Asphalt Additives Market is Forecasted to Reach US$3.4 Billion in 2031, Says Stratview Research

The global asphalt additives market size was valued at US$2.5 billion in 2024, and is projected to reach US$3.4 billion by 2031, witnessing a market growth CAGR of 4.3% from 2024 to 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global asphalt additives market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics

Market Size in 2024: US$2.5 billion
Market Size in 2031: US$3.4 billion
Growth (CAGR): 4.3% during 2024-2031
Leading Product Type: Polymer
Leading Application Type: Road Construction
Leading Technology Type: Hot Mix
Leading Region: Asia-Pacific
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Asphalt Additives Market:

The global asphalt additives market is segmented based on Product type, Application type, Technology type, and Region.

Based on Application Type -

• The asphalt additives market is segmented into road construction, parking lots, roofing, and other applications. Road construction is estimated to contribute a larger share of the asphalt additives market. The increasing number of new road construction projects is being fuelled by federal and state governments, especially in developing economies, and there is a strong demand for road maintenance and preservation from developed economies. Furthermore, there has been an increasing penetration of road asphalt with additives over unmodified asphalts. Traffic volume loads and tire pressures have substantially increased over the past few decades, leading to demand for modifiers for longer service life and better maintenance of road pavements.
• Parking lots are expected to remain the fastest-growing application of the market by 2031. Subgrade conditions and traffic load or intensity are key considerations for parking lot asphalt mix thickness. Strong growth potential with increasing traffic intensity leading to the construction of new parking lots, especially in emerging economies.

Based on the Technology Type -

• The market is segmented into hot mix, warm mix, and cold mix based on the technology type. Hot mix is estimated to remain the widely used technology of the market by 2031. Key driving factors for hot mix asphalt are cost-effectiveness, weather resistance, versatility, strength, durability, highly flexible, and malleability. Polymer additives have a significant share in the hot mix technology.
• Warm-mix asphalt is gaining traction because it is superior to hot-mix asphalt in reducing carbon and fume gas emissions and creating safer work environments. There has been a growing interest in warm-mix asphalts, mainly due to their sustainability and similar performance level to hot-mix asphalt. North America is the world's largest market for warm-mix asphalts, whereas the Asia-Pacific is the largest market for hot-mix asphalt.

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that the Asia-Pacific is expected to remain the largest market for asphalt additives during the forecast period. This growth outlook is majorly attributed to the following-
- Asia-Pacific is expected to remain the largest market, with China, Japan, and South Korea being the leading markets in the region. Strong demand exists from new road pavement projects and pavement preservation/maintenance in the Asia-Pacific region.
- There is also a huge whitespace opportunity from developing Asian economies, such as India, where additive penetration in the asphalt industry is very low.
Likewise, North America is expected to remain the second-largest market during the forecast period. The region is the world's largest market for warm mix additives with a strong desire to reduce emissions and improve a sustainable working environment. Key players: Arkema, Ingevity Corporation, Nouryon, Kraton Corporation, Cargill Incorporated, and Honeywell International Inc.

Asphalt Additives Market Drivers:

Some of the key drivers listed in the report are given below.
- Expected increase in hot and warm mix asphalt production.
- Increase in new government-funded road maintenance
- projects.
- Expected increase in FAA airport improvement program (AIP) grants issued for airfield improvement projects.
- Stricter government regulations are aimed at reducing emissions and energy consumption.
- Increasing investments in road construction, repair, and expansion projects.
- Advancements in asphalt technology such as polymer-modified binders and performance-enhancing additives.

Top Companies in the Asphalt Additives Market:

The global market for Asphalt Additives is highly concentrated, with the top four companies capturing a lion's share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:
- Kraton Corporation
- Ingevity Corporation
- Arkema S.A.
- Nouryan Chemicals B.V.
- Kao Corporation
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the automotive V2X market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?

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