Asphalt Additives Market
Asphalt Additives Market Analysis by Type (Anti-strip, Bitumen Emulsifiers, Asphalt Cement Additives, Polymer Modifier, Asphalt Additive Fillers and Fibers), by Technology (Warm/Hot, Cold Mix Asphalt Additives), by Application, by Region - Global Insights 2021-2031
Asphalt Additives Market Outlook
The global asphalt additives market is slated to touch an impressive valuation of nearly US$ 8 Billion, expanding 1.5x from 2021-2031. Demand for asphalt additives is expected to grow at a CAGR of 5% during the forecast period.
Sustainable designs and new construction initiatives are generating opportunities in the road infrastructure industry. A move towards green infrastructure in the construction of asphalt paved roads will play a significant role in amplifying the demand for asphalt additives.
Consumption Analysis of Asphalt Additives from 2016-2020 Vs Market Outlook for 2021 to 2031
As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, global market for asphalt additives expanded at 3% CAGR, closing at a valuation of US$ 5.3 Bn in 2020.
Accelerated investments in road infrastructure necessitates the use of asphalt additives. Several highway agencies have estimated that using asphalt additives increases adhesion and improves mixture durability, thus giving pavements an additional 4 to 6 years life.
Moreover, focused emphasis on the long life span of highways worldwide is bolstering the demand for high-performance asphalt additives such as bitumen and rejuvenators. A recent shift towards bio-based additives such as bio asphalt binders is projected to create ample opportunities for the global asphalt additives market.
Considering these factors, the market for asphalt additives is projected to witness growth over the coming years, registering a 5% CAGR.
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How are Bio-Based Additives an Eye-Catching Trend in Asphalt Additives?
Government and public agencies are focusing on sustainable and eco-friendly construction and have encouraged the end-use industry to shift toward bio-based additives. New opportunities in the roofing sector will have a significant impact on demand for bio-based and recycled asphalt additives, as is the increasing growth of the construction and road infrastructure.
Environmentally safe asphalt additives are also expected to witness high demand in roofing applications in the coming years. For example, the Ministry of infrastructure in the Gulf countries has launched road network projects using recycled rubber. This type of project is part of its effort to achieve sustainability, promote innovation, encourage recycling and create a green road network.
Similarly, LigniFame and Bioasphalt binders are few examples of bio-based asphalt additives. The development of innovative biomass conversion technologies is of major importance in realizing the European goal of 16% sustainable energy in 2020.
Why are Asphalt Additives in Reclaimed Asphalt Pavement (RAP) Applications Rising?
The market has witnessed a rise in demand for reclaimed asphalt pavement (RAP) in road construction. This is because RAP helps curtail costs due to the decrease in usage of the costlier virgin asphalt material. It also helps reduce the need for landfill space reserved for used asphalt.
An increase in the percentage of RAP in virgin asphalt mix also creates the effect of aging on asphalt binder properties. Thus, demand for asphalt additives is anticipated to increase during the forecast period.
In October 2020, the Federal Highway Administration (FHWA) announced its support for the use of recycled highway materials in pavement construction in an effort to preserve the natural environment, reduce waste, and provide a cost-effective material for constructing highways.
Moreover, the primary objective behind using recycled materials in the construction of highways is to ensure the maximum economical and practical extent possible with equal or improved performance. As part of the FHWA recycled materials policy, the FHWA actively promotes asphalt pavement recycling and technology.
Why is Asia an Emerging Asphalt Additives Industry?
Developing countries like India and China are the leading consumers of asphalt additives. Multiple innovations in construction, along with industry consolidations, are expected to drive the growth in the aforementioned countries, ultimately leading to flourishing growth in the Asian market.
In May 2021, the Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, stated that the Indian government is giving utmost priority to infrastructure development and has set a target of road construction worth US$ 206 Bn in the next two years.
According to India Brand Equity Foundation, India and Japan have collaborated for infrastructure development in India's Northeastern states, establish the India-Japan Coordination Forum for Development of Northeast to undertake strategic infrastructure projects.
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What is the Demand Outlook for Asphalt Additives in the U.S?
The U.S is projected to be a highly lucrative market for asphalt additives, growing at around 6% CAGR until 2031. Demand from road construction activities is especially surging. According to the American Road & Transportation Builders Association (ARTBA), the construction of roads, bridges, driveways, and parking lots in the U.S. is projected to grow in the coming years.
Rising traffic congestion on national highways and other important roads has led to their degradation. Consequently, government authorities are striving to address the problem by investing in numerous transportation infrastructure projects, which will open up new revenue frontiers.
Why are Manufacturers Headed towards the Middle East & Africa?
According to Fact.MR, the Middle East & Africa is anticipated to witness a significant growth of around 6% through the forecast period. The asphalt additives market in the Middle East and Africa is highly influenced by new road network projects which promote the use of asphalt additives.
The project is part of its efforts to achieve sustainability, promote innovation, encourage recycling and create a national green road network.
According to the Development Bank of South Africa (DBSA), South Africa faces many challenges, particularly poverty, employment, and the urgent need for sustainable economic growth. To ensure economic growth, there needs to be adequate infrastructure, particularly road infrastructure.
How Will Hot/Warm Mix Asphalt Additives Demand Augment?
Hot/warm mix is the most commonly used paving material in the asphalt market. These are expected to dominate the global asphalt additives market owing to less fuel consumption and reduced emission of hazardous fumes. A share of nearly 30% is projected for this segment.
Hot/Warm mix technology is highly influenced by regulatory trends and policies that are currently prevailing in the market. Increasing consumption will create lucrative selling opportunities for sustainable alternatives in the future.
How is the Road Construction Sector Driving Market Demand?
Increasing demand for eco-friendly alternatives, particularly in road construction, is prompting increased uptake of asphalt additives in the global market. A CAGR of around 5% is projected for this segment in the long-run.
For instance, the European Union announced that it will contribute €726 million to the new 121 km highway between the cities of Craiova and Pite?ti, in Romania. The project is part of the Trans-European Transport Network and includes two lanes running in each direction, 10 interchanges, and 75 bridges or passages.
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The asphalt additives market is consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers. Leading players are focusing their efforts on developing innovative products to strengthen their position in the global market.
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Historical Data Available for
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Key Market Segments Covered
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Key Companies Profiled
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Key Segments Covered
By Type :
- Anti-strip Asphalt Additives
- Bitumen Emulsifiers
- Asphalt Cement Additives
- Polymer Modifier Asphalt Additives
- Asphalt Additive Fillers and Fibers
- Asphalt Additive Rejuvenators
- Other Asphalt Additives
By Technology :
- Warm/Hot Mix Asphalt Additives
- Cold Mix Asphalt Additives
By Application :
- Road Construction
- Runways and Parking Lot
- Roofing Sector (Asphalt Shingles)
- Other Applications (Floorings, Courts, etc.)
- FAQs -
According to Fact.MR, the asphalt additives market is projected to touch nearly US$ 8 Bn by 2031.
From 2016 to 2020, demand for asphalt additives expanded at over 3% CAGR
Fact.MR anticipates that the global demand for asphalt additives will expand owing to increasing investments on road construction.
Augmenting demand for bio-based additives owing to the increasing awareness about environment protection is currently spurring growth
Emphasis on eco-friendly construction and sustainability is like to open new expansion frontiers.
As per Fact.MR, demand for asphalt additives will surge at a 6% CAGR in the U.S
According to Fact.MR, Middle East & Africa is anticipated to witness a growth of around 6%
Road Construction, Runways and Parking Lot, Roofing Sector (Asphalt Shingles), and Others (flooring, courts, etc.) are the primary end-use application areas.
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