The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Asphalt Additives Market.
It was estimated prior to this unanticipated outbreak that the Asphalt Additives Market was expected to grow at a CAGR of 5.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Asphalt is made up of various mixtures of hydrocarbons called as bitumen. Asphalt additives are the materials that are added to asphalt for changing its properties for the asphalt binder. The adding of additives into asphalt raises the functional temperature range of asphalt. An additive also helps in the preventing of cracking by intensifying the bond between the aggregate and the binder, and enhances the film thickness. These additives provide certain benefits such as reduction in stripping, life cycle costs, cracking, raveling, permanent deformation and pavement thickness.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as polymerized asphalt cement, novophalt, multigrade asphalt cement, polyester modifier, and others. The polymerized asphalt cement segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Polymerized asphalt cement provides strength, durability, finishing, and ease of operation. Polymerized asphalt cement also reduces the amount and severity of pavement distresses and increases the service life. These advantages have resulted in the growing demand for polymerized asphalt cement.
Based on the technology type, the asphalt additives market is segmented as hot mix, cold mic, and warm mix. The hot mix segment dominates the market, as hot mix asphalt additives are durable, moisture resistant, and thermal cracking resistant, and provides excellent workability and skid resistance.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the market is driven mainly due to the increasing investments of foreign countries, along with the strong requirement of asphalt additives in the construction sector, and growing production facilities in the region.
Key Players:
Some of the major asphalt additive manufacturers are-
- Nouryon
- Arkema SA
- Honeywell International Inc.
- Evonik Industries
- Kraton Corporation
- BASF SE
- Ingevity Corporation
- Arrmaz
- DowDuPont Inc.
- Huntsman Corporation
- Sasol Limited
- Kao Corporation
- Sinopec Corporation
- Iterchimica SRL
- Grupo Dynasol