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Asphalt, also commonly known as bitumen, is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It can be found in natural deposits or may be a sophisticated product and is classed as a pitch. It is strong, adaptable, and used as a chemical-resistant binding material. The various uses of Asphalt Additives contributed to the worldwide growth in the use of Asphalt Additives for the last ten to fifteen years.
Asphalt Additives are the specialty chemicals that are added to confer additional advantages such as reduction in stripping, cracking, costs, and deformations. They are especially added during the construction phase of roads, sidewalks, airports, and parking lots. The market for Asphalt Additives has increased significantly in the recent past due to increase in government investment for the infrastructural development combined with the rise in ownership of automobiles globally.
Factors leading the underlying growth of the global Asphalt Additives market are rise in urbanization, increased demand of asphalt from construction industry, and growth in conformity with latest manufacturing standards. Furthermore, growing demand for Asphalt Additives from emerging markets as well as growth in awareness about energy protection and sustainable infrastructure open various doors for the Asphalt Additives manufactures. Nevertheless, low consumer awareness and change in the regulatory framework are expected to hamper the market growth.
The report analyses global Asphalt Additives market based on type, application, technology and geography.
The various Asphalt Additives studied in the report are polymeric modifiers, anti-strip & adhesion promoters, emulsifiers, rejuvenators, chemical modifiers, fibers, flux oil, colored asphalt and others. Among these, the polymeric modifiers segment has dominated the type segment in 2019 by accounting over 20% of the total market share in 2019. The polymeric modifiers are the additives that uses different polymers to enhance the properties of asphalt in order to improve its overall performance. The polymer addition within the asphalt drastically changes its properties at high temperatures or low rates of loading. And thus, it has become rapidly accepted to address the issues with respect to the pavement distress. Wide range of polymers are used based on adding beneficial properties to the asphalt.
The Global Asphalt Additives market finds application in road construction & paving, roofing and others. Others includes airfield/ airport runways, parking lots, and bridge decks. Among these, the road construction and paving emerged as the leading application segment that accounts for more than 80% of the total market share by value. The prominent factor driving the growth of this segment is the rapid construction of roads and pavement in the developing and developed nations. It is used in paving the bridge and parking lot to have uniform, durable roads.
Hot mix, warm mix and cold mix are the three technologies covered in this study. These technologies are differentiated by the temperature, in hot mix technology high temperature (around 150 to 170 degree Celsius) is used for asphalt production, in warm mix, the temperature is bit low i.e. around 100 to 140 degree Celsius. The cold mix, as the name suggest, requires no heating and thus can be useful in the cold weather conditions. Among these, the hot mix has emerged as the leading technology used for production of asphalts used for paving and non-paving application. Some of the advantages associated with hot mix asphalt such as resistant to weather, thermal cracking, water & moisture resulting into smooth and durable roads is driving its demand.
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is also expected to propel the asphalt additives market, as this region will be looking forward to investments in the infrastructure and aerospace sectors. This is expected to drive the asphalt additives market in the North American region. But, the usage of bio asphalt is increasing in certain regions, which might hinder the growth of the asphalt additives market. The growth of asphalt additives market in North America is attributed to the growth in construction industry. Also, the use of asphalt additives for waterproofing applications drives the market for asphalt additives.
Huge capital investments in construction sector including both residential and non-residential buildings increase the demand for roofing materials, thereby increasing the demand for asphalt additives. Growth in construction activities has created the demand for asphalt additives tremendously in this region. Also, the increased road construction by governments countries such as Canada and Mexico positively influence the market for asphalt additives.
The major players involved in this market are Nouryon, Arkema SA, Honeywell International Inc., Evonik Industries, Kraton Corporation, BASF SE, Ingevity Corporation, Dow Chemical and Kao Corporation among others.
The report analyses global Asphalt Additives market based on type, application, technology and geography. The various Asphalt Additives studied in the report are polymeric modifiers, anti-strip & adhesion promoters, emulsifiers, rejuvenators, chemical modifiers, fibres, flux oil, colored asphalt and others. The Global Asphalt Additives market finds application in road construction & paving, roofing and others. Others includes airfield/ airport runways, parking lots, and bridge decks. Hot mix, warm mix and cold mix are the three technologies covered in this study which are differentiated by the temperature. Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World and North America is expected to propel in the asphalt additives market.
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