The global asphalt additives market is estimated to reach US$ 7.5 Bn by the year 2031. The global asphalt additives market is slated to witness a CAGR of 4.5% between 2021 and 2031. The current trend is that of an excessive use of asphalt in the roofing applications, so as to improve upon their durability and service life. Increase in infrastructure spending in countries like Indonesia, Malaysia, India, and China are driving the demand for asphalt additives.
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Asphalt additives are external chemicals or materials added to asphalt to enhance its properties and performance, and also enhance its functional temperature. At a higher temperature, the viscosity of asphalt decreases significantly, and increases at a lower temperature, which hampers the usage of asphalt in roads, pavements, and other infrastructure. The addition of asphalt additives helps
overcome this problem; it increases film thickness, thus preventing cracking, raveling, and deformation. This, in turn, reduces the maintenance cost of asphalt-constructed structures.
The global asphalt additives market is estimated to be valued at over US$ 5 Bn in 2020, and is expected to grow healthily at decent rate over the forecast period.
Global Asphalt Additives Market: Competition Overview
The global asphalt additives market is estimated to be a moderately consolidated market. In the asphalt additives market, a few participants account for a significant market share. Tier-1 market participants are estimated to account for more than one-third of the global market. Development of bio-based products, increasing R&D investments for the enhancement of product portfolio, etc., are key strategies followed in the market. Some of the key players identified in the global asphalt additives market are BASF SE, Karton Corporation, Huntsman International, Evonik Industries AG, and Sasol Ltd., among others.
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Key Takeaways – Lime Market in Australia
- Rising demand for reclaimed asphalt pavement in infrastructural development is expected to boost the demand for asphalt additives. The usage of RAP helps in reduction in the use of costly virgin asphalt material, which, in turn, helps in overall cost savings. However, nearly up to 30% of RAP is mixed with virgin asphalt, as the addition of more percentage of reclaimed asphalt degrades performance efficiency.
- Warm mix asphalt technology is a fast-emerging technology due to increase in awareness about pollution control. WMA technology decreases the viscosity of the asphalt binder, so that asphalt aggregates can be overlaid at a lower temperature. This is done by the addition of asphalt additives in the asphalt mix. Addition of various ranges of additives, such as water-based, organic, and chemical additives, allows asphalt binders and asphalt aggregates to be mixed at lower temperatures, and helps produce high-performance WMA.
- Demand for asphalt used in the paving of streets and highways has been rising because of increased government investments and growth in road infrastructural development activities. Highway and road construction is increasing in countries such India and China. Thus, South East Asia and East Asia are anticipated to be key growth regions in the global asphalt additives market.
- Increasing need for environmentally-friendly asphalt additives, led by rising focus on decreasing the dependence on petroleum-based additives, has compelled market players to shift toward bio-based additives. Regulatory organizations and bodies are encouraging the commercialization of bio-based products. Owing to rising environmental awareness amongst consumers, manufacturers are focused on using eco-friendly products.
Increasing Infrastructure Development Projects through Government Initiatives to Drive Market Growth
Governments of developing and emerging economies are heavily investing on infrastructural development and the construction industry. Increasing number of government initiatives for the development of efficient road transportation has increased the number of highway and road network projects, which is driving the demand for asphalt additives. Also, increased spending on the development of airports, parking lots, bridges, tunnels, and other transportation infrastructure is positively impacting market growth. There are various environmental benefits of asphalt additives over other traditional materials, owing to which, asphalt additives are gaining popularity across the globe.
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Key Questions Answered in the Asphalt Additives Market Report
How is the Asphalt Additives market expected to grow over the projected period?
What direction is the Asphalt Additives market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Asphalt Additives market in future?
What are the key market drivers in the Asphalt Additives market?
What are significant opportunities and improvement areas for Asphalt Additives manufacturers?
What are the key developments and trends taking over the Asphalt Additives market?
Which are the emerging countries that are expected to create significant growth opportunities in the Asphalt Additives market?
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