The global asphalt additives market is expected to grow at a CAGR of 7% during the forecast period of 2022 to 2030. Increased road building projects and roofing applications are driving the global asphalt additive market. Asphalt additive is asphalt mixed with concrete to make asphalt concrete. Asphalt additives act as adhesives for making roadways. Asphalt additives can be waterproofing materials. Asphalt additives reduce life cycle costs, stripping, cracking, permanent deformation, ravelling, and pavement thickness.
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The COVID-19 outbreak disrupted supply networks and delayed building worldwide. Most nations have implemented curfews and lockdowns to stop coronavirus spread. The economy tanked, and the construction industry was among the worst hit. Lack of raw materials, labour, and government restrictions halted ongoing initiatives. Many municipal governments restarted road, highway, and building construction in the third quarter of 2020. The Federal Ministry of Transport and Digital Infrastructure has restarted building and road construction in Germany as of April 2020. (BMVI). Romania and India have resumed highway and road building since 2020. The construction business should rise significantly in 2021 compared to 2020.
Increased infrastructure spending in China, India, Malaysia, and Indonesia has boosted the asphalt additives market in the Asia Pacific. Increased government spending on infrastructure in the Asia Pacific leads to more roads and other infrastructure projects. These initiatives boost transportation and connection between economic centres in each country. Expanding road and building construction sectors in India and China drive the asphalt additives industry. Building more national highways, expressways, and airport runways increases the demand for asphalt additives. According to India Brand Equity Foundation, the Indian government is focusing on infrastructure. The 2020-21 Union Budget includes USD 13.14 billion for road and highway building. Public-private partnerships and international road pavement investments are key developments in Asia Pacific economies.
Awareness of global warming and carbon footprint has improved the asphalt additive industry’s ability to reduce greenhouse gas emissions. Warm Mix Asphalt (WMA) development and applications have sped up. WMA reduces greenhouse gas emissions by lowering asphalt mixing and compacting temperatures. WMA has gained popularity in recent years due to the environmental benefit it gives without compromising asphalt mix properties, performance, or quality. WMA manufactured at lower temperatures reduces energy usage, emissions, ageing, mixing and compaction temperatures, cool weather paving, and mix workability. WMA is made at lower temperatures than asphalt. These asphalt features are expected to boost the global market for asphalt additives in the future.
Asphalt’s price fluctuates because it’s a petrochemical. Asphalt’s price matches petroleum’s, therefore any changes in petroleum’s price are reflected in asphalt’s price. Because asphalt is a significant raw ingredient for road pavements, fluctuating petrochemical costs affect government and road contractor construction operations. As a result, concrete, gypsum, and bio asphalt are increasingly used for road pavements.
In 2021, polymeric modifiers held the maximum revenue share. Asphalt pavements’ improved stiffness, strength, flexibility, and durability have contributed to this market’s growth. Because they’re easy to use and their components are readily available, they’re the most used asphalt additive worldwide. Analysts tracking technological advances predict that hot mix will dominate asphalt additives market growth during the forecast period. Hot mix asphalt resists moisture and heat stress. It’s also workable and skid-resistant. New motorways and expressways are boosting this industry. The market should have the greatest CAGR from 2022 to 2030. Current market developments and restrictions affect the development of hot/warm mix technology. During the projection period, increased consumption will boost sales of eco-friendly alternatives.
Road construction and paving dominated the asphalt additives market in 2021 and is predicted to grow the fastest from 2022 to 2030. Wear and strain, humidity, harsh temperatures, and frost can damage roadways. Asphalt additives boost pavement durability by avoiding cracking and rutting, therefore demand has risen. Asphalt additives prevent this damage. Due to global urbanisation, well-designed roadways are in high demand. Construction businesses using asphalt additives have commenced road development. These projects aim to improve road structure and durability. Asia-Pacific and LAMEA lead in these businesses due to urbanisation. In emerging nations, road construction, maintenance, and repair projects can expand the market. India’s highway system extends 100,000 km. The Indian government is building and modernising its roadway infrastructure. Kenya will invest $280 million in road maintenance to boost its connections with South Sudan and Tanzania.
Due to the growth of China and India’s real estate industries, Asia-Pacific represented a large part of the global asphalt additives market in 2021. This is one reason driving the Asia-Pacific asphalt additives market. Due to urbanisation and infrastructure developments, road construction, paving, and roofing is dominating other segments. These two elements demand these services. The growing construction industry and government attempt to renovate roads in Asia-Pacific economies fuel demand for asphalt additives. India and China are examples. Multinational firms’ large investments in the region’s high-growth economies are another factor likely to boost the Asia-Pacific asphalt additives market. Increased auto ownership and government spending on infrastructure boost market growth. The U.S. will be the most attractive market for asphalt additives, growing at a 6% CAGR through 2030. Road development operations are increasing in demand. The American Road & Transportation Builders Association (ARTBA) predicts more roads, bridges, driveways, and parking lots in the future. National highways and other major roadways are deteriorating due to increased traffic.
The global asphalt additives market is moderately concentrated, with the top five players accounting for more than one-third of the market. Dow Chemical, BASF, Evonik, and Kraton lead the asphalt additives market. Tier 1 corporations dominated this business and have a global reach. In 2021, these companies held 35% of worldwide revenues. Evonik Industries AG also participates. Nouryon (Netherlands), DowDuPont (United States), Arkema SA (France), Honeywell International Inc. (United States), Evonik Industries (Germany), Huntsman Corporation (United States), Ingevity Corporation (United States), and Others are also in this market. These competitors increased their market standing by expanding operations, new product launches, focusing on acquisitions, and strategic collaborations.
Key Market Trends:
· The global asphalt additives market is expected to grow at a CAGR of 7% during the forecast period of 2022 to 2030.
· In 2021, polymeric modifiers held the maximum revenue share.
· Road construction and paving dominated the asphalt additives market in 2021 and is predicted to grow the fastest from 2022 to 2030.
· Asia-Pacific represented a large part of the global asphalt additives market in 2021.
· The U.S. will be the most attractive market for asphalt additives, growing at 6% CAGR through 2030.
· The global asphalt additives market is moderately concentrated, with the top five players accounting for more than one-third of the market.
· Dow Chemical, BASF, Evonik, and Kraton lead the asphalt additives market.
· Tier 1 corporations dominated this business and have a global reach. In 2021, these companies held 35% of worldwide revenues.
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