According to Fact.MR, the global asphalt additives market is slated to touch an impressive valuation of nearly US$ 8 Bn, expanding 1.5x from 2021-2031. 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.
Key Points Covered in Asphalt Additives Industry Survey
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Asphalt Additives and How to Navigate
- Recommendation on Key Winning Strategies
Know More Details About the Report
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 to reach US$ 8 Bn 2031.
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.
Avail customized purchase options for your needs
Why are Asphalt Additives in Reclaimed Asphalt Pavement (RAP) Applications Rising?
The market has witnessed a rise in demand for 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.
An Adaptive Approach to Modern-day Research Needs
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.
Have a report related query? Speak to us directly
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.
- In March 2021, seven companies from the GET H2 initiative show how rapidly the planning of the national and European hydrogen economy is developing. The consortium wants to build a cross-border infrastructure for hydrogen - from the production of green hydrogen to transport and industrial use.
- From Lingen (Emsland) to Gelsenkirchen and from the Dutch border to Salzgitter, production, transport, storage, and industrial acceptance of green hydrogen are to be connected in several steps between 2024 and 2030 under the umbrella of the overall project.
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
Key Market Segments Covered
|Key Market Segments Covered||
Key Companies Profiled
Available upon Request
Key Segments Covered
- Anti-strip Asphalt Additives
- Bitumen Emulsifiers Asphalt Additives
- Asphalt Cement Additives
- Polymer Modifier Asphalt Additives
- Asphalt Additive Fillers and Fibers
- Asphalt Additive Rejuvenators
- Other Asphalt Additives
- Warm/Hot Mix Asphalt Additives
- Cold Mix Asphalt Additives
- Asphalt Additives for Road Construction
- Asphalt Additives for Runways and Parking Lot
- Asphalt Additives for Roofing Sector (Asphalt Shingles)
- Asphalt Additives for Other Applications (Floorings, Courts, etc.)
Asphalt Additives Market- Scope of Report
A recent study by Fact.MR on the asphalt additives market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering asphalt additives.
The study also provides the dynamics responsible for influencing the future status of the asphalt additives market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the asphalt additives market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of asphalt additives across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of asphalt additives during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative asphalt additives markets?
- Which factors will impact the growth of asphalt additives?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the asphalt additives industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for asphalt additives are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.
Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global asphalt additives market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of asphalt additives during the forecast period.
Country-specific valuation on demand for asphalt additives has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report. Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of asphalt additives, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering asphalt additives has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses. Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player.
Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the Asphalt additives domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the asphalt additives industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- 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.
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
The Rise of Intelligent Packaging
Personalized, Connected and Sustainable
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.