The recent shift towards bio-based additives such as bio asphalt binder and lignifame are projected to create ample opportunities for the market.
Adroit Market Research report on the global aerospace foams material market gives the industry a holistic view of the forecast period from 2020 to 2028, including factors such as market dynamics, constraints, opportunities, challenges and regulatory overview. From 2018 to 2028, the demand was evaluated, with a base year forecast for 2019 and a prediction for 2020 to 2028. The study covers the current market status and future characteristics, both at the global and national level. In addition, with Porter's analysis of five strengths, the study also assesses market rivalry and positions leading players on the basis of their product range, regional presence, strategic initiatives and overall sales.
Bitumen, due to its physical properties such as adhesion, water resistance, toughness, ductility, and higher softening point, is commonly used in the building industry for roofs. As a result, the increase in the construction industry due to population growth across the cities and demand for new homes has led to a rise in demand across emerging economies. In addition, government initiatives such as Pradhan Mantri Awas Yojana (PMAY) initiated by the Government of India, including the building of houses for poor people living both in rural and urban areas, are projected to fuel demand for asphalt additives and thus boost global market growth. Nevertheless, changing the regulatory climate, combined with low customer awareness, will impede market growth. On the opposite, growing demand for asphalt additives from developing markets and increasing awareness of energy efficiency and sustainable infrastructure are projected to provide the asphalt additives industry with rewarding opportunities for development in the near future.
The global market for asphalt additives is expected to see significant growth over the next seven years due to increasing demand from the construction industry. Asphalt additives are considered to be chemicals or substances that are applied to the asphalt in order to change the final result of concrete. The effects of these chemicals include a reduction in stripping, life-cycle costs, rotting, raveling, permanent deformation, and pavement thickness. Separate types of these additives include PAC, multi-grade asphalt cement, polyester modifier and novophalt. Asia Pacific has dominated the global asphalt additives market due to brisk growth in the construction industry. China has dominated the regional market, closely trailing India, Malaysia, Vietnam and Indonesia. Due to construction stagnation in these areas, North America and Europe are expected to experience moderate to slow growth rates. The Middle East and Africa are also projected to see fast demand growth over the next seven years because of fast industrialization and tourism industry expansion.
Key Segments of the Global Asphalt Additives Market
Application type Overview, 2018-2028 (USD Million) (Kilo Tons)
- Polymeric Modifiers
- Anti-Strip & Adhesion Promoters
- Chemical Modifiers
Application Method, 2018-2028 (USD Million) (Kilo Tons)
- Road Construction and Paving
- Airport Construction
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America