Asphalt additives market is expected to grow at a CAGR of 6.6% to reach $2,302 million by 2022. Asphalt additives are used with an aim to attain sustainable development of infrastructures including roads and households. They enhance proficiency and durability of roads when used in combination with paving-grade asphalt and thus have an increasing demand across the globe. Rising demand for asphalt additives from construction industry, rapid urbanization and growing acceptance of new manufacturing standards are the major factors driving the asphalt additives industry across the world. Though, low consumer awareness and changing regulatory norms are factors that could restrain the growth of this market.
Factors that drive the growth of the global asphalt additives market are increase in urbanization, rise in demand of asphalt from construction industry, and growth in conformity with latest manufacturing standards. In addition, increase in demand for asphalt additives from the emerging economies as well as growth in awareness about energy conservation and sustainable infrastructure provide opportunities to the asphalt additives manufactures. However, low consumer awareness and change in regulatory environment are expected to hamper the market growth.
PAC is expected to maintain its dominant position throughout the analysis period, due to the remarkable properties such as enhancement of asphalt ability to combat fatigue & cracks, temperature susceptibility, and increment in the adhesion & cohesion properties. PAC is added to the asphalt immediately before heating to yield maximum benefit.
Road construction segment dominated with more than 50% share, in terms of volume, in 2015. In response to the perennial urbanization, efficient roads are currently in high demand across the globe. Residential construction companies are inclined towards using asphalt roofs to provide durability, algae resistance, fire resistance, and cost-effectiveness. The world roofing asphalt additives market volume is expected to grow at a CAGR of 6.8% and reach 399 kilotons by 2022.
According to Shiv Shukla, Research Analyst, Chemicals & Materials at Allied Market Research, "Construction firms have initiated road development projects using high grade construction materials including asphalt additives to provide improved structural integrity and sustainability. The Asia-Pacific and LAMEA regions dominant, due to the high urban displacement. Increasing demand for asphalt roofs among construction companies involved in residential and commercial constructions poses lucrative opportunities for players in the world asphalt additives market".
Key Findings of Asphalt Additives Market
- In terms of both value and volume, Novophalt additives is projected to be the fastest growing segment during the analysis period.
- Asia-Pacific is projected to maintain its lead position throughout 2022 and will grow at a CAGR of 8.3%, in terms of volume.
- Road construction application occupied more than half of the total market in 2015.
- China occupied two-thirds of the total Asia-Pacific asphalt additives market in 2015.
- India is expected to grow at the fastest rate and is expected to grow at a CAGR of 9.2% from 2016 to 2022
