LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global asphalt additives market is expected to reach USD 4,140.23 million by 2021, growing at a CAGR of nearly 7%.
This research report titled ‘Global Asphalt Additives Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Based on application, the global asphalt additives market is segmented into roadways, waterproofing, recreation, and others. Rising demand for polymers as additives and modifiers has fuelled the growth of the market. Some of the other driving factors include the increase in the construction of roadways on a global scale.
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Technavio’s analysts categorize the global asphalt additives market into four major segments by the application. They are:
The top three application segments for the global asphalt additives market are discussed below:
Global asphalt additives market for roadways
The roadways segment dominated the global asphalt additives market in 2016, supported by increased road construction activities. This segment is expected to retain its dominant position during the forecast period owing to the high demand for asphalt from pavement activities of unpaved roads.
According to Hitesh Bhatia, a lead specialty chemicals research analyst from Technavio, “The participation of The World Bank and donor agencies in road development programs gives a glimpse of a steady rise of the global asphalt additives market in the pavement of roads. In India, the Indian Institute of Technology, Kharagpur signed a memorandum of understanding to construct maintenance free highways in the country.”
Global asphalt additives market for waterproofing
The waterproofing segment was the second largest application segment of the global asphalt additives market in 2016. The consumption of asphalt additives for waterproofing applications has been on the rise and is expected to sustain the momentum during the forecast period.
“Asphalt additive based waterproofing solutions focus on supporting commercial and residential buildings. In the industrial sector, asphalt additives are used in mineral fillers, polymers, paints, pastes, oxidized asphalts, and waterproofing membranes,” says Hitesh.
Global asphalt additives market for recreation
Asphalt additives are incorporated in asphalt that is used in the construction of playgrounds, bicycle paths, running tracks, and swimming courts. Hot mix asphalt pavements form a crucial part of recreational surfacing as they provide an affordable option and offer resistance to changes in weather.
Anti-strip agents, as additives, are used in asphalt to retain the iron content on surfaces, thereby reducing asphalt stripping. The future of the global asphalt additives market in this application segment largely depends on the encouragement of different countries toward recreational activities.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Dow Chemical
- Honeywell International
- Huntsman International
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