Asphalt Additives Market Analysis

Global Asphalt Additives Market Overview

Asphalt Additives Market Size was valued at USD 3.7 Billion in 2022. The Asphalt Additives industry is projected to grow from USD 4.0 Billion in 2023 to USD 6.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). Road construction projects, infrastructure investments, and the use of global asphalt additives in roofing applications are all expanding, are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asphalt Additives Market Trends

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  Increasing investments in the infrastructure sector is driving the market growth

  
  

One of the key drivers boosting the Asia Pacific asphalt additives market is rising infrastructure spending in China, India, Malaysia, and Indonesia. The expansion of road construction and other public infrastructure development projects for better transport and increased connectivity between significant economic centers in these countries can be attributed to the rise in government spending on infrastructure in the Asia Pacific region. The amount spent by the Indian government on building roads and bridges grew. The infrastructure industry has reportedly become one of the Indian government's main areas of attention, according to the India Brand Equity Foundation. The Indian government announced USD 13.14 billion for road and highway construction in the Union Budget 2020–21. In the countries of the Asia Pacific region, public-private partnerships and foreign investments in applications for road pavement are important trends that are anticipated to boost the market for road construction over the next ten years. A rise in infrastructure development and road construction projects in the Asia Pacific region are anticipated to support the growth of the asphalt additives market during the forecast period since asphalt additives are utilized in road pavements.

Industry participants have been urged to switch to bio-based additives as a result of the rise in demand for environmentally friendly additives, which is being driven by the move away from petroleum-based additives. Regulations governing the commercialization of bio-based goods have been passed by regulatory organizations. The emphasis has shifted significantly in favor of bio-based additives.

Renewable raw materials are used to create bio-based additives. These additives are non-hazardous, environmentally friendly, and safe to handle. During production and use, they don't produce any dangerous substances. Products made from biomaterials can drastically reduce the amount of energy used overall. Due to consumers' increased environmental consciousness, Key Players are employing more eco-friendly products. For example, SYLVAROAD RP1000 asphalt additives from Kraton Corporation are a bio-based additive that helps reduce energy use and the CO2 footprint of pavements, while Cecabase RT from CECA is made from at least 50% vegetable oil. It assists in reducing energy use during construction by up to 30%. The global market for asphalt additives is expected to soon gain greatly from all these advantages and investments in bio-based additives. Thus, driving the Asphalt Additives market revenue.

Asphalt Additives Market Segment Insights

Asphalt Additives Type Insights

The Asphalt Additives Market segmentation, based on type, includes polymeric modifiers, anti-strip and adhesion promoters, emulsifiers, chemical modifiers, rejuvenators, fibers, flux oil, colored asphalt, and others. In 2022, the polymeric modifiers category dominated the world market. This market segment's growth is attributable to asphalt pavements' exceptional stiffness, strength, enhanced flexibility, and durability. These are the most widely used kind of asphalt additives because they are easy to use and can be made with readily available raw materials. The polymeric modifiers styrene-butadiene-styrene (SBS) and styrene-butadiene rubber (SBR) are among the most often used. These products lengthen the lifespan of the asphalt by acting as compatibilizing or cross-linking agents.

Asphalt Additives Application Insights

The Asphalt Additives Market segmentation, based on application, includes road construction & paving, roofing, airport construction, and others. In 2022, the segment for road construction and paving led the global market for asphalt additives. Wear and tear, rain, extremes of temperature, and frost are just a few of the variables that cause damage to roads. With the use of asphalt additives, this damage can be avoided. These additives assist increase the durability of pavements by reducing rutting and cracking, which raises the demand for them.

Asphalt Additives Technology Insights

The Asphalt Additives Market segmentation, based on technology, includes hot mix, cold mix, and warm mix. Hot mix segment dominated the global market in 2022. Hot mix asphalt has a long lifespan and is resistant to thermal cracking and moisture damage. Additionally, it offers superb workability and anti-skid properties. The development of new highways and motorways is what is causing this segment to expand.

