New York (US), July 14, 2023 (GLOBE NEWSWIRE) -- Asphalt Additives Market Overview
The research documents by MRFR indicate that the “Asphalt Additives Market Research Report Information by Technology, Region, Application, and Type - Forecast Till 2032”, the Asphalt Additives market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 7.20%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 6.9 Billion by the end of 2032. As per the reports, the market was worth nearly USD 3.7 Billion in 2022.
Asphalt additives are substances used to enhance the performance and longevity of asphalt pavement. These additives can improve the resistance to cracking, rutting, and aging, as well as enhance the overall durability of the pavement. Common types of asphalt additives include polymers, fibers, rejuvenators, and anti-stripping agents. By incorporating these additives into the asphalt mixture, engineers can create stronger and more resilient roads.
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Competitive Analysis
The catalog of the top leaders across the global Market for Asphalt Additives includes players such as:
- ARKEMA GROUP
- Huntsman International LLC
- Akzo Nobel N.V.
- Ingevity
- Evonik Industries AG
- KAO Corporation
- Honeywell International Inc.
- Nouryon
- Tri-Chem Specialty Chemicals, LLC
- SASOL
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 6.9 Billion |
| Compound Annual Growth Rate (CAGR) | 7.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Increasing investments in the infrastructure sector and rising road construction projects along with the growing usage of asphalt additives in roofing application |
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Market Drivers
The global Asphalt Additives industry has advanced enormously in recent years. The primary aspect causing a surge in market performance is the growing investments in the infrastructure sector across the globe. Furthermore, the growth of road construction and other public infrastructure development projects has caused a rise in transport and connectivity between important economic centers. Moreover, factors such as a switch to bio-based additives, the rise in demand for environmentally friendly additives, regulations governing the commercialization of bio-based goods, and increased environmental consciousness are also projected to impact the market's growth over the coming years positively.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Asphalt Additives industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Asphalt Additives over the review timeframe.
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Segment Analysis
Among all the types, the polymeric modifiers category secured the leading position across the global market for asphalt additives in 2022, given the asphalt pavements' exceptional stiffness, enhanced flexibility, strength, and durability.
Among all the application areas, the road construction and paving segment secured the leading position across the global market for asphalt additives in 2022, given the wear and tear, rain, extremes of temperature, and frost-causing damage to roads.
Among all the technologies, the hot mix segment secured the leading position across the global market for asphalt additives in 2022, given its long lifespan and its resistance to thermal cracking and moisture damage.
Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that The Asia-pacific Region secured the leading position across the global Asphalt Additives industry in 2022 with the largest contribution of nearly 45.80%. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the Region. Further, the China Asphalt Additives Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the significant need for new road pavement projects and pavement preservation/maintenance.
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The North American Region secured a substantial position across the global Asphalt Additives industry in 2021. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Asphalt Additives Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is a vast network of infrastructure; important roads & interstates deteriorate as traffic congestion rises, and increased demand for improved attributes in traditional materials are also projected to positively impact the development of the regional market over the coming years.
The European Region anticipates ensuring the second spot across the global Asphalt Additives industry over the coming years. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German Asphalt Additives Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The Region's main aspect supporting regional market expansion is multinational corporations' sizeable investments. Furthermore, factors such as rising government spending on infrastructure construction and rising automotive ownership are also projected to positively impact the regional market's development over the coming years.
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