is a black or brown material like petroleum which has a density fluctuating from viscous liquid to glassy solid. It consists of compounds of hydrogen and carbon with minor proportions of sulphur, nitrogen and oxygen.
The Asphalt additives are the substances like many other substances that can be added to the asphalt binder to alter the characteristics of the final blend of hot mix asphalt (HMA). These asphalt additives of highest quality are used for increasing the adhesion between asphalt cements & aggregates and improve concrete performance through reduced pavement rutting and moisture-induced damage. These additives are also used as a sprayed, thin membrane, coated with earth for protection against weathering and production damage or thicker surfaces, regularly including crushed rock.
Major applications of Asphalt additives include; increasing in the use of coatings, roofs, floor tiling, waterproofing, soundproofing and other building-construction elements and several manufacturing products, such as batteries.
The recent outbreak of the coronavirus disease (COVID-19) and the implementation of complete lockdowns by governing authorities in several countries have hampered the supply chains and the production in the manufacturing units of leading key players. Due to the disruption of the supply chain, the supply of other raw materials has been limited and also economic downfall where construction was one of the severely impacted sectors due to shortage of raw materials, labor force, and government regulation to put to a hold on-going project. Thus the demand for asphalt and subsequently asphalt additives has decreased.
Global Asphalt Additives Market is segmented type, application and region & country level. On the basis of type, the market is segmented into Asphalt modifier, antistripping agent, asphalt emulsifier, surfactant additives, foam stabilizer and others. On the basis of application, the market is segmented into road construction and paving, roofing and others.
|2018 - 2021
|2022 - 2028
|Market Size in 2020:
|USD 3415.6 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 5349.8 Million
|Tables, Charts & Figures:
|Evonik, Kraton, DowDuPont, Arkema, Akzo Nobel, Huntsman, Berkshire Engineering Supplies, ArrMaz, Kao Corporation, Engineered Additives, BASF, Sonneborn, Honeywell, Ingevity, LUCOBIT, Sinopec, LCY CHEMICAL CORP, Jiangsu Jinyang, Zibo bridge lung and others.
|By Types, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
As the construction sector projects include civil engineering projects such as roads and utility systems also projects of construction, maintenance, renovation, etc and the Asphalt additives are widely being used in such projects. Also as roads and highways are the major modes of land transport in many countries, so Governments have taken initiatives to build roads, highways, and pavements to develop infrastructure as this Asphalt Technology deals with asphalt as material for road construction. This means there is high demand for Asphalt additives in construction projects and thus with increase in road construction projects along with the growing usage of asphalt additives in roofing application, is one of the major factors driving the growth of the global Asphalt additive market.
In addition, many governments are taking initiatives regarding the increase in government expenditure on construction for strengthening the construction network in their urban as well as in rural areas. For instance; According to India Brand Equity Foundation, the Government of India has allocated Rs. 111 lakh crore (US$ 1.4 trillion) under the National Infrastructure Pipeline for FY 2019-25 and The Union Minister of State for Road, Transport and Shipping has stated that the Indian Government aims to boost corporate investment in roads and shipping sector, along with introduction of business-friendly strategies, that will balance profitability with effective project execution. Thus, upgradation of road networks in emerging countries and government pressure for enhancement of infrastructure is also fostering the market growth.
However, changing regulatory environment coupled with low consumer awareness can hamper the growth of market. Even though increasing awareness about energy conservation & sustainable infrastructure are expected to offer new opportunities for the further growth of the global asphalt additives market.
The Global Asphalt additives market is segmented into North America, Europe, Asia- Pacific Latin America and Middle East & Africa. Geographically Asia Pacific region is expected to witness a lucrative growth in the global Asphalt additives market owing to the rising number of road and highway construction activities in China and India, increasing supportive government initiatives regarding infrastructure development and rising growth of real estate sector are some of the major factors driving the market growth in this region. As there are heavy investments in the construction industry in the many countries in Asia Pacific region to meet rising industrial and residential infrastructure, this has generated huge requirement for asphalt additives in Asia Pacific.
For instance; According to Department for Promotion of Industry and Internal Trade Policy (DPIIT) data, construction development sector involved Foreign Direct Investment (FDI) inflow worth about US$ 25.93 billion in the between April 2000 and December 2020.
North America region is expected to show a significant growth in the global Asphalt additives market due to the increasing demand for asphalt owing to the rising number of road construction activities, increasing government pressure for enhancement of infrastructure and rising number of highways, streets, and other non-building construction in North America.
On Special Requirement Asphalt Additives Market Report is also available for below Regions and Country:
Middle East and Africa
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