Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Asphalt Modifiers Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Asphalt Modifiers Market is on a trajectory of substantial growth, with an estimated value of USD 4.15 billion in 2023 and a projected reach of USD 5.38 billion by 2028, reflecting a robust CAGR of 5.34% during the forecast period. The comprehensive report on the asphalt modifiers market provides insights into its dynamics, trends, drivers, and challenges.
Market Recovery and Growth Drivers
Despite the significant impact of the COVID-19 pandemic on the manufacturing industry, including asphalt modifiers, the sector has since rebounded. The driving force behind this resurgence is the steady growth of the construction industry. Key highlights of the market include:
- Increasing traffic volume and heavier loads on roads are pivotal factors propelling market demand. With these challenges, the market anticipates a surge in demand for super-safe design specifications, longer pavement life, and lower maintenance, repair, and operations (MRO) costs.
- However, the adoption of modified asphalt cement faces barriers due to high initial costs, and concerns regarding health hazards for workers dealing with asphalt. These factors could potentially hinder the market's growth trajectory.
Future Opportunities and Emerging Trends
The future of the asphalt modifiers market holds promising opportunities, including:
- Growing demand for Hot Mix Asphalt (HMA) and the rise in the popularity of Reclaimed Asphalt Pavement (RAP).
- Development of bio-renewable modifiers and advancements in Warm Mix Asphalt (WMA) technologies.
- Exploration of nanotechnology to revolutionize asphalt composition (Nano-Clay).
Regional Dominance and Market Trends
- The Asia-Pacific region remains a powerhouse in the asphalt modifiers market, fueled by expanding construction needs in countries like China, India, and Japan. Significant investments in road and highway infrastructure in China and India, coupled with ongoing transportation expansions, are driving market growth.
- The demand for asphalt modifiers is tightly linked to ongoing road construction activities globally. The United States, Poland, and Europe have witnessed increased road construction, leading to greater demand for asphalt modifiers.
Key Players and Industry Landscape
The asphalt modifiers market features prominent players like Arkema, ArrMaz Products, Inc., BASF SE, Cargill, Dow, DuPont, and Evonik Industries AG, among others. The market is characterized by a partially consolidated landscape, with key players holding a significant market share.
Driving Factors and Restraints
- Market drivers include high traffic volume, focus on design specifications, increased pavement lifespan, and reduced MRO costs.
- Restraints include the high initial cost of modified asphalt cement and concerns about health hazards associated with asphalt handling.
A selection of companies mentioned in this report includes
- Arkema
- ArrMaz Products, Inc.
- BASF SE
- Cargill
- Dow
- DuPont
- Engineered Additives LLC
- Evonik Industries AG
- Exxon Mobil Corporation
- Genan Holding A/S
- Honeywell International Inc.
- Kao Corporation
- Kraton Corporation
- McAsphalt Industries Limited
- Nouryon
- PQ Corporation
- Sasol
For more information about this report visit https://www.researchandmarkets.com/r/dknj2m
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