To improve the website's functionality, we use cookies, including third-party cookies. Read our Privacy Policy for more information

I Agree

Asphalt Additives Market

Asphalt Additives Market By Type (Anti-strip, Bitumen Emulsifiers, Asphalt Cement Additives), By Technology (Warm/Hot Mix, Cold Mix), By Application (Road Construction, Runways and Parking Lot) & By Region - Global Market Insights 2023-2033

Analysis of Asphalt Additives market covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Asphalt Additives Market Outlook (2023-2033)

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.

Report Attributes

Details

Market Size (2022A)

US$ 5.9 Billion

Estimated Market Value (2023E)

US$ 6.1 Billion

Forecasted Market Value (2033F)

US$ 9.9 Billion

Global Market Growth Rate (2023-2033)

5.0%

Key Companies Profiled

  • BASF SE
  • Nouryon
  • Dow
  • Arkema SA
  • Honeywell International Inc.
  • Evonik Industries
  • Huntsman Corporation
  • Kao Corporation
  • Kraton Corporation
  • Ingevity Corporation

Don't Need a Global Report?

Save 40% on Country & Region specific reports

Market Buoyancy Analysis

Additives have seen significant growth in the asphalt pavement business due to demands for high temperature and aging resistance, advancements in thermal stripping, and decreased maintenance costs for pavements. Further, due to improved concrete performance with reduced pavement rutting and moisture-induced damage, the use of asphalt additives in road construction is rapidly expanding, which is driving demand for asphalt additives during the forecast period.

  • Short Term (2023-2026): Burgeoning demand for road construction and growing construction industry is driving the market for asphalt additives.
  • Medium Term (2026-2029): Various plans and initiatives by the government towards the smart city and their road networks especially in developing countries to boost the demand for asphalt additives.
  • Long Term (2029-2033): Initiatives by the market players to enhance sales along with the development of bio-based asphalt additives will provide lucrative opportunities in the long run.

Over the 2018-2022 historical period, the global asphalt additives market registered a CAGR of 3.0%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 5.0% CAGR between 2023 and 2033.

“Growth of the Construction Sector Driving Demand for Asphalt Additives”

The expansion of the construction industry will create lucrative opportunities for asphalt additives market players. The demand for asphalt is being driven by the current development in the construction and infrastructure sectors, notably in emerging economies like India, Brazil, and China.

Additionally, these countries' infrastructure planning commissions and officials' actions are helping to encourage the expansion of the construction industry. In the near future, value propositions for the market for asphalt additives are anticipated to be created by urban and rural infrastructure projects connected to the construction of roads, dams, trains, metros, and power infrastructure.

Globally, urbanization is accelerating, particularly in developing nations like China, India, Mexico, Argentina, and Brazil. This is helping to fuel the expansion of the construction sector. The demand for roads and transportation infrastructure is likely to expand along with rising construction activity in both the residential and commercial sectors, which is expected to fuel global demand for asphalt additives.

“Bio-based Asphalt Additives to Provide Lucrative Opportunities”

Asphalt additives can be produced using bio-based ingredients, such as lignin and vegetable oils like soy and canola oil, in addition to the standard method of producing them from crude oil fractions.

Lowering the temperature at which the asphalt is laid during road building can be made possible by bio-based additives. As a result, energy use and GHG emissions are reduced. Asphalt's flexibility and workability have been discovered to improve with the addition of a bio-based additive.

Government and public organizations are focusing on environmentally friendly and sustainable building, and they have pushed the end-use sector to switch to bio-based additives. The demand for bio-based and recycled asphalt additives will be significantly impacted by new prospects in the roofing industry as well as by the expanding construction and road infrastructure.

“Rising Crude Oil Prices Due to Exhaustion of Resource to Hamper Market”

Asphalt is a by-product of the distillation process of petroleum or can be found in natural deposits. Asphalt is mostly used for paving roads, but it is also used for port and maritime work, lining canals and reservoirs, and dam facings. Furthermore, it is utilized in a wide range of industrial products, such as batteries, roofs, floor tile, coatings, waterproofing, and soundproofing.

Around 94 million barrels of crude oil are consumed daily around the world which is expected to increase to 102.2 million barrels per day by 2024. There are approximately 1.41 trillion barrels of crude oil in the global reserves, which will last for around 47 years.

