23-Nov-2021 | Zion Market Research
Major companies in Asphalt Additives Market are Huntsman Corporation, Nouryon, DowDuPont, Ingevity Corporation, Honeywell International Inc., Evonik Industries, Kraton Corporation, Arkema SA and BASF SE.
According to analysts at Zion Market Research, The Global Asphalt Additives Market accounted for more than USD 2,906.5 Billion in 2020 and is expected to reach more than USD 4,274.4 Billion by 2028, growing at a CAGR of more than 5.97% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Asphalt Additives Market By Type (Novophalt, Polymerized Asphalt Cement, Polyester Modifier, Multigrade Asphalt Cement and Others), By Application (Roofing, Airport Runaway, Road Paving, Parking Lots, Road Construction and Others) and By Technology (Hot Mis, Cold Mix and Warm Mix): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Rising demand in construction division to Spur Growth
The Global Asphalt Additives Market is projected to experience considerable expansion over the next few years owing to rise in demand from construction division. Substances or chemicals that are being used in the asphalt to modify the final product of concrete are known as asphalt additives. Advantages of these additives include reduction in stripping, cracking, permanent deformation, ravelling, pavement thickness, and life-cycle costs. Various additives that are used include multigrade asphalt cement, novophalt PAC, and polyester modifier. Asphalt additives are majorly used in road surfaces, sidewalks, airports, and parking lots, therefore, fueling The Global Asphalt Additives Market to grow. These additives are categorized as cold mix and hot mix based on its applications.
Rising demand in construction sector is touted to drive The Global Asphalt Additives Market development in the coming years. Increasing consumer preference towards asphalt additives particularly for roofing applications is projected to boost the global market expansion. These additives are added to roofing goods/products for better quality and UV resistance. High investments in construction sector to meet growing residential and industrial infrastructure demand in BRICS is projected to fuel the overall demand in the particular countries, further complementing the market development.
Demand and popularity of Asphalt Additives in the region to support Asia Pacific Dominance
Based on the demand and popularity of The Global Asphalt Additives Market, Asia Pacific is anticipated to hold the highest market share, and also projects growing at a significant rate in the coming years. China, India, and Japan are likely to control the demand and popularity for asphalt additives in Asia Pacific region. North America is projected to account the second highest market share for asphalt additives. Growing construction activities and road building in the U.S. is expected to fuel the popularity and demand for The Global Asphalt Additives Market in North America. For the meantime, it is anticipated that strict environmental rules in Europe are projected to support the use of warm mix of asphalt which in turn, fuels the demand and popularity from The Global Asphalt Additives Market. Big road construction schemes in GCC countries are also projected to propel the demand for asphalt additives in the Middle East. Other significant consumers of asphalt additives are Brazil, Mexico, and South Africa.
Browse the full “Asphalt Additives Market By Type (Novophalt, Polymerized Asphalt Cement, Polyester Modifier, Multigrade Asphalt Cement and Others), By Application (Roofing, Airport Runaway, Road Paving, Parking Lots, Road Construction and Others) and By Technology (Hot Mis, Cold Mix and Warm Mix): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/asphalt-additives-market
The Global Asphalt Additives Market is segmented as follows:
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