Asphalt Additives Market – Research Report

Global Asphalt Additives Market – Key Trends

The rising road construction activities worldwide are significantly aiding the expansion of the global asphalt additives market. Since the Middle East and Africa (MEA) boasts rising spending in construction activities, the demand for asphalt additives is expected to rise considerably from the region. Saudi Arabia and Qatar are currently the most attractive markets for asphalt additives in MEA. According to TMR, the global asphalt additives market will rise at a CAGR of 4.2% between 2015 and 2023, as economies around the world increasingly invest in road development and maintenance activities.

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In contrast, the availability of numerous substitutes such as bricks, concrete, pavers, cements, and others threatens the market’s trajectory to an extent. Nevertheless, the rising use of polymer modified asphalt (PMA) in pavements, waterproofing, and sprayed sealants is expected to fuel demand from the market in the near future.

As per Transparency Market Research, the global asphalt additives market stood at US$2.9 bn in 2014. The market is expected to reach US$4.2 bn by the end of 2023.

Applications of Asphalt Additives in Road Construction and Paving Grow Considerably

On the basis of volume, the global asphalt additives market was led by the road construction and paving segment in 2014. The segment held over 83.2% of the market in the year. The increasing use of asphalt in road construction activities is expected to fuel demand for asphalt additives considerably in the forthcoming years. Asphalt additives provide superior binding properties to asphalt and also improve film thickness. This is one of the key factors accelerating the demand for asphalt additives in the construction and paving activities.

Besides this, the market is also expected to gain significant impetus from the rising application of asphalt additives in the roofing segment. Asphalt additives are generally used for roofing to improve its waterproofing abilities. The rising construction of nuclear homes across developing nations will therefore boost demand for asphalt additives from the roofing segment. Other than this, application of asphalt additives is also expected to increase in the construction of airways, public structure, and parking lots.

Rising Construction Activities to Fuel Demand for Asphalt Additives from Asia Pacific

The emerging economies are currently exhibiting rising demand for asphalt additives. The robust infrastructural development witnessed across these countries has been pivotal in fuelling demand from the asphalt additives market. Regionally, Asia Pacific has emerged as the largest contributor to the global market. The rising investment in construction activities in the region has sealed Asia Pacific’s dominance in the global market. By volume, the region held over 33% of the global asphalt additives market in 2014. Due to the growing construction industry in emerging economies such as India and China, the demand for hot mix additives (HMA) and warm mix additives (WMA) is quite high in Asia Pacific. Furthermore, TMR expects the Asia Pacific market to grow at a steady pace during the forecast period.

North America in the same year emerged as second largest market for asphalt additives. The extensive usage of latest technologies for the construction and maintenance of roads provides lucrative opportunities for the asphalt additives manufacturers in North America. Due to the superior value addition offered by HMAs and WMAs, their demand is the highest in North America.

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Some of the leading companies operating in the global asphalt additives market are Evonik Industries AG, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Honeywell International Inc., and Akzo Nobel N.V.

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