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Asphalt Additives Market Top Leading Players with Strategies and Forecast 2027
Asphalt Additives Market
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Published by: Allied Market Research
Market Overview:
The global asphalt additives market was valued at $3.6 billion in 2019 and is projected to reach $5.3 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Key Drivers, Restraints, and Opportunities:
Drivers:
- Rising demand from the road construction industry.
- Compliance with modern manufacturing standards.
- Rapid urbanization.
Restraints:
- Changes in regulatory environments.
Opportunities:
- Growing awareness about energy conservation and sustainable infrastructure.
Segment Analysis:
By Type:
- Polymerized Asphalt Cement: Dominated the market with over half the total share in 2019; expected to maintain its lead due to its use in road maintenance and repair.
- Novophalt: Forecasted to have the highest CAGR of 5.9% from 2020 to 2027 due to emerging urban areas in developing economies needing efficient road construction.
By Application:
- Road Construction: Contributed to over half of the market share in 2019; expected to lead due to new road construction and maintenance in countries like Brazil, China, and India.
- Roofing: Anticipated to have the fastest CAGR of 7.1% from 2020 to 2027, driven by rapid urbanization in developing nations.
Regional Insights:
Asia-Pacific (followed by North America):
- Held the largest revenue share in 2019 and is expected to maintain dominance through 2027.
- Highest projected CAGR of 5.6% from 2020 to 2027 due to significant infrastructure and construction activities in China and India.
- North America expected to grow at a CAGR of 5.4% during the forecast period.
Leading Market Players:
- Arkema Group
- Akzo Nobel N.V.
- Evonik Industries AG
- Huntsman International LLC
- Ingevity, KAO Corporation
- Nouryon
- Sasol
- Tri-Chem Specialty Chemicals, LLC
- Berkshire Engineering Supplies
- Kraton
- BASF SE
- Engineered Additives LLC
- Delta Companies Inc
Summary:
The asphalt additives market is anticipated to grow significantly due to increasing infrastructure demands, compliance with modern standards, and rising urbanization. However, regulatory changes pose challenges, while sustainability trends offer new growth opportunities. The market's leading segment and region reflect the broader global trends in construction and infrastructure development.
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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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