Global Asphalt Additives Market 2017-2021
About Asphalt Additives
Asphalt additives are ingredients that are added to asphalt binders to improve the overall performance of asphalt in road constructions, waterproofing solutions, recreational activities, and other applications. The global asphalt additives market is on the rise backed by increasing environmental concerns and the need to maintain asphalt pavements for sustainable development. The inclusion of asphalt additives not only increases the performance of asphalt but also proves to be a pragmatic and reasonable solution to global vendors of asphalt in the market. Asphalt additives refer to substances that are added to asphalt binders to enhance the performance of asphalt in various applications like roadways, waterproofing, recreation, and agriculture.
Technavio’s analysts forecast the global asphalt additives market to grow at a CAGR of 6.80% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global asphalt additives market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Asphalt Additives Market 2017-2021
Technavio recognizes the following companies as the key players in the global asphalt additives market: AkzoNobel, Arkema, Dow Chemical, Honeywell International, and Huntsman International.
Other Prominent Vendors in the market are: ArrMaz, Berkshire Engineering, DuPont, Engineered Additives, Evonik, Kao, Kraton, Sasol, and Tri-Chem Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increasing use of asphalt emulsions. An asphalt emulsion refers to emulsified asphalt cement in water. It consists of asphalt, water, and emulsifying surfactant agent (an asphalt additive). Asphalt emulsions are used to recycle older pavements. The growing demand across countries (especially in the US) drives the market for asphalt emulsions. These emulsions reduce the time required for paving jobs and are preferred for their low cost and solid performance.”
According to the report, one driver in market is furtherance of transport sector and infrastructural development. Countries across the globe still face the problem of unpaved roads that stretch for sizable distances when compared with paved counterparts. Unpaved roads account for approximately 4.3 million kilometers globally, of which the US accounts for approximately 2.1 million kilometers. Countries like China, Canada, India, Germany, and Switzerland have added their share into the bargain. This is one of the most important factors driving the global asphalt additives market as the need for paved roads would mean further consumption of asphalt (in turn asphalt additives) across the globe. The focus on urbanization and industrialization has also led to a demand for the asphalt additives. Rapid infrastructural growth in different countries across the globe demands an advancement of the transport sector as a tool for the economic development. Further, population explosion also has a role to play in the advancement of the transport sector.
Further, the report states that one challenges in market is unstable economic conditions. Unstable economic conditions could pose a serious challenge to the global asphalt additives market as an economic slowdown could bring down the demand for asphalt on a global level. During an economic slowdown, countries tend to decrease their public spend. This has a ripple effect and could alter the budgetary structure of a country, thereby hampering the sale and consumption of asphalt. The issue can be further worsened by the level of poverty and standard of living of people in countries where infrastructural development and planning on the pavement of highways and bridges are of the least concern. Further, with the poor availability of raw materials, the construction of highways using asphalt will be a time-consuming process. Therefore, unstable economic conditions can pose a challenge for both the asphalt and asphalt additives markets, hampering the demand for these products drastically during the forecast period.
AkzoNobel, Arkema, Dow Chemical, Honeywell International, Huntsman International, ArrMaz, Berkshire Engineering, DuPont, Engineered Additives, Evonik, Kao, Kraton, Sasol, and Tri-Chem Industries.
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