Asphalt Additives Market Set to Witness Significant Growth by 2027 | Arkema Group, Akzo Nobel N.V., Evonik Industries AG

Allied Market Research recently published a report titled "Asphalt Additives Market by Type (Polymerized Asphalt Cement, Novophalt, Multigrade Asphalt Cement, Polyester Modifier, and Others) and Application (Road Construction, Road Paving, Airport Runway, Parking Lots, Roofing, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, 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.

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Market Drivers, Restraints, and Opportunities:

- Drivers: The increasing demand for asphalt in road construction, advancements in manufacturing standards, and rapid urbanization are key factors driving market growth.

- Restraints: Regulatory changes pose challenges to market expansion.

- Opportunities: Growing awareness of energy conservation and sustainable infrastructure development creates new market opportunities.

Segment Analysis:-

By Type:

- Polymerized Asphalt Cement accounted for over half of the global market share in 2019 and is expected to maintain dominance due to its widespread use in road maintenance and repairs.

- Novophalt is projected to witness the highest CAGR of 5.9% during the forecast period, driven by the need for durable road construction in rapidly urbanizing economies such as China and India.

By Application:

- Road Construction held the largest market share in 2019, fueled by infrastructure projects in developing nations like Brazil, China, and India.

- Roofing is expected to grow at the fastest CAGR of 7.1% from 2020 to 2027 due to rising urbanization in emerging markets.

Regional Insights:

- Asia-Pacific, followed by North America, led the market in 2019, accounting for nearly one-third of the global revenue share. The region is projected to grow at the highest CAGR of 5.6% due to ongoing infrastructure and residential construction activities in China and India.

- North America is expected to grow at a CAGR of 5.4% during the forecast period.

Key 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.

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