The asphalt additive market is anticipated 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, according to the 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 Some of the primary reasons propelling the expansion of the asphalt additive market globally include an increase in road building projects and an increase in the use of asphalt additives in roofing applications.
The need for new road paving and, by extension, for asphalt additives is driven by the expansion of the infrastructure sector in emerging economies. Significant infrastructure gaps exist in nations like India and Brazil, which has led to greater spending on both building new highways and mending existing ones. The demand for asphalt in roofing applications is rising as a result of the recovery in the North American and European building industries.
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From 2021 to 2026, the asphalt additives market is anticipated to be dominated by polymeric modifiers in terms of value and volume.
The asphalt additives market has been divided into several categories based on type, including Polymeric Modifiers, Anti-strip & adhesion boosters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt, and Others. The asphalt additives market’s polymeric modifier category is expected to hold the biggest market share during the projected period. Around the world, polymeric modifiers are used to increase the flexibility and toughness of asphalt pavements. They are the most popular kind of asphalt additives since they are simple to apply and the raw materials needed to create them are easily accessible. Some of the most widely utilised polymeric modifiers are styrene-butadiene-styrene (SBS) and styrene-butadiene rubber (SBR). These goods serve as cross-linking or compatibilizing agents and increase the asphalt’s longevity.
According to the application, the market for asphalt additives is thought to be expanding most quickly in the roofing sector.
In terms of application, the market for asphalt additives is anticipated to be led in the approaching years by the roofing sector. Rain, extreme heat, or extreme cold can all cause environmental damage to roofs. This damage is avoided by adding chemicals to asphalt. Polymer-based additives are used to increase asphalt’s usefulness, whereas chemical, vegetable oil, or petroleum-based additives are used to increase viscosity. Future need for asphalt additives is a result of this.
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In 2020, the Asia Pacific region had the largest market for additives for asphalt.
Due to the rising demand for these goods in emerging nations like China and India, the Asia-Pacific region held the top spot in the global market for asphalt additives in 2020. In the Asia-Pacific area, China is the country that uses the most products with asphalt additives. The Asia-Pacific asphalt additives market is anticipated to increase as a result of the significant expansion and innovation, as well as industry mergers. The Asian Development Bank (ADB) estimates that Asia needs USD 8.4 trillion to improve its transportation infrastructure, including new roads. The region’s governments are making significant investments to upgrade road development. As a result, the development of regional governments’ road infrastructure is anticipated to fuel the global market for asphalt additives.
Some of the top companies competing in the asphalt additive market include 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) and others.
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