- Increasing use of asphalt additives in various applications, including roofing, railway beds, road paving and construction, playgrounds, and airport construction, drives the demand in global asphalt additives market
- Rising shift of manufacturers towards producing bio-based additive products is also supplementing the development of the market
WILMINGTON, Del., Sept. 28, 2022 /PRNewswire/ -- Commonly used as waterproofing materials in roofing applications, the products and solutions in global asphalt additives market enhance the performance as well as quality of roofs in non-residential and residential constructions. Their increasing popularity can be attributed to various benefits they offer, including low cost of materials, high versatility, and easy installation. A recent professional intelligence report projects that the global asphalt additives market will expand at a CAGR of 6% over the forecast period of 2021 to 2031.
Some of the key applications for the products in the global asphalt additives market include harbor and sea works, including dam facings and reservoir and canal lining, as well as construction, including floor tiling, waterproofing, roof coating, and soundproofing. Rising demand for polymer additives in roofing applications is anticipated to further the growth of the global asphalt additives market. Key asphalt products used in roofing applications include bitumen modified membranes, asphalt roll roofing, asphalt shingles, and built-up asphalt roofing.
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Polymer additives offered by the market players are used to enhance the performance and quality of roofing in non-residential and residential constructions. They offer various benefits, including elongation, resistance to wear and shocks, elastic recovery, and enhanced thermoplastic characteristics. Their ability to withstand extreme ranges of temperature also aids in their rapid adoption in global asphalt additives market. Some other key types of products and solutions offered by market players are fiber additives, adhesion promoters or anti-stripping agents, anti-icing agents, waxes, oils and powders, antioxidants, emulsifiers, and additives enhanced with graphene.
Asphalt Additives Market - Key Findings of the Report
- Emergence of WMA Technology: WMA or warm mix asphalt is a rapidly developing technology that enables producers of asphalt pavement products to lower the temperatures for manufacture and placement of asphalt mixes. This technology also helps in reducing the production of greenhouse gases and fuel consumption. Rising awareness regarding pollution control in various developing and developed economies is boosting the demand for products manufactured using WMA technology in the global asphalt additives market.
- Shift Toward Bio-Based Products: Owing to the rising demand for eco-friendly products, several leading manufacturers in the global asphalt additives market are developing new types of bio-based additive solutions. This trend is also bolstered by the rising awareness amongst consumers about environmental protection.
- Increasing Demand for Polymer Additives: Polymer additives offer various types of benefits, such as the ability to withstand extreme temperatures and enhanced thermoplastic characteristics. Their key application is found in waterproofing, which is a prominent part of roofing in non-residential and residential applications. Integration of polymer additive products in asphalt can aid in improving the performance and quality of roofing materials. This trend is supplementing the growing usage of polymer additives in the construction industry.
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Asphalt Additives Market - Growth Drivers
- Increasing usage of asphalt additives in RAP or reclaimed asphalt pavement is one of the strongest drivers for the growth of global asphalt additives market
- Rising utilization of eco-friendly solutions, bolstered by the increasing awareness regarding environmental protection is also supplementing the market's growth
- Growth of the global asphalt additives market is also driven by rising demand from road paving and construction
Asphalt Additives Market - Key Players
Leading companies operating in the global asphalt additives market include Arrmax, Ingevity, MCASPHALT, ATDM Co., Birkshire Engineering Supplies, Kao Corporation, Petrochem Specialities, Evonik Industries AG, Dupont de Nemours, Inc., Kraton Corporation, Nouryon, BASF SE, Grupo Dynasol, Interchimica, China Petroleum and Chemical Corporation, Honeywell International LLC, and Huntsman International LLC, among others.
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Asphalt Additives Market: Segmentation
Asphalt Additives Market, by Technology
- Warm/Hot Mix
- Cold Mix
Asphalt Additives Market, by Type
- Polymer Additives
- Fiber
- Antioxidants
- Anti-stripping Agents/ Adhesion Promoters
- Emulsifiers
- Anti-icing Agents
- Additives Enhanced with Graphene
- Others (including Powders, Waxes, and Oils)
Asphalt Additives Market, by Application
- Road Construction & Paving
- Roofing
- Airport Construction
- Others (including Railway Beds and Playgrounds)
Asphalt Additives Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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