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 and Region – Global Forecast to 2026“, 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. Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major key factors driving the growth of the asphalt additive market across the globe.
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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. Polymeric modifiers are used throughout the world to improve the flexibility and durability of asphalt pavements. They are easy to use, and the raw materials used to make them are readily available, which makes them the most preferred type of asphalt additives.
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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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. Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major 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), Ingevity Corporation (US), and BASF SE (Germany) 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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Kraton Corporation is a leading specialty chemical company that manufactures styrene block copolymers and other engineered polymers. In September 2016, 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. The company operates its business through two segments namely, Polymer and Chemical. Kraton Corporation provides asphalt additives under its polymer segment. It has a strong geographic reach across the Americas, Europe, the Middle East, Asia Pacific, and Africa with operations in over 70 countries worldwide.
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. The company operates its business through two segments, namely, Performance Materials and Performance Chemicals. The performance materials segment offers automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. The performance chemicals segment provides products derived from pine chemicals used in asphalt paving, oilfield technologies, and other diverse industrial specialty applications, such as adhesives, agrochemical dispersants, publication inks, lubricants, and petroleum.
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