According to the new market research report “Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt), Application, Technology – Global Forecast to 2029″, The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 6.3 billion by 2029, at a CAGR of 5.7% from 2019 to 2029.
Increase in infrastructure development and road construction projects is one of the key factors driving the growth of the asphalt additive market across the globe.
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The asphalt additives market is projected to reach USD 5.45 billion by 2026, at a CAGR of 6.4% between 2016 and 2026. This growth can be attributed to developments in the Asia-Pacific infrastructure market, recyclability of asphalt, development of warm-mix asphalt, and increasing use of asphalt in roofing applications.
The highest demand for asphalt additives is for road construction and paving applications, which is growing at a moderate pace. Asphalt additives are widely used in road applications as asphalt is a major material used for paving purposes worldwide, and needs additives for better performance and longer lifecycle in different climatic conditions and high traffic roads. Roofing is the second-largest application segment of the asphalt additives market. This segment is expected to grow at the highest CAGR due to effectiveness of asphalt as an excellent water proofing material.
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The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. Increase in infrastructure development and road construction projects is one of the key factors driving the growth of the asphalt additive market across the globe.
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation (US), Arrmaz (US), BASF SE (Germany), and Kao Corporation (Japan) are some of the leading players operating in the asphalt additive market. These players have adopted the strategies of expansions, new product developments, acquisitions, and collaboration to enhance their position in the market.
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In February 2018, Sasol Limited (South Africa) celebrated the completion of the expansion of USD 1.13 billion Fischer-Tropsch Wax Expansion Project (FTWEP) in South Africa. The plant is operated under Sasol Performance Chemicals which manufactures hard waxes, medium waxes, liquid paraffin, and waxy oils for various industrial applications, including hot-melt adhesives, polyvinyl chloride processing, and asphalt applications. The plant is expected to have a production capacity of 137,000 tons per year. This expansion aims at strengthening the position of the company in the South Africa asphalt additive market.
In February 2019, a subsidiary of Arrmaz (US), RoadScience launched a new asphalt emulsifier, ArrTekk. This product is used to provide the required viscidity across asphalts for efficient and cost-effective chip sealing. These products provide better rutting resistance, high cold-temperature performance, and are water resistant. This development helped the company to enhance the depth of its product line.
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