Press release
Strong Growth Ahead: Asphalt Additives Market Size To Grow At Arecord 9.9% Cagr By 2029
Asphalt Additives
How Big Is the Asphalt Additives Market Size Expected to Be by 2034?
Recent years have seen a significant expansion in the asphalt additives market size. It is projected to elevate from $4.35 billion in 2024 to $4.78 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.8%. The upswing observed in the historical timeframe can be associated with governmental funding towards transport infrastructure, the broadening of transport links, an increase in infrastructure refurbishing initiatives, economic development and a growing construction industry.
The market size of asphalt additives is anticipated to experience substantial growth in the upcoming years. By 2029, it's projected to reach $6.98 billion, with a compound annual growth rate (CAGR) of 9.9%. The estimated rise over the forecast period can be credited to factors such as the surge in road construction and maintenance work, expanding industrialization, swift urbanization, severe weather conditions, and aging infrastructure. Noteworthy trends predicted for this period encompass nanotechnology within additives, performance-grade binders, asphalt enhanced with polymer, warm mix asphalt (wma), and utilization of recycled materials.
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What Are the Emerging Segments Within the Asphalt Additives Market?
The asphalt additives market covered in this report is segmented -
1) By Type: Polymeric Modifiers, Anti-strip And Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt
2) By Technology: Hot Mix, Cold Mix, Warm Mix
3) By Application: Road Construction, Road Paving, Airport Runway, Parking Lots, Roofing
Subsegments:
1) By Polymeric Modifiers: Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS), Ethylene Vinyl Acetate (EVA)
2) By Anti-strip and Adhesion Promoters: Liquid Anti-strip Agents, Solid Anti-strip Agents, Adhesion Promoting Agents
3) By Emulsifiers: Anionic Emulsifiers, Cationic Emulsifiers, Nonionic Emulsifiers
4) By Chemical Modifiers: Acidic Modifiers, Basic Modifiers, Organic Modifiers
5) By Rejuvenators: Bio-based Rejuvenators, Petroleum-based Rejuvenators
6) By Fibers: Synthetic Fibers, Natural Fibers
7) By Flux Oil: Aromatic Flux Oil, Aliphatic Flux Oil
8) By Colored Asphalt: Pigmented Asphalt, Colored Aggregate Asphalt
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What Long-Term Drivers Are Shaping Asphalt Additives Market Trends?
The anticipated rise in road construction initiatives is set to boost the asphalt additives market. Roadways are instrumental in economic growth and societal benefits, with asphalt additives playing a crucial role in enhancing road quality and durability. For example, the India Brand Equity Foundation (IBEF), a Trust instituted by the Department of Commerce, Ministry of Commerce and Industry, and Government of India, revealed that India constructed 13,298 kilometres of roads in FY21 despite the ongoing global pandemic and associated lockdowns. Thus, the surge in road construction projects can potentially stimulate the asphalt additives market.
Who Are the Top Competitors in Key Asphalt Additives Market Segments?
Major companies operating in the asphalt additives market include Arkema S.A., ArrMaz Products Inc., BASF SE, Evonik Industries AG, Huntsman Corporation, Nouryon Holding B.V., Sasol Limited, China Petroleum & Chemical Corporation., Solvay SA, Jiangsu Jinyang Group Co. Ltd., Zibo Bridge Lung Chemical Co. Ltd., Berkshire Engineering Supplies Ltd., Engineered Additives LLC., Sonneborn LLC., LUCOBIT AG, Tri-Chem Specialty Chemicals LLC., Colas SA, Cargill Inc., Owens Corning Corporation, CRH PLC., Honeywell International Inc., Kraton Corporation, Akzo Nobel NV, Grupo Dynasol S.A. de C.V., McAsphalt Industries Limited, ATDM Co Ltd., Kao Corporation., Petrochem Specialties Inc., Dupont De Nemours Inc.
What Asphalt Additives Market Trends Are Gaining Traction Across Different Segments?
Bio-based asphalt additives are redefining the landscape of the asphalt additives industry. The incorporation of rubber has demonstrated numerous advantages in the surfacing field, such as enhanced manageability. For example, in February 2024, the American chemical firm Shrieve introduced the PROGILINE ECO-T organic asphalt additives. This Anti-Strip Additive within the PROGILINE ECO-T range improves the cohesion between aggregates and bitumen, enhancing longevity by preventing damage from moisture and substituting for inferior quality materials. The PROGILINE ECO-T Warm Mix additive facilitates mixing at lower temperatures, lowering energy use and emissions and accelerating the construction of roads. Additionally, the PROGILINE ECO-T Cold Mix Additive presents a secure, organic solution for asphalt patching that is devoid of dangerous substances.
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Which Regions Are Becoming Hubs for Asphalt Additives Market Innovation?
Asia-Pacific was the largest region in the asphalt additives market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the asphalt additives market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Asphalt Additives Market?
2. What is the CAGR expected in the Asphalt Additives Market?
3. What Are the Key Innovations Transforming the Asphalt Additives Industry?
4. Which Region Is Leading the Asphalt Additives Market?
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