Asphalt Additive Market

Asphalt Additive Market is anticipated to grow at a CAGR of 7.1% during forecast period and estimated to reach USD 5,391 billion by 2028.

Introduction of the Asphalt Additive Market Report

Asphalt refers to a sticky, black, semi-solid form of petroleum used for binding aggregate. Asphalt additives are several substances that can be added to the asphalt to augment the binding property of asphalt by strengthening the asphalt aggregate bond. Additives including emulsifiers, rejuvenators, polymeric modifiers, and others have been used that help in increasing film thickness of the asphalt and in preventing cracking, raveling, and deformation.

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Market Dynamic

Key Drivers and Emerging Trends

Rising industrial infrastructure development projects, increase in road construction, and increasing demand for asphalts for improved concrete performance with low pavement rutting and moisture-induced damage are expected to drive the growth of the asphalt additives market size during the forecast period. In addition, according to the national asphalt pavement Association (NAPA), about 80 percent of the nearly 3,330 runways in the FAA’s national airport system and 94 percent of the 2.8 million miles of paved roads within the U.S. are surfaced with asphalt pavement, which is expected to propel the market demand. Moreover, according to the Wisconsin Asphalt Pavement Association, asphalt is 100% recyclable and requires 20% less energy to produce than other pavement materials. As per the NAPA, in 2019, 90 million tons of recycled materials were used in asphalt pavement. This is expected to contribute to the increasing demand for asphalt additives over the forecast period.

Restraint in the Asphalt Additive Market

However, fluctuations in the price of petroleum and a lack of awareness in road builders and contractors are expected to restraint the growth of the asphalt additives market over the forecast period. Additionally, asphalt is more expensive to install compared to bitumen that may further hamper the market growth.

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Material – Segment Analysis

Based on the material, polymeric modifiers are expected to grow at a high CAGR over the forecast period primarily due to the increase in the use of polymers as additives that help in making asphalt with better physical properties over a widened temperature range. Polymer modified asphalt offers greater resistance to permanent deformation, improved fatigue and thermal cracking resistance, and improved tensile strength and elastic modulus, which is expected to escalate the market growth.

Technology – Segment Analysis

Based on the technology, the hot mix is expected to hold a prominent share in the market over the forecast period owing to its increasing demand for large-scale paving applications including roads, parking lots, and driveways. Additionally, hot mix asphalt (HMA) resists all types of weather; stands up to wind and flooding; and offers flexibility and malleability that allow it to shrink and expand during different temperatures without becoming damaged.

Application – Segment Analysis

Based on the application, road construction & paving are expected to hold a notable market share during the forecast period. This can be attributed to the large application of asphalt additives for constructing durable surfaces for driveways, walking paths, roads, highways, and parking lots. Moreover, asphalt additives offer high skid resistance; provide high contrast in color giving the driver better road visibility in various weather conditions; and help in reducing wear and tear on vehicles and tires.

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Regional – Segment Analysis:

North America is expected to hold a notable share in the market primarily due to the high economic growth and rising government expenditure on roads and other public infrastructure development. Moreover, according to the NAPA, the U.S. has produced about 420 million tons of asphalt mixture in 2019 and it has about 3,600 asphalt production sites. This is expected to drive market growth in North America.

Top Market Players

Several leading Asphalt Additive companies operating in the market, include, BASF SE, Nouryon, KAO Corporation, Arkema S.A., Honeywell International Inc., Evonik Industries AG, Huntsman Corporation, Kraton Corporation, Ingevity Corporation, and Akzo Nobel N.V., among others.

Key Developments:

• • In 2020, BASF SE introduced a new B2Last liquid asphalt modifier in North America, which improves paving operations and helps in making roads last longer. B2Last reacts with the liquid asphalt and does not separate from the asphalt binder.

Segments covered in the Report:

The global Asphalt Additive market has been segmented on the basis of material, technology, application, and key regions. Based on component, the market is segmented into fuel injectors, fuel pumps, sensors, electronic control units, and others. Based on the vehicle type, the market is segmented into passenger cars and commercial vehicles.

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Key questions answered in this research report:

• • At what pace is global Asphalt Additives market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Asphalt Additive Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Asphalt Additive Market?
  • Which material generated maximum revenues in 2020 and identify the most promising material during the forecast period?
  • What are the various applications of global Asphalt Additive Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Asphalt Additive Market by Material

• • Emulsifiers
  • Rejuvenators
  • Adhesion Promoters
  • Rheology and Elasticity Modifiers
  • Polymeric Modifiers
  • Others

Global Asphalt Additive Market by Technology

• • Hot Mix
  • Cold Mix
  • Warm Mix

Global Asphalt Additive Market by Application

• • Road Construction & Paving
  • Roofing
  • Airports
  • Industrial
  • Others

Global Asphalt Additive Market by Region

• • North America Asphalt Additive Market (Option 1: As a part of the free 25% customization)
    • North America Asphalt Additive Market by Material
    • North America Asphalt Additive Market by Technology
    • North America Asphalt Additive Market by Application
    • US Asphalt Additive Market All-Up
    • Canada Asphalt Additive Market All-Up
  • Europe Asphalt Additive Market (Option 2: As a part of the free 25% customization)
    • Europe Asphalt Additive Market by Material
    • Europe Asphalt Additive Market by Technology
    • Europe Asphalt Additive Market by Application
    • UK Asphalt Additive Market All-Up
    • Germany Asphalt Additive Market All-Up
    • France Asphalt Additive Market All-Up
    • Spain Asphalt Additive Market All-Up
    • Rest of Europe Asphalt Additive Market All-Up
  • Asia-Pacific Asphalt Additive Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Asphalt Additive Market by Material
    • Asia-Pacific Asphalt Additive Market by Technology
    • Asia-Pacific Asphalt Additive Market by Application
    • China Asphalt Additive Market All-Up
    • India Asphalt Additive Market All-Up
    • Japan Asphalt Additive Market All-Up
    • Rest of APAC Asphalt Additive Market All-Up
  • RoW Asphalt Additive Market (Option 4: As a part of the free 25% customization)
    • RoW Asphalt Additive Market by Material
    • RoW Asphalt Additive Market by Technology
    • RoW Asphalt Additive Market by Application
    • Brazil Asphalt Additive Market All-Up
    • South Africa Asphalt Additive Market All-Up
    • Saudi Arabia Asphalt Additive Market All-Up
    • UAE Asphalt Additive Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Asphalt Additive Market All-Up

Major Players Operating in the Asphalt Additive Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • Nouryon
  • KAO Corporation
  • Arkema S.A.
  • Honeywell International Inc.
  • Evonik Industries AG
  • Huntsman Corporation
  • Kraton Corporation 
  • Ingevity Corporation
  • Akzo Nobel N.V.