Press release
Asphalt Additives Market Analysis: $6.79 Billion by 2029 With a CAGR of 9.5%
Asphalt Additives
Asphalt Additives Market Value Projection: How Much Will the Market Size by 2025?
In recent times, the asphalt additives market has seen significant growth. The market size, which stood at $4.35 billion in 2024, is predicted to increase to $4.73 billion in 2025, with an impressive 8.7% compound annual growth rate (CAGR). Factors contributing to this growth over the historical period include government funding in transportation infrastructure, the expansion of the transportation network, an increase in rehabilitation projects associated with infrastructure, economic growth, and the buoyant construction sector.
What Will Be the Market Growth Forecat for Asphalt Additives in 2029?
In the forthcoming years, the asphalt additives market is projected to witness substantial growth, reaching a market size of $6.79 billion by 2029, with a compound annual growth rate (CAGR) of 9.5%. This anticipated growth during the mentioned period can be justified by the intensification of road construction and maintenance activities, surge in industrialization, swift pace of urbanization, severe weather conditions, and decaying infrastructure. The period is also expected to see significant trends including the introduction of nanotechnology in additives, the use of performance-grade binders, polymer-modified asphalt, warm mix asphalt (WMA), and recycled materials.
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What Are the Core Competitive Drivers in the Asphalt Additives Industry?
The expansion of the asphalt additives market is anticipated to be driven by a surge in road construction projects. Asphalt additives, which considerably enhance the quality and durability of roads, play a pivotal part in societal benefits and economic growth and advancement. The India Brand Equity Foundation (IBEF), a trust formed by the Department of Commerce, Ministry of Commerce and Industry, and the Government of India, revealed that in the middle of the pandemic and closure, India managed to construct 13,298 kilometres of roads in FY21. Consequently, the anticipated growth in road construction projects is predicted to fuel the expansion of the asphalt additives market.
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Which Asphalt Additives Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Asphalt Additives Market?
The asphalt additives market is being transformed by bio-based asphalt additives. There have been multiple benefits observed in the pavement industry from using rubber in asphalt, including enhanced workability. For example, in February 2024, Shrieve, a chemical company based in the US, introduced its organic asphalt additives, the PROGILINE ECO-T. These additives enhance adhesion between aggregates and bitumen, resulting in increased durability by preventing moisture damage and making up for lower-quality materials. The PROGILINE ECO-T Warm Mix Additive allows for asphalt mixing at lower temperatures, thus saving energy, reducing emissions, and accelerating road construction. The PROGILINE ECO-T Cold Mix Additive provides a safe, organic option for patching asphalt that doesn't contain harmful substances.
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Who Are the 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 Regional Asphalt Additives Markets Offer the Greatest Growth Potential?
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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