Figure 1: Asphalt Additives Market, by Technology, 2022 & 2032 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asphalt Additives Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Asphalt Additives market dominated this market in 2022 (45.80%). In the Asia-Pacific area, there is a significant need for both new road pavement projects and pavement preservation/maintenance. Developing Asian markets like India, where additive penetration in the asphalt sector is still quite low, present a significant whitespace opportunity as well. Moreover, China’s Asphalt Additives market held the largest market share, and the Indian Asphalt Additives market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL Asphalt Additives Market SHARE BY REGION 2022 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Asphalt Additives Market is expected to register significant growth from 2023 to 2032. A vast network of infrastructure, including ports, highways, bridges, power grids, and internet connection, supports the U.S. economy. Important roads and interstates deteriorate as traffic congestion rises. The high rate of road deterioration in the US is what causes traffic. The government is sponsoring a number of transit infrastructures to solve this issue. The American Road & Transportation Builders Association (ARTBA) conducted a poll to evaluate the possible future expansion for driveway, bridge, road, and parking lot development in the United States. The deterioration brought on by more traffic on major roads and interstates has made the importance of the road base apparent. The right basic materials must be used for durable roadway building. The necessity for efficient road transport has grown as a result of growing industrialisation, enabling the quick transfer of raw materials and completed goods. The U.S.'s growing need for efficient roads and highways will drive the market for asphalt additives and increase demand for improved attributes in traditional materials to increase durability. Further, the U.S. Asphalt Additives market held the largest market share, and the Canada Asphalt Additives market was the fastest growing market in the North America region.

Europe Asphalt Additives market accounted for the healthy market share in 2022. A significant element creating excellent chances for the Europe asphalt additives market is the sizeable investments made by multinational corporations in the high growth potential economies of the area. The market is growing as a result of rising automotive ownership and rising government spending on infrastructure construction. Further, the German Asphalt Additives market held the largest market share, and the U.K Asphalt Additives market was the fastest growing market in the European region

Asphalt Additives Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Asphalt Additives market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Asphalt Additives industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Asphalt Additives industry to benefit clients and increase the market sector. In recent years, the Asphalt Additives industry has offered some of the most significant advantages to medicine. Major players in the Asphalt Additives market, including ARKEMA GROUP, Akzo Nobel N.V., Evonik Industries AG, Honeywell International Inc., Huntsman International LLC, Ingevity, KAO Corporation, Nouryon, SASOL, and Tri-Chem Specialty Chemicals, LLC, are attempting to increase market demand by investing in research and development operations.

A chemical corporation is BASF SE (BASF). Chemicals, polymers, crop protection products, and performance goods are produced, marketed, and sold by it. Solvents, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides are among the company's product offerings. Construction, furniture and wood, agricultural, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals, and other industries are among the many that the company serves. R&D is conducted by BASF in collaboration with international clients, partners, and scientists. A global network of production sites supports the company's operations. It is present throughout North America, Europe, Asia Pacific, South America, Africa, and the Middle East. The headquarters of BASF are in Ludwigshafen, Germany. Ventraco Company sold its RheoFalt product distribution rights to BASF SE in September 2020. With the exception of Belgium, Luxembourg, and The Netherlands, where Ventraco will continue to provide the items, the company will distribute RheoFalt goods all over the world.

Nouryon is a producer and supplier of speciality chemicals for the food, pulp, paper, electronics, and agricultural industries. The business makes bleaching chemicals, specialised oxidants, polymer additives, organic peroxides, and metal alkyls available at competitive prices for customers. Wetfix G400, a flexible non-amine adhesion promoter made from renewable materials, was introduced by Nouryon in April 2019. Wetfix G400 is a solution that may be used with all varieties of aggregates and is compatible with binders that have been treated with polyphosphoric acid (PPA).

Key Companies in the Asphalt Additives market include

• ARKEMA GROUP


• Akzo Nobel N.V.


• Evonik Industries AG


• Honeywell International Inc.


• Huntsman International LLC


• Ingevity


• KAO Corporation


• Nouryon


• SASOL


• Tri-Chem Specialty Chemicals, LLC

Asphalt Additives Industry Developments

June 2020: In order to create a robust yet flexible polymer grid, BASE SE introduced the bitumen additive B2Last. This increases the road's resilience and longevity.

June 2020: Working together, Kent County Council and Iterchimica tested the use of Gipave, a super asphalt modifier, on Kent streets. On East Hill in Dartford, a current roadway will be renovated as part of the path.

Asphalt Additives Market Segmentation

Asphalt Additives Type Outlook

• Polymeric Modifiers


• Anti-strip and adhesion promoters


• Emulsifiers


• Chemical Modifiers


• Rejuvenators


• Fibers


• Flux Oil


• Colored Asphalt


• Others

Asphalt Additives Application Outlook

• Road Construction & Paving


• Roofing


• Airport Construction


• Others

Asphalt Additives Technology Outlook

• Hot Mix


• Cold Mix


• Warm Mix

Asphalt Additives Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America