Asphalt Additives Market Shaping Strategies, The Power of Future Market Size in Decision Making

Allied Market Research recently released a report titled "Asphalt Additives Market," forecasting significant growth in the industry. The global market, which accrued $3.6 billion in 2019, is expected to reach $5.3 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 5.1% from 2020 to 2027.

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Key Drivers, Restraints, and Opportunities:

Drivers: Increased demand for asphalt in road construction, adherence to modern manufacturing standards, and rapid urbanization are propelling market growth.

Restraints: Changes in regulatory environments may hinder market expansion.

Opportunities: Rising awareness regarding energy conservation and sustainable infrastructure presents new avenues for growth.

COVID-19 Impact:

During the pandemic, governments reduced budget allocations and investments in new highway and expressway construction, affecting demand for asphalt additives.

Demand for asphalt additives decreased, particularly in the Asia-Pacific region, due to the rapid spread of the virus.

Construction activities worldwide were halted during lockdowns to mitigate virus transmission.

Segment Insights:

Polymerized Asphalt Cement: This segment dominated the market in 2019 and is projected to maintain its lead, driven by increased usage in road maintenance and repair activities.

Novophalt: Expected to exhibit the highest CAGR of 5.9% due to emerging urban areas in economies like China and India, necessitating efficient road construction mechanisms.

Road Construction: Accounting for over half of the market share in 2019, this segment is anticipated to continue leading, fueled by new road construction and maintenance projects in countries like Brazil, China, and India.

Roofing: Forecasted to witness the fastest CAGR of 7.1% from 2020 to 2027, driven by rapid urbanization in developing nations.

Regional Analysis:

Asia-Pacific: Accounted for the highest revenue share in 2019 and is expected to maintain dominance throughout the forecast period, driven by infrastructure and construction growth in countries like China and India.

North America: Projected to exhibit a CAGR of 5.4%, with significant contributions from infrastructure development.

Leading Market Players:

Companies such as Arkema Group, Akzo Nobel N.V., Evonik Industries AG, and Huntsman International LLC are among the key players in the 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.

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