The size of the global market for Asphalt Additives is expected to reach US$ 7.79 Bn by 2031, expanding at a compound annual growth rate (CAGR) of 6 %.
Asphalt is known as an asphalt additive, blended along with concrete components to produce asphalt concrete. In road construction, an asphalt additive is used as an adhesive. The asphalt additives are used as materials for waterproofing as well. Asphalt additives help reduce the expense of the life cycle, stripping, cracking, permanent deformation, raveling and thickness of pavement.
In developing countries such as India and China, the rise in demand for asphalt additives is led largely by the increase in road and construction activities. The construction of numerous national highways, expressways and airport runways boosts the market for asphalt additives throughout these nations. In addition, the increase in government spending by these countries in the construction of national highways and expressways throughout the world and the development of road networks in rural areas to provide last-mile connectivity are expected to drive the growth of the demand for asphalt additives.
The objective of the report is to estimate the size of the asphalt additives market and the future growth potential of the asphalt additives market across different segments, such as type and application, etc.
The base year considered for the analysis is 2019 and from 2018 to 2028 the market size is estimated. Factors such as rising demand in the Asia-Pacific region, growth in the food & beverage and healthcare sectors, and increasing consumer understanding of health are the key drivers of the asphalt additives market in the coming years. The base year considered for the report is 2019, whereas the forecast period considered for the report is 2020 to 2028.
It is expected that heavy investments in the construction industry to meet the growing demand for industrial and residential infrastructure in the BRICS would boost overall demand in the respective countries, further complementing the growth of the global market for asphalt additives. Sporting events such as the 2016 Brazilian Olympics and the 2018 FIFA World Cup in Russia are expected to further drive construction development, generating requirements for asphalt additives. It is expected that the increase in government road construction projects in developed economies would positively drive the global market. Furthermore, environmental advantages over other traditional additives are expected to help global demand growth over the forecast period. Compared to other additives, asphalt additives such as cold-mix additives emit low to nil toxic fumes. The recent move to bio-based additives such as bio-asphalt binder and lignifame is expected to generate sufficient market opportunities.
Asphalt Additives Market Scope
|Revenue forecast in 2031
|US$ 7.79 Bn
|CAGR of 6 % during 2021-2031
|Technology, Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Nouryon, Arkema, BASF SE, Arrmaz, Grupo Dynasol, Ingevity, Iterchimica, MCASPHALT, China Petroleum and Chemical Corporation, ATDM Co., Cargill, Inc., Birkshire, Engineering Supplies, Engineered Additive LLC, Kao Corporation, Honeywell International Inc., Petrochem Specialties, Huntsman International LLC, Evonik Industries AG, Sasol Ltd., Dupont De Nemours, Inc., Dow, Kraton Corporation
Key Segments of the Global Asphalt Additives Market
Application type Overview
- Polymeric Modifiers
- Anti-Strip & Adhesion Promoters
- Chemical Modifiers
- Road Construction and Paving
- Airport Construction
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Important Companies in Global asphalt additives market
- Arkema SA
- Honeywell International Inc.
- Evonik Industries
- Kraton Corporation
- BASF SE
- Ingevity Corporation
- DowDuPont Inc.
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of asphalt additives market
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on Asphalt Additives Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global asphalt additives
- Managers within the field service management industry looking to publish recent and forecasted statistics about Asphalt Additives Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Asphalt Additives Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.