Asphalt Additives Market: Key Highlights
- The global asphalt additives market was valued at ~ US$ 3.5 Mn in 2018, and is projected to expand at a CAGR of ~ 6% from 2019 to 2027. Emerging warm mix asphalt (WMA) technology is anticipated to augment the global asphalt additives market during the forecast period.
- Asia Pacific was the leading region of the global asphalt additives market in 2018. The Asia Pacific asphalt additives market is estimated to continue its dominance in the global asphalt additives market during the forecast period.
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Key Drivers of the Asphalt Additives Market
- The demand for asphalt in road construction is expected to be driven by increasing environmental funding, legislative pressure to improve infrastructure, and growth in non-building construction activities, particularly in the highway & street segment.
- The demand for paving asphalt used in highways and streets has been rising, owing to the increase in government funding and growth in highway and street construction activities.
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Shift in Focus Toward Bio-based Additives to Offer Attractive Opportunities
- Bio-based additives are defined as additives made from biological sources. Increase in the need of eco-friendly additives, led by the rising trend of decreasing reliance on petroleum-based additives, has encouraged industry participants to shift toward bio-based additives.
- Regulatory bodies have enacted guidelines regarding the commercialization of bio-based products. There has been a significant shift in the focus toward bio-based additives. Manufacturers are increasingly using eco-friendly products, owing to the rise in the awareness about the environment among consumers.
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Availability of Alternatives for Asphalt to Hamper the Asphalt Additives Market
- Bricks, pavers, cobblestone, concrete, permeable paving, gravel, and cement are some of the substitutes that are being increasingly used in place of bitumen. Concrete is a highly employed product in the construction and maintenance of roads.
- The governments of several countries have been preferring the usage of concrete and cement for paving roads since the last few years. This is expected to hamper the asphalt additives market.
Asia Pacific Dominates the Asphalt Additives Market
- Asia Pacific is expected to continue being a prominent market in the global asphalt additives market during the forecast period. China dominates the asphalt additives market in Asia Pacific. It is followed by India, Malaysia, Vietnam, and Indonesia in the Asia Pacific asphalt additives market.
- In terms of consumption, Asia Pacific is followed by Europe and North America. Europe accounted for a moderate share of the global asphalt additives market in 2018. In terms of value and volume, the Rest of Europe accounted for significant share of the Europe asphalt additives market in 2018. The Czech Republic, Poland, Hungary, and Slovakia are experiencing rapid growth in road construction activities. This is anticipated to propel the asphalt additives market in the region. The asphalt additives market in Russia & CIS is estimated to expand at a rapid pace during the forecast period.
- Middle East & Africa is likely create lucrative opportunities for the global asphalt additives market. GCC constituted a prime share of the asphalt additives market in the region in 2018.
