Allied Market Research published a new report, titled, “Asphalt Additives Market by Type (Polymerized Asphalt Cement, Novophalt, Multigrade Asphalt Cement, Polyester Modifier and Others) and Application (Road Construction, Road Paving, Airport Runway, Parking Lots, Roofing and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027”. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. According to the report, the global asphalt additives market was exceeded $3.6 billion in 2019, and is estimated to cross $5.3 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.
The growth of the asphalt additives market is majorly driven by increase in road and building construction activities across the developing countries such as India and China. Construction of various national highways, expressways, and airport runways boosts the demand for asphalt additives across these countries. In addition, rise in investments by the government of these countries for the development of national highways and expressways across the countryand development of road network in rural areas for providing last mile connectivity, is anticipated to drive the growth of the asphalt additives market.
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Based on region, Asia-Pacific, followed by North America, accounted for the highest share based on revenue, holding for nearly one-thirds of the global asphalt additives market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 5.6% from 2020 to 2027. This is attributed to the growth in infrastructure and building & construction activities that include construction of highways, expressways, residential complexes across the developing economies such as China and India. In addition, North America is anticipated to portray a CAGR of 5.4% during the forecast period.
Based on application, the road construction segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the roofing segment is expected to register the highest CAGR of 7.1% from 2020 to 2027.
Based on type, the polymerized asphalt cement segment accounted for more than half of the total share of the global asphalt additives market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to increased usage polymerized asphalt cement in road maintenance and repair activities to renovate previously constructed roads. However, the novophalt segment is estimated to portray the highest CAGR of 5.9% from 2020 to 2027, owing to the emergence of new urban areas in developing economies like China and India. Furthermore, this countries requires an efficient road construction mechanism to optimize maintenance costs and to provide stripping and rutting-free road surfaces.
Increase in demand for asphalt from road construction industry, growth in conformity with latest manufacturing standards, and rapid urbanization drive the global asphalt additives market. However, change in regulatory environment restrains the market growth. On the other hand, rise in awareness regarding energy conservation & sustainable infrastructure creates new opportunities in the coming years.
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- During coronavirus pandemic, governments have held the budget allocations and investments in constructing new highways and expressways.
- However, the demand for asphalt additives have been decreased, especially in Asia-Pacific region, owing to the rapid transmission of corona virus in this region.
- Moreover, due to lockdown, construction activities have been halted all across the world to avoid the spread of corona virus.
Leading market players
- Arkema Group
- Akzo Nobel N.V.
- Evonik Industries AG
- Huntsman International LLC
- Ingevity, KAO Corporation
- Nouryon, Sasol
- Tri-Chem Specialty Chemicals, LLC.
- Bershire Engineering Supplies
- BASF SE
- Engineered Addtives LLC
- Delta Companies Inc
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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