Asphalt Additives Market: Paving the Way for Environmentally-Safer Infrastructure
Carbon footprint and sustainability are magic words, not only for the automotive industry but also for an increasing number of other industrial verticals. As the environmental impact of asphalt additives is becoming one of the most critical criteria for end users, the market is likely to see a sea of change in term of product innovation in the coming years. The asphalt additives market is undergoing conspicuous transformations with the advent of recent advancements in warn-mix technologies, where asphalt is mixed with novel additives such as rubber, plastic, and glass.
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Transparency Market Research (TMR) divulges critical information about the developments in the asphalt additives market on the basis on thorough market research. TMR’s study offers a 360-degree view of the asphalt additives market, with actionable insights for stakeholders in this landscape, which can help them build business strategies and make value-based decisions.
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Asphalt Additives Market: Demand to Increase for Both, New and Aging Infrastructural Development
As the negative impacts of the Great Recession are ebbing, the trends of urbanization, globalization, and industrialization are on the rise, and roads are becoming arteries to the modern world economy. The growing need for the development of new as well as aging and under-funded infrastructure is triggering the growth of the asphalt additives market in various geographical regions.
The global demand for asphalt additives stood at 2,201 kilo tons in 2018, reaching a market valuation of ~ US$ 3.5 billion. In the coming years, the demand for reclaimed asphalt pavement is likely to surge rapidly, as the need for reducing energy costs will persist. In addition, new roadway projects underway in developing countries in the Asia Pacific region will boost the region, to account for ~35% revenue share of the global asphalt additives market in the coming years.
However, the high cost of asphalt may drive end users to look for cheaper, yet equally efficient alternatives such as concrete, gravel, and permeable paving, to replace asphalt in road pavement. Governing bodies in several countries have been promoting the use of cheaper substitutes for asphalt, as concrete or cement road pavement costs much lesser than bitumen surfaces, and results in better longevity. Nevertheless, the impacts of asphalt’s alternatives are equally harmful for the environment, which may drive the need for eco-friendly asphalt additives in the future.
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Road Construction and Paving to Capture a Whopping ~ 83% Revenue Share
Sustainability is emerging as a vital parameter in the road construction industry, giving rise to innovations in terms of types of asphalt additives as well as manufacturing technologies. Roads and highways are the reflection of the economic growth of any region/country, and with increasing urbanization, the demand for innovative and environmentally-friendly asphalt additives is likely to reach new heights in the road construction and paving industry. TMR’s study estimates that, in 2019, the industry will account for ~ 83% revenue share of the asphalt additives market.
With the increasing growth of the road construction and paving industry, costly and unstainable materials such as asphalt and concrete are likely to be overtaken by bio-based or recycled alternatives. Not only in the road construction industry, but environmentally-safe asphalt additives are also expected to witness high demand in roofing applications in the coming years. As awareness about the Urban Heat Island (UHI) Effect due to the use of asphalt in road construction as well as roofing is increasing, end users are showing inclination towards substituting unsustainable additives by eco-friendly asphalt additives.
New sales opportunities in the roofing sector will have a significant impact on the demand for bio-based and recycled asphalt additives, and the increasing growth of the construction and road construction industry will support this trend in the future. While a mounting number of strict emission regulations are imposed in European countries, leading stakeholders in the asphalt additives market are investing heavily in research & development (R&D) to launch environmentally-safer additives, so as to gain an edge in the market. On the other hand, in Asia Pacific, where the regulatory framework is less stringent, manufacturers are likely to tap into the potential by expanding their production facilities in the foreseeable future.
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