Global Asphalt Additives market segments 2024, Forecast To 2033
24 Jan, 2024
The asphalt additives market has experienced rapid growth, rising from $3.98 billion in 2023 to $4.38 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period is attributed to government investments in transportation infrastructure, the expansion of the transportation network, the surge in infrastructure rehabilitation projects, overall economic growth, and the rise in the construction sector. Moving forward, the market is anticipated to see strong growth, reaching $6.3 billion in 2028 at a CAGR of 9.5%. Drivers for this growth include increasing road construction and maintenance activities, growing industrialization, rapid urbanization, extreme weather conditions, and the need for aging infrastructure renewal. Major trends in the forecast period encompass nanotechnology in additives, performance-grade binders, polymer-modified asphalt, warm mix asphalt (WMA), and the utilization of recycled materials.
Global Asphalt Additives Market Key Driver
The asphalt additives market is anticipated to grow due to an increase in road construction projects. According to IBEF, despite pandemic challenges, India constructed 13,298 kilometers of roadways in FY21. This underscores the critical role of roads in economic development, contributing to the growth of the asphalt additives market.
Get A Free Sample Of The Global Asphalt Additives Market ReportGlobal Asphalt Additives Market Segments
The global asphalt additives market covered in this report is segmented –
1) By Type: Polymeric Modifiers, Anti-strip And Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt
2) By Technology: Hot Mix, Cold Mix, Warm Mix
3) By Application: Road Construction, Road Paving, Airport Runway, Parking Lots, Roofing
By Geography: The regions covered in the Asphalt Additives market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the asphalt additives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the asphalt additives market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Asphalt Additives Industry Players
Arkema S.A., ArrMaz Products Inc., BASF SE, Evonik Industries AG, Huntsman Corporation, Nouryon Holding B.V., Sasol Limited, China Petroleum & Chemical Corporation., Solvay SA, Jiangsu Jinyang Group Co. Ltd., Zibo Bridge Lung Chemical Co. Ltd., Berkshire Engineering Supplies Ltd., Engineered Additives LLC., Sonneborn LLC., LUCOBIT AG, Tri-Chem Specialty Chemicals LLC., Colas SA, Cargill Inc., Owens Corning Corporation, CRH PLC., Honeywell International Inc., Kraton Corporation, Akzo Nobel NV, Grupo Dynasol S.A. de C.V., McAsphalt Industries Limited, ATDM Co Ltd., Kao Corporation., Petrochem Specialties Inc., Dupont De Nemours Inc.
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Asphalt Additives Market Overview
The asphalt additives refer to chemicals or substances that are added to asphalt to change the result of the asphalt binder. Asphalt additives are materials that improve the adhesive force between aggregates and asphalt cement preventing cracking, unravelling, and deformation. Asphalt additives include ethylene vinyl acetate, latex, styrene-butadiene styrene-block (SBS) copolymer, and manganese organic complex, SBS vulcanized with asphalt, polyethylene, and carbon black.
Asphalt Additives Global Market Report 2023 provides data on the global asphalt additives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The asphalt additives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.