Asphalt Additives Market Statistics, Analysis and Projection, Application, and Region – Global Forecast to 2026

According to the report published by Allied Market Research, the global asphalt additives market generated $3.6 billion in 2019, and is estimated to reach $5.3 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Rising demand for asphalt from the road construction industry, growing conformity with latest manufacturing standards, and surge in demand for new houses due to rapid urbanization drive the growth of the global asphalt additives market. However, less awareness among consumers about the skillful use of asphalt additives and lack of skilled labor hinder the market growth. On the other hand, increasing awareness regarding sustainable infrastructure & energy conservation create new opportunities in the coming years.

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Covid-19 scenario:

Due to lockdown in several countries, industries that manufactures asphalt additives have shut down their operations. Therefore, it is likely to affect the road and building construction during the forecast period.
The revenue generated from road construction segment will be reduced for a certain period of time, as construction of highways have been stopped during lockdown.
The COVID-19 pandemic is receding slowly in countries such as China and India, and governments are now lifting the lockdown to restart the industrial and construction activities. This is likely to be a good opportunity for several asphalt additives manufacturers in these countries to get back to their business.
The report offers a detailed segmentation of the global asphalt additives market based on type, application, and region.

Based on type, the polymerized asphalt cement segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the novophalt segment is estimated to portray the highest CAGR of 5.9% during the forecast period.

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Based on application, the road construction segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the roofing segment is expected to register the highest CAGR of 7.1% from 2020 to 2027.

Based on region, Asia-Pacific contributed to the highest share, accounting for more than one-fourth of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is also expected to grow at the highest CAGR of 5.6% from 2020 to 2027.

Leading market players analyzed in the research include Akzo Nobel N.V., Arkema Group, Honeywell International Inc, Evonik Industries AG, Ingevity, Huntsman International LLC, Nouryon, KAO Corporation, Tri-Chem Specialty Chemicals, and Sasol.

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