Asphalt Additives Market To Reach Valuation Of US$ 7.79 Bn By 2031

Asphalt Additives Market To Reach Valuation Of US$ 7.79 Bn By 2031

Transparency Market Research delivers key insights on the global asphalt additives market. In terms of revenue, the global asphalt additives market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global asphalt additives market.

The global asphalt additives market is broadly affected by several factors, including rise in usage of asphalt additives in Reclaimed Asphalt Pavement (RAP). Thus, increase in applications of asphalt additives in RAP is propelling the global asphalt additives market.

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Asphalt Additives Market: Dynamics

Hot Mix Asphalt (HMA) is a mixture of approximately 95% of stones with sand or gravel bound together by asphalt binder. The asphalt binder is heated to more than 150°C. It is then mixed and combined in an HMA facility. The hot mix asphalt is a widely used type of asphalt across the world, due to its flexibility and resistance to weather conditions and water.

Warm Mix Asphalt (WMA) is manufactured at temperatures more than 90°C, but below HMA temperatures. This involves the use of additional binding materials and additives, including emulsions and zeolites, for easier pouring and spreading at low temperatures. WMA is more eco-friendly and less costly than HMA.

Cold Mix Asphalt (CMA) is produced by emulsifying the asphalt in water with surfactants, prior to mixing it with the aggregate. The emulsified asphalt mixture is easy to work and compact in nature due to its lower viscosity. The asphalt sets as soon as enough water evaporates and the emulsion breaks.

Asphalt is the most extensively used road construction & paving material, followed by concrete. Asphalt roads and pavements are known for their durability and resilience. Asphalt road construction projects can be completed in a shorter time as compared to projects with other materials.

Bricks, pavers, cobblestone, concrete, permeable paving, gravel and cement are some substitutes that are being increasingly employed in place of bitumen. Concrete is the highest consumed product for construction and maintenance of roads.

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Asphalt Additives Market: Prominent Regions

Asia Pacific was a leading region of the global asphalt additives market in 2020. The region is estimated to continue to dominate the global asphalt additives market during the forecast period. Rise in investments in road construction due to the growth in population and increase in road traffic in developing countries such as China and India is likely to drive the asphalt additives market in the region.

In terms of consumption, Asia Pacific is followed by Europe and North America. Europe accounted for moderate share of the global asphalt additives market in 2020. The road building industry in Europe is expected to expand due to the strengthening economy of countries in the region. This is leading to an increase in construction activities and investments and jobs in Europe. Thus, Europe accounts for key share of the global asphalt additives market. Increase in demand for export of products containing asphalt additives, especially for making pulp and paper, is propelling the asphalt additives market in the region.

Asphalt Additives Market: Key Players

The global asphalt additives market is fragmented with the presence of a large number of players. Key players operating in the global asphalt additives market are Nouryon, Arkema, BASF SE, Arrmaz, Grupo Dynasol, Ingevity, Iterchimica, MCASPHALT, China Petroleum and Chemical Corporation, ATDM Co., Cargill, Inc., Birkshire Engineering Supplies, Engineered Additive LLC, Kao Corporation, Honeywell International Inc., Petrochem Specialties, Huntsman International LLC, Evonik Industries AG, Sasol Ltd., Dupont De Nemours, Inc., Dow, and Kraton Corporation.

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