Press release
Asphalt Additives Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Asphalt Additives
How Large Will the Asphalt Additives Market Size By 2025?
The market for asphalt additives has seen robust growth in previous years. There is an expected growth from $4.35 billion in 2024 to $4.78 billion in 2025 with a compound annual growth rate (CAGR) of 9.8%. The historic period's growth is credited to government spending on transportation infrastructure, enlargement of transportation networks, an increase in infrastructure restoration projects, economic expansion, and a surge in the construction sector.
How Big Is the Asphalt Additives Market Size Expected to Grow by 2029?
Over the coming years, the market size of asphalt additives is predicted to witness robust expansion. The market value is set to increase to $6.98 billion in 2029, with a compound annual growth rate (CAGR) of 9.9%. The surge during the forecast period is due to factors such as the rise in road construction and maintenance, burgeoning industrialization, swift urbanization, severe weather circumstances, and decaying infrastructure. The forecast period will also see key trends such as the use of nanotechnology in additives, performance-grade binders, polymer-modified asphalt, warm mix asphalt (wma), and recycled materials.
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Which Key Market Drivers Powering Asphalt Additives Market Expansion and Growth?
The anticipated growth of the asphalt additives market is predicted to be driven by a rise in road construction projects. Asphalt additives, which enhance road quality and durability, play a crucial part in road construction, paving the way for both crucial social benefits and economic growth and development. For example, the India Brand Equity Foundation (IBEF), an organization set up by the Department of Commerce, Ministry of Commerce and Industry, and Government of India, recently reported that even amidst the pandemic and shutdown, India managed to construct 13,298 kilometres of roadways in FY21. This upswing in road construction activities is hence anticipated to fuel the expansion of the asphalt additives market.
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Which Fast-Growing Trends Are Poised to Disrupt the Asphalt Additives Market?
The asphalt additives market is being formed by the usage of bio-based asphalt additives. The asphalt industry has seen numerous advantages from the use of rubber, including enhanced workability in the paving sector. For example, Shrieve, an American chemical firm, released the PROGILINE ECO-T organic asphalt additives in February 2024. The PROGILINE ECO-T Anti-Strip Additive enhances the bond between aggregates and bitumen, increasing durability by preventing moisture damage and offsetting inferior quality materials. The PROGILINE ECO-T Warm Mix Additive enables mixing at lower temperatures, yielding a decrease in energy consumption and emissions and accelerating the process of road construction. The PROGILINE ECO-T Cold Mix Additive provides an organic, safe option for asphalt patching, devoid of any harmful substances.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Asphalt Additives Market?
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.
Which are the Top Profitable Regional Markets for the Asphalt Additives Industry?
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.
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