Posted By Coherent Market Insights
Posted on October 10, 2021
The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026
Asphalt additives are chemicals or substances that are added to asphalt to modify the final outcome of asphalt binder. Asphalt additives are materials that enhance the adhesive force between aggregates and asphalt cements preventing cracking, unraveling and deformation. Asphalt additives offers various advantages such as improved pavement performance, rutting resistance, reduced thermal cracking, reduced moisture damage and stripping resistance.
Coherent Market Insights have included a latest addition of global market research report titled Asphalt Additives Market to its expansive repository. The report studies primary and secondary research in order to analyze the data effectively.
Top Key Players in Asphalt Additives market: Evonik, Tr Chem Industries, DuPont Evalay, MeadWestvaco Corporation, Akzo Nobel, Kao Corporation, Delta Companies and Arr. Maz CalPortland, AkzoNobel N.V., Tri-Chem Industries, Ingevity, E. I. du Pont de Nemours and Company, Evonik Industries AG, Huntsman International LLC, Kao Corporation, Honeywell International Inc.
The scope of the Report:
The report segments the global Asphalt Additives Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Asphalt Additives Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.
Asphalt Additives Market Outlook – Need for Increasing Road Infrastructure to be the Major Market Driver.
Advances in bio-based additives such as bio asphalt binder and lignifame are expected to create opportunities for global asphalt additives market. Global market growth is assisted by rules and regulations implemented by Government agencies such as Environmental Protection Agency, which are favoring these additives. Harsh environmental factors such as rain or heat and excessive traffic load are hampering the global asphalt additives market growth. Poor quality of material used for construction and low awareness of performance enhancing asphalt additives are predicated to slow down the global market growth.
Key Development
- Major companies in the market are involved in various business strategies such as new product launches, in order to expand their product portfolio. For instance, in June 2019, Evonik Industries AG, a provider of specialty chemicals, launched VESTENAMER, which is a process additive that allows rubber to be efficiently processed into a tough material. This could be used in various applications such as road constructions, playgrounds, and more.
- Key players in the market are involved in various growth strategies such as merger and acquisition, in order to gain competitive edge in the market. For instance, in May 2017, ArrMaz, a specialty chemicals provider, acquired asphalt additive manufacturer MaxxChem LLC. The MaxxChem business will was included into ArrMaz’s Road Science Division.
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