The global asphalt additives market is anticipated to witness significant growth over the next seven years due to surging demand from the construction industry. Chemicals or substances that are added to the asphalt in order to alter the final outcome of concrete are known as asphalt additives. The benefits of these additives include a reduction in stripping, life cycle costs, cracking, raveling, permanent deformation, and pavement thickness. Different types of these additives include PAC, multi-grade asphalt cement, polyester modifier, and novophalt. They are generally used in sidewalks, road surfaces, parking lots, and airports. These additives are classified as hot mix and cold mix based on its applications. Growing demand in the construction industry is touted to bolster market growth over the forecast period. Growing consumer inclination towards asphalt additives for roofing applications is expected to augment the global market growth. These additives are added to roofing products for high quality and UV resistance.
Heavy investments in the construction industry to meet rising industrial and residential infrastructure demand in BRICS is expected to drive overall demand in the respective countries, further complementing the global asphalt additives market growth. Sporting events such as the 2016 Olympics in Brazil and FIFA World Cup 2018 in Russia are expected to further drive construction growth, thus generating requirement for asphalt additives. The rise in government projects for road construction in developing economies is expected to positively drive the global market. Environmental benefits over other conventional additives are further expected to bolster the global market growth over the forecast period. Asphalt additives such as cold mix additives emit minimal to zero toxic fumes compared to other additives. The recent shift towards bio-based additives such as bio asphalt binder and lignifame are projected to create ample opportunities for the market.
Government agencies such as the Environmental Protection Agency (EPA) and ECHA have implemented several rules and regulations favoring these additives, thereby aiding the global market growth. Inventions in asphalt additives include polyphosphoric acid (PPA) and supermolecular rubber. These additives increase the asphalt performance and provide the desired physical attributes. Harsh environmental factors such as extreme rain or extreme heat are touted to hinder the market growth. Excessive traffic load is also projected to hamper global market growth. Poor quality of construction is one of the major factors that are expected to retard global market growth. Also, the low awareness of performance-enhancing asphalt additives in the emerging nations is predicted to delay the global market growth. Furthermore, increasing hydrocarbon manufacturing in North America has assisted in sinking petrochemical prices used in manufacturing hot mix asphalt additives. This trend is likely to retard global market growth. Since these additives new in the market, the production costs for these additives are extremely high. This trend is likely to retard the global asphalt additives market growth.
Asia Pacific has dominated the global asphalt additives market due to brisk growth in the construction industry. China has dominated the regional market followed closely by India, Malaysia, Vietnam, and Indonesia. North America and Europe are projected to witness moderate to sluggish growth rate due to construction stagnation in these regions. Middle East and Africa are also predicted to observe brisk market growth over the next seven years owing to high industrialization as well as tourism industry growth.
Major global asphalt additives market industry participants include Evonik, Tr Chem Industries, DuPont Evalay, MeadWestvaco Corporation, Akzo Nobel, Kao Corporation, Delta Companies, and ArrMaz. The industry is characterized by a few major participants and several minor participants. Owing to the few major market participants the industry is said to be moderately consolidated.
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Halted manufacturing activities across various end-use industries has led to weakened demand for specialty polymers. The prevailing macroenvironment due to the pandemic shall register indications of recovery depending on the course of COVID-19's prevalence and subsequent resuming of manufacturing activities. The report will account for Covid19 as a key market contributor.