Asphalt Modifiers Market - Segmented by Modified Asphalt Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global asphalt modifiers market is currently valued at USD 2,849.50 million in 2017. This market is expected to reach USD 4,148.85 million by 2023, at an estimated CAGR of 6.73% over the forecast period, 2018 to 2023.
Emphasis on Meeting Superpave Asphalt Binder Specifications
Superpave stands for “Superior Performing Asphalt Pavements” system. The introduction of the superpave asphalt binder system has enhanced the assessment of the behavior of asphalt. This system provides the tools necessary for contractors and engineers to design better asphalt pavements that deliver high performance under extreme temperatures (hot as well as cold) and heavy traffic loads. The superpave asphalt binder specification is envisioned to enhance the performance by regulating the potential of asphalt binder to contribute to low-temperature cracking, permanent deformation, and fatigue cracking in asphalt pavements. The superpave asphalt binder system involves various binders and modifiers that are to used to design asphalt mixtures based on desired performance. Using this system, mixtures and materials can be designed to consistently perform under any conditions of environment and load. With the growing emphasis for this system in many developing economies, the usage of various binders and modifiers is expected to increase, which in turn is projected to increase the consumption of asphalt modifiers during the forecast period.
Increasing Demand for Paving
Asphalt concrete mixture has been an important construction material for roads, airport runways, taxiways, bicycle paths, etc. Modifiers, such as Binder Modifiers (such as polymers, elastomers, fibers, rubber), and Aggregate Modifiers (such as lime, granulated rubber, anti-strip agents) are used to improve the performance of asphalt pavements, in terms of increased resistance to pavement distresses, such as thermal cracking, rutting, stripping etc., thereby prolonging the service life. In recent years, the global demand for asphalt modifiers has been witnessing above-average growth. The demand for asphalt modifiers has a direct correlation with the level of ongoing road construction activities around the world. The gradual changes in the way mobility and transportation are consumed is expected to witness over the coming decades. By 2030, annual passenger traffic is expected to exceed 80 trillion passenger-kilometers- approximately a 50% increase from 2016, global freight volumes are likely to grow by 70% and an additional 1.2 billion cars are expected to be on the road by 2050. Therefore, to meet the additional demand, improvements in road transport network and up-gradation activities of highway infrastructure is expected to witness during the forecast period, thereby the demand for asphalt modifiers.
Asia-Pacific Region to Dominate the Market
In 2017, the Asia-Pacific region dominated the market share. the trend is expected to continue during the forecast period owing to the increasing demand from the infrastructure and construction in countries such as China, India, and Japan. The construction industry in China is undergoing a significant development on account strategic-level initiatives taken by the government. The 13th plan of China, initiated in 2016, was pivotal in the transformation of China’s engineering, procurement, and construction (EPC) industry, which resulted in the development of new business models in China’s domestic and international endeavors. In 2016, the construction industry in China achieved 17% growth, which was an increase of 5% from 2015. The strong growth registered in the country is attributed to two factors. First, the country’s central government, strongly pushed the fiscal stimulus in the form of infrastructure investments, to promulgate the economic growth. Second, the local governments have real estate regulations, purchase criteria, and credit availability, which has led to the expansion in the domestic real estate market.
Key Developments in the Market
- March 2018- Eurovia strengthens its position in France, particularly in Auvergne-Rhône-Alpes and Occitanie, with the acquisition of two public works companies, SER Groupe and Groupe Robert
Major Players - Akzo Nobel NV, Arkema Group, ArrMaz, BASF SE, Cargill Inc., DowDuPont, Engineered Additives LLC, Eurovia Services GmbH, and Evonik Industries Corporation, among others.
Reason to purchase the Report
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Identifying the application that is expected to dominate the market
- Identifying the region that is expected to witness the fastest growth during the forecast period
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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