The global asphalt additives market is set to estimate a valuation of US$ 6.1 billion in 2023 and it is anticipated to grow at a CAGR of 5.0% to reach US$ 9.9 billion by the end of 2033.
Asphalt additives are added to the asphalt binder to change the properties of the final blend of asphalt used to build the top layer of a road. The kind of additive utilized depends on several variables, including the climate, the subsurface structure, and the type of road. The specifications for the relevant road are taken into account when choosing additives.
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Repairing and Maintenance of Existing Roads to Drive the Demand for Asphalt Additives Industry
The demand for asphalt additives industry is driven by the need for repairing and maintaining existing roads. Asphalt additives are used to improve the performance of asphalt pavements, making them more durable and resistant to wear and tear. Asphalt additives are also used to reduce the cost of road maintenance and repair, as well as to improve the overall quality of the road surface.
The demand for asphalt additives is expected to increase in the coming years due to the increasing number of roads that need to be repaired and maintained. Asphalt additives are used in a variety of applications, including road resurfacing, crack sealing, pothole repair, and seal coating. Asphalt additives are also used in the construction of new roads and highways. The increasing demand for asphalt additives is also driven by the need for better road safety. Asphalt additives can help reduce the risk of accidents by providing better traction and improved visibility on roads.
Asphalt additives can also help reduce the amount of dust and debris that accumulates on roads, which can lead to poor visibility and dangerous driving conditions. In addition, asphalt additives can help reduce the amount of time needed for road maintenance and repair. Asphalt additives can help reduce the amount of time needed for road resurfacing, crack sealing, pothole repair, and seal coating. This can help reduce the cost of road maintenance and repair, as well as improve the overall quality of the road surface.
Market leaders are targeting areas that have a high population due to the increased development activity in such locations. Market leaders also prioritize expanding their supplier base in non-legacy areas and establishing long-term contracts with them. Market players are also aiming to offer new and innovative products through investments in research and development to expand their customer base and comply with government regulations.
Efforts by market players to remain competitive: for instance, in 2021, Kao corporation commercialized an asphalt additive that was made of recycled plastics named NEWTLAC 5000. The additive has high durability and oil resistance features.
Key Companies Profiled:
- BASF SE
- Arkema SA
- Honeywell International Inc.
- Evonik Industries
- Huntsman Corporation
- Kao Corporation
- Kraton Corporation
- Ingevity Corporation
For More Insights of Fact.MR Trending Report
- By Type :
- Bitumen Emulsifiers
- Asphalt Cement Additives
- Polymer Modifier
- Fillers and Fibers
- By Technology :
- Warm/Hot Mix
- Cold Mix
- By Application :
- Road Construction
- Runways and Parking Lot
- Roofing Sector (Asphalt Shingles)
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?