PUBLISHER: The Business Research Company | PRODUCT CODE: 1390994
PUBLISHER: The Business Research Company | PRODUCT CODE: 1390994
“Asphalt Additives Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on asphalt additives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for asphalt additives? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The asphalt additives market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Asphalt additives are chemicals or substances added to asphalt to modify the properties of the asphalt binder. These materials enhance the adhesive force between aggregates and asphalt cement, thereby preventing issues such as cracking, unraveling, and deformation. Common asphalt additives include ethylene vinyl acetate, latex, styrene-butadiene styrene-block (SBS) copolymer, manganese organic complex, SBS vulcanized with asphalt, polyethylene, and carbon black.
The primary types of asphalt additives encompass polymeric modifiers, anti-strip and adhesion promoters, emulsifiers, chemical modifiers, rejuvenators, fibers, flux oil, and colored asphalt. Polymeric modifiers are compounds with a functional unit grafted onto the polymer backbone, utilizing technologies such as hot mix, cold mix, and warm mix. These additives find diverse applications in road construction, road paving, airport runways, parking lots, and roofing.
The asphalt additives market research report is one of a series of new reports from The Business Research Company that provides asphalt additives market statistics, including asphalt additives industry global market size, regional shares, competitors with an asphalt additives market share, detailed asphalt additives market segments, market trends and opportunities, and any further data you may need to thrive in the asphalt additives industry. This asphalt additives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The asphalt additives market size has grown rapidly in recent years. It will grow from $3.98 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The increase in the historic period can be attributed to factors such as government investments in transportation infrastructure, the expansion of the transportation network, a rise in infrastructure rehabilitation projects, overall economic growth, and an increase in the construction sector.
The asphalt additives market size is expected to see strong growth in the next few years. It will grow to $6.3 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to factors such as the increasing focus on road construction and maintenance activities, growing industrialization, rapid urbanization, challenges posed by extreme weather conditions, and the aging of existing infrastructure. Key trends expected in this period involve the integration of nanotechnology in additives, the adoption of performance-grade binders, the utilization of polymer-modified asphalt, the implementation of warm mix asphalt (WMA), and the increasing use of recycled materials in asphalt construction.
An upsurge in road construction ventures is anticipated to drive the expansion of the asphalt additives market. The application of asphalt additives in road construction significantly enhances road quality and longevity. An illustrative case is presented by the India Brand Equity Foundation (IBEF), indicating India's achievement of constructing 13,298 kilometers of roadways in FY21, even amid the challenges posed by the pandemic and shutdowns. This accomplishment points to the driving force that the increase in road construction projects will provide to the asphalt additives market.
A surge in government investments earmarked for infrastructure development is projected to steer the growth of the asphalt additives market. These investments not only boost demand for asphalt additives but also foster technological progress, economic growth, and sustainable practices within construction projects. Notably, in November 2022, the Australian government allocated $12.04 billion (A$17.9 billion) over a decade for vital infrastructure projects, including significant investments in road and rail projects. This forms part of an anticipated total investment of over $146.72 billion (A$218 billion) in major public infrastructure between 2021 and 2025. Simultaneously, the United States' $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) is set to invest $550 billion over the next ten years to enhance various aspects of infrastructure, including roads, bridges, clean drinking water access, and environmental justice. Consequently, the rise in government investments for infrastructure development is propelling the growth of the asphalt additives market.
The emergence of bio-based asphalt additives is reshaping the landscape of the asphalt additives market. Collaborations such as the partnership between Puma Energy International S.A. and Cargill, Incorporated have introduced innovative products like the Anova warm mix additive, which offers several advantages, including improved workability and non-hazardous, vegetable-derived components. This advancement signifies a shift towards bio-based alternatives in the pavement sector and indicates the growing influence of environmentally friendly solutions in the asphalt additives market.
Major corporations within the asphalt additives market are actively formulating sustainable solutions to gain a competitive advantage. An exemplary instance is the launch of Kao Corporation's NEWTLAC 5000 in February 2021, a revolutionary asphalt additive incorporating recycled PET (polyethylene terephthalate) plastic, significantly enhancing the durability of asphalt. With the capacity to extend road surface longevity up to five times more than traditional asphalt, this additive delivers robust environmental, social, and governance (ESG) advantages. It addresses road sustainability and safety concerns by displaying high resistance to oil and other liquids, reducing surface damage vulnerability caused by heavy vehicles.
In April 2022, Euclid Chemical Company broadened its footprint in the market by acquiring the cement grinding aids and additives business of Chrysos Corporation. The technologies gained from this acquisition are aimed at cement manufacturers to enhance cement performance and diminish CO2 emissions during the production process. Chrysos Corporation, based in Australia, specializes in providing innovative technology solutions for the mining industry.
Major companies operating in the asphalt additives market include Arkema S.A., ArrMaz Products Inc., BASF SE, Evonik Industries AG, Huntsman Corporation, Nouryon Holding B.V., Sasol Limited, China Petroleum & Chemical Corporation., Solvay SA, Jiangsu Jinyang Group Co. Ltd., Zibo Bridge Lung Chemical Co. Ltd., Berkshire Engineering Supplies Ltd., Engineered Additives LLC., Sonneborn LLC., LUCOBIT AG, Tri-Chem Specialty Chemicals LLC., Colas SA, Cargill Inc., Owens Corning Corporation, CRH PLC., Honeywell International Inc., Kraton Corporation, Akzo Nobel NV, Grupo Dynasol S.A. de C.V., McAsphalt Industries Limited, ATDM Co Ltd., Kao Corporation., Petrochem Specialties Inc., Dupont De Nemours Inc.
Asia-Pacific was the largest region in the asphalt additives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in asphalt additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the asphalt additives market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The asphalt additives market consists of sales of rheology and elasticity modifiers used as asphalt additives. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.