Asphalt Additives Market Size, Share, Growth Report 2032

Asphalt Additives Market Insights

According to a report from Zion Market Research, the global Asphalt Additives Market was valued at USD 4.78 Billion in 2023 and is projected to hit USD 7.84 Billion by 2032, with a compound annual growth rate (CAGR) of 5.1% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Asphalt Additives Market industry over the next decade.

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Asphalt Additives is a mixture of asphalt which is also known as bitumen with concrete elements that are used as an adhesive or binding material in road construction. The asphalt additives have a wide range on application such as road construction, roofing, container terminal construction owing to the benefits associated with using asphalt additives such as it is waterproof, it helps in reducing cracking, stripping, permanent deformation, pavement thickness, lifecycle costs. With the increased demand for road improvement and construction in developing countries the market is anticipated to grow in near future.

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COVID-19 Impact Analysis

Due to the Covid-19 pandemic there has been a significant disruption in supply chain which has led to a delay in the construction projects all over the world. Strict lockdown imposed by government on account for safety of the population has in turn led to an economic crisis and construction industry being one of the most severely impacted sectors owing to the shortage of labor force, raw materials and on verge of following the restriction and norms during the construction process has significantly been delayed.

However, with the upliftment of pandemic restriction since the third quarter of 2020, most of the governmental projects of roads, building and highway construction have been resumed and thus, in near future the market is expected to witness high growth.

Growth Factors

Increasing demand for construction activities related to road and building across the developing countries such as India and China with rise in investment by the government in the construction of national highways, airport runways and expressways boosts the demand for asphalt additives across the globe. Moreover, growing inclination of consumers towards the asphalt additives for roofing application as these additives when added into roofing products provides high quality and high UV resistance is also expected to drive market growth in near future.

Bitumen is being widely utilized in the construction activities in building construction due to the properties it possesses of being resistant to water, high softening point, ductility and hardness which has given rise to the demand for new houses by the population and has in turn led to an increase in demand of the market. Government initiatives and funding for the construction of houses under the scheme Pradhan Mantri Awas Yojana (PMAY) has also provided a boost to the overall growth of the Asphalt Additives Market.

Asphalt Additives Market: Report Scope

Type Segment Analysis Preview

Polymerized Asphalt Cement segment held a share of around 34.62% in 2020. This is attributable to the use of polymerized asphalt cement at the first stage in road construction, so with the increasing growth of road construction segment the polymerized asphalt cement segment is also expected to witness a sharp growth in the forecast period. Moreover, polymerized asphalt cement is used by various construction firms for improving the road, repair and maintenance activities in order to reconstruct previous road and increase their life. The benefits offered by polymerized asphalt cement is also enabling growth of the segment such as providing durability, strength and finishing with an availability of various grades of quality and a wide price range.

Application Segment Analysis Preview

Road Construction segment will grow at a CAGR of more than 4.89% from 2021 to 2028. This is attributable to the rapid urbanization and the need for efficient roads across the globe. Asphalt additives are used as high-grade material in construction that provides an efficient and improved sustainability of road which has enhanced the demand for using asphalt additives in construction work by various construction firms. The road construction segment is a leader in the Asphalt Additives Market across the globe and in expected to be major driver behind the growth of the overall market in the forecast period 2020-2028.

Regional Analysis Preview

The Asia Pacific region held a share of more than 19.43% in 2020. The countries in region particularly China and India have seen a significant growth of the real estate sector which is responsible to drive the growth of market in the region. Other factors driving the growth in this region are the increase demand for roofing, road paving and road construction segments supplemented with the increased demand for better infrastructure and rapid urban development. Moreover, with government initiatives and implementation regarding the road improvement and infrastructural development the region is expected to be in forefront and lead the market growth in the forecast period.

The North America region is projected to grow at a CAGR of more than 5.13% over the forecast period. The region has the second highest market share and is projected to grow with highest pace due to the increasing construction activities and road construction work specifically in the U.S. Moreover, with governmental implementation regarding strict environmental rules which supports the use of warm mix, fuels the popularity and demand from Asphalt Additives Market. Europe and Middle East is also anticipated to show a significant growth during the forecast period.

Key Market Players & Competitive Landscape

Some of key players in Asphalt Additives Market are:

• Huntsman Corporation
• Nouryon
• DowDuPont
• Ingevity Corporation
• Honeywell International Inc.
• Evonik Industries
• Kraton Corporation
• Arkema SA 
• BASF SE.

The Global Asphalt Additives Market is segmented as follows:

By Type

• Novophalt
• Polymerized Asphalt Cement
• Polyester Modifier
• Multigrade Asphalt Cement
• Others

By Application

• Roofing
• Airport Runaway
• Road Paving
• Parking Lots
• Road Construction
• Others

By Technology

• Hot Mix
• Cold Mix
• Warm Mix

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa