According to TechSci Research report, “Asphalt additives Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Asphalt Additives Market stood at USD 3.85 billion in 2022 and is anticipated to grow with a CAGR of 4.32% in the forecast period, 2024-2028. The initiatives taken by government based on asphalt additives has led to favorable market conditions for the Global Asphalt Additives Market. Several factors contribute to the growth of various Asphalt additives products.
The National Asphalt Pavement Association (NAPA) has recently launched the Net Zero Asphalt Pavement Initiative, a groundbreaking effort aimed at developing sustainable practices and cutting-edge technologies to achieve carbon neutrality within the asphalt industry. By focusing on reducing greenhouse gas emissions, increasing the utilization of recycled materials, and implementing innovative asphalt additives, this initiative sets the stage for a more environmentally friendly and future-proof approach to pavement construction.
In line with the pursuit of sustainable infrastructure, the Advanced Materials Group (AMG) within the New Village Initiative has successfully developed a highly engineered polymer asphalt additive. This revolutionary additive not only enhances the overall performance and durability of asphalt pavements but also addresses critical challenges such as cracking, rutting, and aging. By incorporating this advanced technology, roads can withstand the test of time, resulting in longer lasting and more sustainable road surfaces that benefit both the environment and road users.
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The increase in research and development activities has resulted in notable advancements in additive technology. Continuous exploration of new chemical compositions, formulations, and manufacturing processes by researchers and manufacturers aims to meet the evolving requirements of the asphalt industry. These endeavors have introduced various types of additives, including polymers, rejuvenators, anti-stripping agents, fibers, and warm mix additives.
One particular focus in recent years has been on polymer modified asphalt (PMA). Extensive research has led to the incorporation of polymers into asphalt binders, enhancing their elasticity, flexibility, and resistance to cracking. This progress has led to the creation of high-performance asphalt pavements capable of withstanding heavy traffic loads, temperature variations, and harsh weather conditions.
Rejuvenators have also emerged as a promising category of additives. They are used to restore the aging properties of asphalt, enhancing its durability, and extending its service life. Through research and development efforts, new rejuvenator formulations have been developed, enabling better compatibility with different types of asphalt, and enhancing pavement performance.
The Global Asphalt Additives Market is segmented into type, technology, application, regional distribution, and company
Based on its technology, the warm mix segment held the largest share in the market. Warm mix asphalt technology enables the production and compaction of asphalt at lower temperatures compared to traditional hot mix asphalt, resulting in reduced energy consumption and greenhouse gas emissions during production. This environmentally friendly approach contributes to a more sustainable construction process.
The incorporation of warm mix additives enhances the workability of asphalt, facilitating easier handling and compaction during construction. This leads to improved overall pavement quality and durability.
Warm mix asphalt offers potential cost savings in terms of fuel consumption, labor, and equipment maintenance. The lower production temperatures also minimize machinery wear and tear, resulting in reduced maintenance expenses. Furthermore, warm mix technology enhances the performance of asphalt pavements, providing increased resistance to rutting, cracking, and aging. Consequently, roads constructed with warm mix asphalt exhibit enhanced longevity and durability.
Based on region, Asia Pacific segment is expected to grow during the forecast period.
The growth in infrastructure construction in the APAC region can be attributed to the increased investment in this sector. Consequently, there is a rising demand for various types of asphalt additives, including polymeric modifiers, emulsifiers, chemical modifiers, and rejuvenators. China, in particular, is expected to experience an upsurge in the demand for asphalt additives due to its increased investment in road and belt construction activities.
According to the Chinese Ministry of Commerce (MOFCOM), Chinese enterprises invested approximately US$89.9 billion along the belt and road, representing a year-on-year increase of 10.2% in the first half of 2022. Moreover, there were 1,840 newly signed projects with a total contract value exceeding US$38 million, focusing on 55 countries along the belt and road, spanning from China to Europe, including South Asia.
Additionally, India has also witnessed consistent growth in the construction of national highways, with 13,327 km being constructed in 2020-21 compared to 4,410 km in 2014-15. As a result, the rise in infrastructure construction projects in the APAC countries is expected to drive the demand for asphalt additives in the forecasted period. These factors collectively contribute to the growth of the Asphalt Additives market size in this region.
Major companies operating in Global Asphalt Additives Market are:
- Akzo Nobel N.V.
- Evonik Industries AG
- Honeywell International Inc.
- Huntsman International LLC
- KAO Corporation
- Nouryon Holding B.V.
- SASOL Ltd.
- Tri-Chem Specialty Chemicals, LLC
- ARKEMA Inc.
- Ingevity Corporation
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“Growing application of asphalt additives in various end user industries are key drivers of the asphalt additives market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of asphalt additives with every passing year are anticipated to register an impressive growth to Global Asphalt Additives Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Asphalt additives Market By Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Others), By Technology (Hot Mix, Cold Mix and Warm Mix), By Application (Road Construction & Paving, Roofing, Airport Construction, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Asphalt Additives Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Asphalt Additives Market.
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