Asphalt Additive Market worth $4.7 billion by 2026
CHICAGO, April 26, 2021 / PRNewswire / – According to the new market research report “Market for asphalt additives by type (polymer modifiers, anti-strip and adhesion promoters, emulsifiers, chemical modifiers, rejuvenators, fibers, flux oil, colored asphalt), application, technology and region – global forecast to 2026 “published by MarketsandMarkets ™, the asphalt additives market is expected to grow $ 3.4 billion in 2021 to $ 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. Increase in road construction projects along with the increasing use of asphalt additives in roof applications are some of the main key drivers driving the growth of the asphalt additives market around the world.
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By type, polymeric modifiers are estimated to be the leading segment of the asphalt additives market from 2021 to 2026, in terms of value and volume.
Based on the type, the asphalt additives market is divided into polymer modifiers, anti-strip and adhesion promoters, emulsifiers, chemical modifiers, rejuvenators, fibers, flux oil, colored asphalt and others. The polymeric asphalt additive modifiers segment has the largest share of the forecast horizon. Polymeric modifiers are used around the world to improve the flexibility and durability of asphalt pavements. They are easy to use and the raw materials used to make them are readily available, making them the most preferred asphalt additives.
Roofing is estimated to be the fastest growing market segment for asphalt additives.
Based on the application, the roofing segment is expected to lead the asphalt additive market in the coming years. Roofs are subject to environmental damage from excessive heat, cold or rain. This damage is prevented by adding additives to asphalt. Chemical, vegetable oil or petroleum-based additives are added to asphalt to improve the functionality and viscosity of asphalt, while polymer-based additives are used to improve functionality. This creates the demand for asphalt additives in the future.
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The Asia Pacific region was the largest market for asphalt additives in 2020
The Asia Pacific region was the largest market for asphalt additives in 2020, due to the increasing demand for asphalt additive products in emerging economies such as India and China. China is the main consumer of asphalt additive products in the Asia Pacific region. Significant growth and innovation, along with industry consolidations, are expected to drive growth Asia Pacific market for asphalt additives.
Nourion (The Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (USA), Evonik Industries (Germany), Huntsman Corporation (USA), Kraton Corporation (USA), Ingevity Corporation (USA) and BASF SE (Germany) are some of the leading players active in the asphalt additives market.
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