Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt), Application, Technology and Region - Global Forecast to 2028
The global asphalt additive market is anticipated to grow from USD 4.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 7.7% from 2023 to 2028. The growth in the infrastructure sector of emerging economies is driving the demand for new road pavements, and consequently, the demand for asphalt additives.
“The Anti-strip & Adhesion Promoters segment is expected to be the second-largest segment, in terms of value in 2023”
Anti-strip & adhesion promoters are used to avoid stripping asphalt cement from the aggregate. This is done by creating chemical bonds between the asphalt film and the aggregate surface, which helps avoid reveling and rutting pavements. These promoters also prevent the formation of potholes, hence prolonging the life of the pavement. Anti-stripping agents prevent the seepage of water through the asphalt surface and avoid moisture damage.
“Middle East & Africa region is expected to witness highest CAGR between the forecast period.”
The market in the Middle East & Africa is also expected to be the fastest-growing market. Countries such as Saudi Arabia and the UAE are key markets in the region. Countries in the Middle East & Africa are looked upon as growing markets, and governments in this region are undertaking initiatives for the development of the construction sector. The development of business and manufacturing infrastructure is leading to the growth of the road construction & paving sector, which is driving the asphalt additive market in this region.
“The airport construction segment is projected to be the second largest in the asphalt additive market during the forecast period.”
A majority of airports have asphalt pavements for their runways, taxiways, and aprons. Runways need good skid resistance and hard paving so that flying does not face any hindrance from adverse weather conditions. Asphalt additives enhance the anti-skid properties of asphalt and also improves its quality so that pavements withstand the heavy loads of an aircraft. The growth in the aerospace sector has led to an increase in airport construction activities. This, in turn, has increased the demand for asphalt additives that are used in the construction of airport pavements.
Profile break-up of primary participants for the report:
By Company Type: Tier 1 – 47.2%, Tier 2 – 30.7%, and Tier 3 – 22.1%
By Designation: C-level Executives – 42.1%, Managers – 39.6%, and Others– 18.3%
By Region: North America – 35.0%, Asia Pacific – 25.0%, Europe – 22.0%, Africa- 3%, South America – 8.0%, Middle East & Africa – 7.0%%
Nouryon (Netherlands), Dow (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players in the asphalt additive market. These players have adopted product launches, collaborations, partnerships, expansions, acquisitions, agreements, joint ventures, and investments as the main strategies for enhancing their business revenues and market shares.
The report defines, segments, and projects the size of the asphalt additive market based on application, type, technology, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, new product developments, acquisitions, and collaborations undertaken by them in the market.
The report defines, segments, and projects the asphalt additive market based on application, type, technology, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, asphalt additive market manufacturers and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as product launches, collaborations, partnerships, expansions, acquisitions, agreements, joint ventures, and investments, undertaken by them in the market
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the asphalt additive market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Increasing investments in the infrastructure sector in the Asia Pacific region, recyclability of asphalt), restraints (Use of concrete and bioasphalt as substitutes for asphalt, volatility in the prices and supply of asphalt), opportunities (Increasing use of warm mix asphalt), and challenges (Lack of awareness about asphalt additives among road builders and contractors) influencing the growth of the asphalt addtive market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the asphalt addtive market.
Market Development: Comprehensive information about lucrative markets – the report analyses the asphalt additive market across varied regions.
Market Diversification: Exhaustive information about new types, various applications, untapped geographies, recent developments, and investments in the asphalt additive market.
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players such as Nouryon (Netherlands), Dow (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) among others in the asphalt additive market.