Asphalt Additives Market is expected to reach $2,302 million by 2022, supported by a CAGR of 6.6%: Global Industry Analysis and Opportunity and Forecasts
They are specificallyadded during construction of roads, sidewalks, airports, and parking lots. The market forasphalt additives has grown tremendously in the recent past due to increase in governmentinvestment for the infrastructural development coupled with the rise in ownership ofautomobiles globally.Factors that drive the growth of the global asphalt additives market are increase inurbanization, rise in demand of asphalt from construction industry, and growth in conformitywith latest manufacturing standards.
In addition, increase in demand for asphalt additivesfrom the emerging economies as well as growth in awareness about energy conservation andsustainable infrastructure provide opportunities to the asphalt additives manufactures.However, low consumer awareness and change in regulatory environment are expected tohamper the market growth.
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Key Findings of Asphalt Additives Market
• In terms of both value and volume, Novophalt additives is projected to be the fastestgrowing segment during the analysis period.
• Asia-Pacific is projected to maintain its lead position throughout 2022 and will grow ata CAGR of 8.3%, in terms of volume.
• Road construction application occupied more than half of the total market in 2015.
• China occupied two-thirds of the total Asia-Pacific asphalt additives market in 2015.
India is expected to grow at the fastest rate and is expected to grow at a CAGR of9.2% from 2016 to 2022In 2015, Asia-Pacific and LAMEA collectively accounted for two-thirds of the total asphaltadditives market and are expected to continue this trend due to increase in infrastructuraldevelopment, specifically in China, India, and other developing economies.
Rise in urbanpopulation is the main reason for the growth of asphalt additive market in the Asia-Pacificregion.The major companies profiled in the report include Evonik Industries AG, Tri-Chem Industries,Ingevity, AkzoNobel N.V., E. I. du Pont de Nemours and Company, Honeywell InternationalInc., Huntsman International LLC, Kao Corporation, ArrMaz, and The Arkema Group.
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