What is Asphalt Additive Industry?
The asphalt additive industry refers to the production and distribution of various chemical additives that are used to enhance the performance and properties of asphalt in various applications. Asphalt is a mixture of aggregates (such as sand, gravel, or crushed stone) and a binder (usually bitumen) that is commonly used in road construction, roofing, and other applications where a durable, water-resistant surface is required.
Asphalt Additive Market report recently published by MNM is the best overview about market industry perspective, comprehensive analysis, size, share, growth, segment, trends, and forecast. The report is a handy resource for managers, analysts, industry experts, and other key people to get ready-to-access and self-analyzed study. The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. This report also contains helpful recommendations for both established and new global players. In addition, the research report provides a detailed analysis of the business strategies of the leading market players' expansion efforts. The report study provides an outline of company market shares to provide a more comprehensive summary of the market's major players.
Global Asphalt Additive Market Executive Summary:
- Market Revenue and Key Trends
- Key trends by Product
- Key trends by Distribution Channel
- Key trends by Geography
The report concentrates on the foremost competitors of the worldwide Asphalt Additive market and delivers information about the corporate overview including contacts, product portfolio, key developments, price, cost, value, volume, revenue, capacity, and production.
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Who are the key players in the Asphalt Additives Market?
The asphalt additive market has several key vendors that provide a range of products to improve the performance and durability of asphalt mixtures. Here are some of the leading vendors in the market:
- Nouryon (Netherlands),
- DowDuPont (US),
- Arkema SA (France),
- Honeywell International Inc. (US),
- Evonik Industries (Germany),
- Huntsman Corporation (US),
- Kraton Corporation (US),
- Ingevity Corporation(US), and BASF SE (Germany)
Kraton Corporation is a leading specialty chemical company that manufactures styrene block copolymers and other engineered polymers. Kraton Performance Polymer Inc. changed its name to Kraton Corporation. The company has operations in performance products, performance chemicals, specialty polymers, adhesives, cariflex, and tires.
Ingevity Corporation is a manufacturer of specialty chemicals and high-performance carbon materials. The specialty chemical products are used in a range of high performance applications, such as pavement technologies, oil field technologies, and industrial specialties.
What are the key trends in the Asphalt Additives Market?
The asphalt additive market is a rapidly growing industry, driven by the increasing demand for high-quality roads and pavements. Here are some of the latest trends in the asphalt additive market:
- Growing demand for warm mix asphalt (WMA):WMA is a relatively new technology that allows for the production of asphalt at lower temperatures, which saves energy and reduces greenhouse gas emissions. The demand for WMA is increasing as governments and private companies seek to reduce their carbon footprint.
- Increased use of recycled materials:The use of recycled materials in asphalt mixtures is becoming more common as governments and companies seek to reduce waste and promote sustainability. Materials such as reclaimed asphalt pavement (RAP) and recycled tire rubber are often used as additives in asphalt mixtures.
- Technological advancements:Advances in asphalt additive technology are enabling the production of stronger and more durable pavements. For example, additives that improve resistance to cracking, rutting, and fatigue are now widely available.
- Increasing investment in infrastructure:Governments around the world are investing in infrastructure projects, which is driving demand for asphalt additives. The trend is particularly evident in developing countries, where rapid urbanization is leading to the construction of new roads and pavements.
- Growing focus on safety:With safety being a top priority in the construction industry, asphalt additives that improve skid resistance and reduce noise levels are becoming increasingly popular.
- Expansion of the construction industry:The construction industry is expanding, driven by population growth, urbanization, and economic development. This growth is increasing demand for asphalt additives, particularly in developing countries.
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Asphalt Additive Market Segmentation
By type, polymeric modifiers is estimated to be the leading segment of asphalt additives market from 2021 to 2026, in terms of value and volume..
Based on type, the asphalt additives market has been segmented into Polymeric Modifiers, Anti-strip & adhesion promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt, and others. The polymeric modifier segment of asphalt additives market accounts for the largest share during the forecast period.
By application, roofing is estimated to be the fastest-growing segment of asphalt additives market..
Based on application, the roofing segment is expected to lead the asphalt additives market in coming years. Roofs are subject to environmental damage due to excess heat, cold, or rain. The addition of additives to asphalt prevents this damage. Chemical, vegetable oil, or petroleum-based additives are added to asphalt to improve the functionality and viscosity of asphalt, while polymer-based additives are used to improve its Functionality. This creates the demand for asphalt additives in the future.
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Asphalt Additive Market Regional Growth
The asphalt additive market is expected to experience regional growth in various parts of the world. Some of the key regions that are expected to show significant growth in the asphalt additive market include:
- North America:The North American region is expected to witness significant growth in the asphalt additive market. The growth in this region is primarily attributed to the increasing demand for asphalt additives in road construction, renovation, and maintenance projects. Additionally, the presence of major market players and the availability of advanced technologies in this region are expected to further drive the growth of the asphalt additive market.
- Asia Pacific:The asphalt additive market in the Asia Pacific region is expected to experience significant growth in the coming years. One of the key drivers of this growth is the increasing demand for infrastructure development and construction activities in the region. As countries like China, India, and Japan continue to invest in improving their infrastructure, the demand for asphalt additives is expected to increase.
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Asphalt additives are substances added to asphalt to modify characteristic properties of asphalt binder.
The primary reason for adding additives to asphalt is to increase the functional temperature range of asphalt.
The viscosity of asphalt decreases at high temperature and increases drastically at low temperature.
However, varieties that are primarily used include asphalt rubber, polymers, and chemical modifiers.
The technical barriers of asphalt additives are relatively high, resulting in high-level concentration degree.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-asphalt-additives-2019-2024-579The manufacturing bases scattered around the world, mainly concentrating in Korea, China, Japan, and the USA.
In the past few years, the price of asphalt additives decreased and we expect the price has pressure to increase in a short time with new capacity released.However, the improvement of energy, transportation costs, employee wages, and equipment depreciation will play a significant role in promoting the cost of asphalt additives.
Asphalt Additives Market: Key HighlightsThe global asphalt additives marketwas valued at ~ US$ 3.5 Mn in 2018, and is projected to expand at a CAGR of ~ 6% from 2019 to 2027.
Emerging warm mix asphalt (WMA) technology is anticipated to augment the global asphalt additives market during the forecast period.Asia Pacific was the leading region of the global asphalt additives market in The Asia Pacific asphalt additives market is estimated to continue its dominance in the global asphalt additives market during the forecast period.Key Drivers of the Asphalt Additives MarketThe demand for asphalt in road construction is expected to be driven by increasing environmental funding, legislative pressure to improve infrastructure, and growth in non-building construction activities, particularly in the highway & street segment.The demand for paving asphalt used in highways and streets has been rising, owing to the increase in government funding and growth in highway and street construction activities.
Request a Sample – https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=3238Shift in Focus Toward Bio-based Additives to Offer Attractive OpportunitiesBio-based additives are defined as additives made from biological sources.
Manufacturers are increasingly using eco-friendly products, owing to the rise in the awareness about the environment among consumers.Availability of Alternatives for Asphalt to Hamper the Asphalt Additives MarketBricks, pavers, cobblestone, concrete, permeable paving, gravel, and cement are some of the substitutes that are being increasingly used in place of bitumen.
Concrete is a highly employed product in the construction and maintenance of roads.The governments of several countries have been preferring the usage of concrete and cement for paving roads since the last few years.
This is expected to hamper the asphalt additives market.Asia Pacific Dominates the Asphalt Additives MarketAsia Pacific is expected to continue being a prominent market in the global asphalt additives market during the forecast period.
