Asphalt Additives Market Expand Their Businesses With New Investments And Coming Future

Asphalt additives are external chemicals or materials added to asphalt to enhance its properties and performance, and also enhance its functional temperature. At a higher temperature, the viscosity of asphalt decreases significantly, and increases at a lower temperature, which hampers the usage of asphalt in roads, pavements, and other infrastructure.

The addition of asphalt additives helps overcome this problem; it increases film thickness, thus preventing cracking, raveling, and deformation. This, in turn, reduces the maintenance cost of asphalt-constructed structures. The global asphalt additives market is estimated to be valued at over US$ 5 Bn in 2020, and is expected to grow healthily at decent rate over the forecast period.

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global asphalt additives market

The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.

Digital sales and remote sales channels are already there to join the bandwagon. The “go green” initiative is bound to go a long way, as things like global warming would never be taken casually again. Persistence Market Research has its team of knowledge and research experts in the form of consultants and analysts to cater to the needs of the key stakeholders.

XKey Highlights of Asphalt Additives Market Study

Rising demand for reclaimed asphalt pavement in infrastructural development is expected to boost the demand for asphalt additives. The usage of RAP helps in reduction in the use of costly virgin asphalt material, which, in turn, helps in overall cost savings. However, nearly up to 30% of RAP is mixed with virgin asphalt, as the addition of more percentage of reclaimed asphalt degrades performance efficiency.
Warm mix asphalt technology is a fast-emerging technology due to increase in awareness about pollution control. WMA technology decreases the viscosity of the asphalt binder, so that asphalt aggregates can be overlaid at a lower temperature. This is done by the addition of asphalt additives in the asphalt mix. Addition of various ranges of additives, such as water-based, organic, and chemical additives, allows asphalt binders and asphalt aggregates to be mixed at lower temperatures, and helps produce high-performance WMA.
Demand for asphalt used in the paving of streets and highways has been rising because of increased government investments and growth in road infrastructural development activities. Highway and road construction is increasing in countries such India and China. Thus, South East Asia and East Asia are anticipated to be key growth regions in the global asphalt additives market.
Increasing need for environmentally-friendly asphalt additives, led by rising focus on decreasing the dependence on petroleum-based additives, has compelled market players to shift toward bio-based additives. Regulatory organizations and bodies are encouraging the commercialization of bio-based products. Owing to rising environmental awareness amongst consumers, manufacturers are focused on using eco-friendly products.
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Increasing Infrastructure Development Projects through Government Initiatives to Drive Market Growth

Governments of developing and emerging economies are heavily investing on infrastructural development and the construction industry. Increasing number of government initiatives for the development of efficient road transportation has increased the number of highway and road network projects, which is driving the demand for asphalt additives. Also, increased spending on the development of airports, parking lots, bridges, tunnels, and other transportation infrastructure is positively impacting market growth. There are various environmental benefits of asphalt additives over other traditional materials, owing to which, asphalt additives are gaining popularity across the globe.

Global Asphalt Additives Market: Competition Overview

The global asphalt additives market is estimated to be a moderately consolidated market. In the asphalt additives market, a few participants account for a significant market share. Tier-1 market participants are estimated to account for more than one-third of the global market. Development of bio-based products, increasing R&D investments for the enhancement of product portfolio, etc., are key strategies followed in the market. Some of the key players identified in the global asphalt additives market are BASF SE, Karton Corporation, Huntsman International, and Sasol Ltd., among others.

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This release was published on openPR.