Asphalt Additives Market Growth Trends: Key Developments, Business Demand and Opportunities Forecast to 2027

The global asphalt additives market, as reported by Allied Market Research, is on a steady rise. In 2019, it reached $3.6 billion and is anticipated to hit $5.3 billion by 2027, with a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027. The surge is attributed to increased demand from the road construction industry, adherence to updated manufacturing standards, and the ongoing wave of urbanization. However, regulatory changes act as a speed bump to market growth, though the rising awareness of energy conservation and sustainable infrastructure offers a silver lining.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/595

The COVID-19 pandemic cast a shadow over the market, with governments reallocating budgets and halting construction activities globally to curb the virus spread. The demand for asphalt additives saw a decline, particularly in the Asia-Pacific region due to the rapid transmission of the virus.

Examining the types of asphalt additives, polymerized asphalt cement takes the lead, contributing over half of the market share in 2019 and expected to maintain this position throughout the forecast period. The novophalt segment, however, is forecasted to exhibit the highest CAGR of 5.9%, driven by the emergence of new urban areas in developing economies like China and India.

In terms of application, road construction holds the highest market share, accounting for over half in 2019 and projected to maintain its dominance. Meanwhile, the roofing segment is poised for the fastest CAGR of 7.1% from 2020 to 2027, fueled by rapid urbanization in countries like China and India.

Geographically, Asia-Pacific, followed by North America, led the market in 2019 and is expected to maintain its dominant position. Asia-Pacific is set to exhibit the highest CAGR of 5.6% from 2020 to 2027, driven by infrastructure and construction activities in developing economies such as China and India.

Leading players in the market include Arkema Group, Akzo Nobel N.V., Evonik Industries AG, Huntsman International LLC, Ingevity, KAO Corporation, Nouryon, Sasol, Tri-Chem Specialty Chemicals, LLC., Bershire Engineering Supplies, Kraton, BASF SE, Engineered Addtives LLC, and Delta Companies Inc.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/asphalt-additives-market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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