Asphalt Additives Market Type
The drivers for market growth include increasing demand for asphalt in road construction, adherence to updated manufacturing standards, and rapid urbanization.
WILMINGTON, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- The report by Allied Market Research titled "Asphalt Additives Market" outlines key trends and projections for the industry. It indicates that the global asphalt additives market, which was valued at $3.6 billion in 2019, is poised to reach $5.3 billion by 2027, with a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027.
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The drivers for market growth include increasing demand for asphalt in road construction, adherence to updated manufacturing standards, and rapid urbanization. However, regulatory changes pose a challenge to market expansion, while opportunities emerge from growing awareness about energy conservation and sustainable infrastructure.
The COVID-19 pandemic has impacted the market, with governments reallocating budgets away from new highway and expressway construction. Additionally, demand for asphalt additives has declined, particularly in the Asia-Pacific region, due to the virus's rapid spread. Lockdown measures have halted construction activities worldwide, further affecting the market.
Among asphalt additive types, polymerized asphalt cement leads in revenue share, driven by its use in road maintenance and repair. The novophalt segment is expected to exhibit the highest CAGR, fueled by urbanization in countries like China and India, necessitating efficient road construction methods.
In terms of applications, road construction dominates the market, fueled by projects in developing nations like Brazil, China, and India. However, the roofing segment is projected to witness the fastest growth due to urbanization trends in China and India.
Geographically, Asia-Pacific, followed by North America, holds the largest market shares and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is experiencing significant infrastructure growth, particularly in China and India, while North America is also expected to see substantial growth.
Key players in the market include Arkema Group, Akzo Nobel N.V., Evonik Industries AG, Huntsman International LLC, Ingevity, KAO Corporation, Nouryon, Sasol, Tri-Chem Specialty Chemicals, LLC, Bershire Engineering Supplies, Kraton, BASF SE, Engineered Additives LLC, and Delta Companies Inc.
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