DUBLIN--(BUSINESS WIRE)--The "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 2026" report has been added to ResearchAndMarkets.com's offering.
The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026.
Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major key factors driving the growth of the asphalt additive market across the globe.
The rejuvenators segment is the fastest-growing type segment, in terms of value during the forecast period
Based on type, the rejuvenators segment is projected to grow at the highest CAGR. Increasing use of recycled materials, such as Reclaimed Asphalt Pavement (RAP) and Recycled Asphalt Shingles (RAS) in the asphalt pavements application, has resulted in the growing demand for rejuvenator asphalt additives to restore the strength and durability of aged binders. Rejuvenators are being widely used to improve properties, such as viscosity, of aging binders. The growth of this segment is due to the increased use of recycled road material for pavement application globally.
The road construction & paving segment is projected to lead the asphalt additive market during the forecast period.
Based on application, the road construction & paving segment accounted for the largest share, in terms of value, in 2021. Asphalt is required for the construction and maintenance of pavements. Asphalt pavements can be constructed quickly and are easier to maintain. This enhances the demand for asphalt additives in road construction & paving application during the forecast period.
The Asia Pacific region is the largest growing regional segment.
The Asia Pacific region is projected to lead the asphalt additive market from 2019 to 2029, in terms of value and volume. The increasing demand for asphalt additives products in developing economies, such as India and China, due to increasing infrastructure spending is expected to bolster market growth. China is the leading consumer of asphalt additives products in the Asia Pacific region. The considerable growth and innovation, along with industry consolidations, is expected to fuel the growth of the Asia Pacific asphalt additives market.
Market Dynamics
Drivers
- Increasing Investments in the Infrastructure Sector of 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
- Use of Asphalt Additives in Roofing Applications
- Advancements in the Aerospace Sector
Challenges
- Lack of Awareness About Asphalt Additives Among Road Builders and Contractors
Companies Mentioned
- Arkema SA
- Basf SE
- Berkshire Engineering
- Dowdupont Inc.
- Engineered Additives LLC
- Ergon Asphalt & Emulsions, Inc
- Evonik Industries
- Grupo Dynasol
- Honeywell International Inc
- Huntsman Corporation
- Ingevity Corporation
- Iterchimica Srl
- Kao Corporation
- Kraton Corporation
- Mcasphalt Industries Limited
- Nouryon
- Sasol Limited
- Sinopec Corporation
- Tri-Chem Industries
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