The report “Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt), Application, Technology And Region – Global Forecast to 2028″, The asphalt additive market is projected to grow from USD 4.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 7.7% from 2023 to 2028. increase in government expenditure on infrastructure across the countries can be attributed to the increasing construction of roads and other public infrastructure development projects for improved transportation and enhanced connectivity between important economic centers in these countries. These factors are driving the consumption of asphalt additives across the world.
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• 544 Market data Tables
• 55 Figures
• 348 Pages and in-depth TOC on “Asphalt Additive Market – Global Forecast to 2028″
Some of the prominent key players are:
- Nouryon (Netherlands),
- Dow (US),
- Arkema SA (France),
- Honeywell International Inc. (US),
- Evonik Industries (Germany),
- Huntsman Corporation (US), and many more….
Driver: Recyclability of asphalt
There is a growing need for asphalt additives as a result of the advantages of recycling asphalt and promoting sustainability in road construction and maintenance. Recycling asphalt minimizes the use of natural resources and the requirement for new materials. Asphalt is a sustainable option for the construction of pavements as it is 100% recyclable. Recycling asphalt decreases the cost of quarrying, mining, and oil consumption. It also decreases costs on fuel, machinery, transportation, and labor involved in the production of asphalt pavements, as recycled asphalt is easier to manufacture than newly produced asphalt. Asphalt additives are required to improve the quality of recycled asphalt, reducing the risks of rutting and cracking reclaimed asphalt pavements. Thus, recycling of asphalt is a major driver for the asphalt additive market.
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By application, the roofing segment is expected to grow at the fastest rate during the forecast period, in terms of value.
Based on application, the asphalt additive market has been segmented into road construction & paving, roofing, airport construction, and others. The roofing segment is expected to grow at the highest CAGR during the forecast period, in terms of value. The demand for roofing materials is fueled by increased infrastructure development, including industrial, residential, and commercial construction projects. With the expansion of the construction sector, the need for asphalt-based roofing materials is increasing. Asphalt additives can improve the performance of roofing materials, weather resistance, and waterproofing, making them acceptable for harsh weather conditions. These factors further fuel the growth of this segment.
By region, the Asia Pacific segment is estimated to have the largest share of the asphalt additive market from 2023 to 2028, in terms of volume.
Based on region, the asphalt additive market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and South America. The Asia Pacific region of the asphalt additive market is projected to account for the largest share during the forecast period. Governments in nations like China, India, and Southeast Asian countries are making significant investments in developing and enlarging their transportation networks, including their airports, roads, and highways. The need for additives for asphalt has increased as a result of the growth in infrastructure development projects. The increasing economy and rising disposable incomes of the region have raised demand for better transport facilities. Asphalt additives play a major role in enhancing the performance and durability of roads, thus driving their demand in this region.