Global Asphalt Additives Market: Overview
Asphalt additives are materials which are added to asphalt to change their properties of the asphalt binder. The adding up of additives to asphalt raises the functional heat/temperature range of asphalt. Additionally, an additive also helps to prevent cracking by intensifying the bond between the aggregate and the binder. Additives also enhance the film thickness. There are numerous different kinds of additives used for asphalt alteration with the most significant being adhesion promoters, polymer modifiers, phosphoric acid and anti-stripping agents.
Global Asphalt Additives Market: Growth Factors
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, raveling, 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.
Global Asphalt Additives Market: Segmentation
The market is classified based on application, type, and geography. Based on type, the global asphalt additives market is categorized into novophalt, polymerized asphalt cement, polyester modifier, multigrade asphalt cement, and others. Based on application, the market is categorized into roofing, airport runaway, road paving, parking lots, road construction, and others.
Global Asphalt Additives Market: Regional Analysis
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.
Global Asphalt Additives Market: Competitive Players
Some of the most important market players in the global asphalt additives market are Berkshire Engineering Supplies, ArrMaz, Kao Corporation, Kraton Corporation, Huntsman Corporation, Engineered Additives, LLC, Ceca Chemicals, The Dow Chemical Company, and Akzo Nobel N.V.
Global Asphalt Additives Market: Regional Segment Analysis
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