The production and use of asphalt will be restricted due to the exhausting crude oil supplies and the negative effects of fossil fuel extraction, which will directly impact the market for asphalt additives.

Asphalt Additives Market

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

Country-wise Insights

Repairing and Maintenance of Existing Roads to Drive the Market in the US

In the United States, there are more than 2.2 million miles of paved roadways, with more than 94 percent of them having an asphalt surface.

The deterioration of important roads and national highways is a result of increased traffic congestion. As a result, government agencies are working to solve the issue by funding several transportation infrastructure initiatives that will create new revenue opportunities for asphalt additive manufacturers.

The United States asphalt additives market will expand at a CAGR of 6.0% over the projected period.

Will the Government Initiatives to Extend Road Network Drive Asphalt Additives Demand in China?

China is one of the largest consumers of asphalt. China is anticipated to have robust growth as a result of numerous construction-related advancements and industry consolidations. The construction of new roads and pavements and the maintenance of existing roads will boost the demand for asphalt additives in the country.

China has been ramping up investments in highway construction. China’s NDRS and Ministry of Transport have revealed a plan called National Highway Network Planning that aims to build a 4,61,000 Km of highway network by 2035 and expand it further by 2050.

Due to such favorable factors, China’s market for asphalt additives is expected to register a CAGR of 6.5% over the forecast.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Category-wise Insights

Why is Hot/Warm Mix Asphalt Technology Gaining Traction?

The most popular paving material on the asphalt market is hot/warm mix asphalt. Asphalt producers can lower the temperatures at which asphalt mixes are created and applied by using warm mix asphalt additives. It also aids in reducing greenhouse gas emissions and fuel usage.

Due to growing concern and awareness about pollution prevention in these nations, warm mix asphalt additives are quickly gaining traction in both developed and developing countries.

Due to all of these factors, the use of asphalt additives as a desiccant is anticipated to grow at a CAGR of 5.4% over the forecast period.

Will the Market Be Driven by Expanding Road Construction Activities?

Asphalt additives are being more widely used globally as a result of the rising demand for environmentally friendly alternatives, notably in the construction of roads. It is anticipated that the road construction industry will continue to dominate the market during the forecast period.

Increasing new road construction projects fueled by federal and state governments especially in developing economies and strong demand for road maintenance and preservation from the developed economies.

Owing to the above-mentioned factors, the demand for asphalt additives for road construction is expected to expand at a CAGR of 5.0% in the upcoming period.

Competitive Landscape

Prominent asphalt additives manufacturers are BASF SE, Nouryon, Dow, Arkema SA, Honeywell International Inc., Evonik Industries, Huntsman Corporation, Kao Corporation, Kraton Corporation, and Ingevity Corporation.

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.

Fact.MR has provided detailed information about the price points of key manufacturers of asphalt additives positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Asphalt Additives Industry Research

  • By Type :

    • Anti-strip
    • Bitumen Emulsifiers
    • Asphalt Cement Additives
    • Polymer Modifier
    • Fillers and Fibers
    • Rejuvenators
    • Other
  • By Technology :

    • Warm/Hot Mix
    • Cold Mix
  • By Application :

    • Road Construction
    • Runways and Parking Lot
    • Roofing Sector (Asphalt Shingles)
    • Other
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- Premium Report Details -

Asphalt Additives Market

- Let's Connect -

Talk To an Expert Today Connect

- Get Started -

Get insights that lead to new growth opportunities

Buy Now

Get A Special pricing for start-ups and universities

Enquiry Before Buying

- Humble, Yet Honored -

Our prestigious clients

- Research Methodology -

An Adaptive Approach to Modern-day Research Needs

Get Methodology

- FAQs -

The global asphalt additives market is valued at US$ 6.1 billion in 2023.

Worldwide demand for asphalt additives is anticipated to reach US$ 9.9 billion by 2033-end.

During 2018-2022, sales of asphalt additives increased at 3.0% CAGR.

North America is the crown of the global asphalt additives market accounting for a major share.

The road construction segment accounts for 78.5% share of global sales.

Exclusive Report

Need An Exclusive Report For Your Unique Requirement?

Google translate