New York, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Asphalt Additive Market Size is expected to reach USD 8.05 Billion by 2032, at a CAGR of 7.6% during the forecast period 2022 to 2032.
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Asphalt additives are substances used to enhance the performance and longevity of asphalt pavements. These additives are mixed with asphalt binder to improve its properties and overall quality. Common types include polymer modifiers, rejuvenators, anti-stripping agents, and fibers. Polymer modifiers enhance flexibility and resistance to cracking, rejuvenators restore aged asphalt, anti-stripping agents prevent moisture-induced damage, and fibers add strength. By incorporating asphalt additives into pavement mixtures, engineers can create longer-lasting, more resilient road surfaces that withstand traffic loads, weather conditions, and environmental stresses, leading to safer and more durable road infrastructures.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on “Global Asphalt Additive Market Size, Share, and COVID-19 Impact Analysis, By Type (Polymeric Modifiers, Anti-strip & adhesion promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt, and Others), By Application (Road Construction & Paving, Roofing, Airport Construction, and Others), By Technology (Hot Mix, Cold Mix, and Warm Mix), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The warm mix segment is expected to grow at a CAGR of around 7.5% during the forecast period
Based on the technology, the global asphalt additive market is segmented into hot mix, cold mix, and warm mix. The warm mix segment is anticipated to experience substantial growth during the forecast period in the asphalt additive market. The increasing adoption of warm mix asphalt (WMA) technology is driving this growth. WMA offers numerous advantages, such as lower production temperatures compared to traditional hot mix asphalt (HMA), resulting in reduced energy consumption and greenhouse gas emissions during production. Additionally, WMA improves workability and compaction, leading to enhanced construction efficiency. As sustainability and eco-friendly practices gain prominence in road construction, the demand for warm mix asphalt additives is expected to rise, fueling the growth of the warm mix segment in the forecast period.
The road construction & paving segment held the largest market share with more than 38.5% in 2022.
Based on the application, the global asphalt additive market is segmented into road construction & paving, roofing, airport construction, and others. The road construction and paving segment has secured the largest market share within the asphalt additive market. This can be attributed to the extensive demand for high-quality asphalt additives in the construction and maintenance of road infrastructure. With governments and private entities investing significantly in road development projects worldwide, the need for durable, long-lasting, and sustainable road surfaces has surged. Asphalt additives play a crucial role in enhancing pavement performance, improving resistance to wear and tear, increasing longevity, and reducing maintenance costs. The road construction and paving segment's dominance is a result of the industry's strong emphasis on creating safe and efficient transportation networks.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 7.8% over the projected period
Based on region, during the forecast period, the Asia-Pacific region is anticipated to experience the fastest growth in the asphalt additive market. Several factors contribute to this projection, the region's ongoing rapid urbanization and population growth are driving increased investments in infrastructure development, particularly in road construction and rehabilitation. The rising disposable incomes and improving living standards in key economies within the region are boosting demand for better-quality roadways, necessitating the use of asphalt additives. Moreover, supportive government policies, favorable regulatory frameworks, and growing awareness of the benefits of asphalt additives are expected to fuel their widespread adoption, further propelling the market's growth in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market. Major players in the global asphalt additive market include 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, and Other Key Vendors.
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Recent Developments
- In April 2023, Sasol Chemicals, a division of Sasol Ltd., and mission possible partnership (MPP) have joined forces to explore potential projects for Sasol's sustainability hub in Lake Charles, Louisiana. The partnership aims to identify sustainable initiatives and innovative solutions that align with Sasol's commitment to environmental and social responsibility. Through this collaboration, Sasol seeks to foster a positive impact on the local community and the environment while advancing its sustainability goals at the lake charles facility.
- In March 2023, Kraton Corporation has announced plans to commence production of styrene-butadiene-styrene block copolymers (SBS) at its Belpre, Ohio facility starting in 2024. This move is expected to boost manufacturing capacity by an additional 24 kilotons per year by 2025. The expansion signifies Kraton's commitment to meet the growing demand for SBS and cater to various industries that utilize this versatile polymer, such as adhesives, sealants, asphalt modification, and more.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global asphalt additive market based on the below-mentioned segments:
Asphalt Additive Market, By Type
- Polymeric Modifiers
- Anti-strip & Adhesion Promoters
- Emulsifiers
- Chemical Modifiers
- Rejuvenators
- Fibers
- Flux Oil
- Colored Asphalt
- Others
Asphalt Additive Market, By Application
- Road Construction & Paving
- Roofing
- Airport Construction
- Others
Asphalt Additive Market, By Technology
- Hot Mix
- Cold Mix
- Warm Mix
Asphalt Additive Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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