The global asphalt additives market is characterized by the presence of many vendors and is moderately competitive. The players within the market are adopting strategical alliances for the development of advanced products. Players are also investing in research and development, states Transparency Market Research (TMR) in its latest report on the global asphalt additives market. The names of the prominent players within the market are: Akzo Nobel N.V., ArrMaz, Kraton Corporation, Honeywell International Inc., Kao Corporation, E. I. du Pont de Nemours and Company, Evonik Industries AG, The Dow Chemical Company, Huntsman Corporation, Berkshire Engineering Supplies, and Ceca Chemicals and Engineered Additives, LLC.
The global market for asphalt additives is expected to reach US$4.73 bn by 2025, as per Transparency Market Research (TMR), exhibiting a 4% CAGR between 2017 and 2025. By volume the market is expected to expand at a 3.8% CAGR from 2017 to 2025. On the basis of geography, Asia Pacific constitutes the highest demand for asphalt additives. The use of asphalt additives will also rise in Europe and North America on account of the growing implementation of stringent environmental regulations. In the Gulf Cooperation Council (GCC), the increase in construction and road building activities will accelerate the demand for asphalt additives.
Demand for Warm Mix Technology to Increase in Future Due to Eco-friendliness
There are three technologies that are used for mixing asphalt binder with aggregate, hot mix, cold mix, and warm mix. Of these, the hot mix technology is witnessing highest demand on account of the ease of operation and its flexibility. However, the high temperature involved in this process and large amounts of volatile organic content which is emitted will deter many countries from using hot mix technology. Warm mixing of asphalt is being considered more as it is environmentally feasible. The future will see much adoption of warm and cold mix technologies.
Demand for Asphalt Additives for Road Construction Growing in Emerging Nations
Asphalt is one of the key materials required for the construction of roads. Asphalt roads have advantages such as lower installation costs, faster setting times, and durability. However, asphalt roads have stripping issues when the bonding between asphalt binder and aggregate is lost. This in turn can lead to deterioration and unravelling of the road, and so for preventing this very issue of stripping roads, additives are used. This in turn will bolster the demand for asphalt additives. A TMR analyst stated that, “Emerging nations in the Middle East, Southeast Asia, and Eastern Europe are witnessing rapid urbanization and economic development, which in turn will bode well for the growth of the asphalt additives market, as road construction is a crucial part of development plans adopted by governments of these countries.”
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There is an increase in the use of reclaimed asphalt and this will also drive the growth of the global asphalt additives market as the use of reclaimed asphalt requires the use of higher percentage of additives.
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