Global Asphalt Additives Market: Snapshot
Asphalt additives are materials added to asphalt to alter properties of the asphalt binder. The addition of additives to asphalt increases the functional temperature range of asphalt. Furthermore, additives also prevent cracking by strengthening the bond between the binder and the aggregate. Additives also improve the film thickness of asphalt, thereby preventing cracking, unraveling, and deformation. There are several different types of additives use for asphalt modification with the most important being polymer modifiers, adhesion promoters, anti-stripping agents and phosphoric acid .Polymer additives are classified into two types- elastomers and plastomers. Elastomers increase the ductility, tensile strength, strain recovery and cohesion properties of the asphalt properties. Styrene Butadiene Styrene (SBS) and Styrene Butadiene Rubber (SBR) are the leading types of elastomers that are used for asphalt modification. Polyolefins based additives are the major plastomers incorporated into asphalt and increase the low strain tensile strength, modulus and operating temperature range of the asphalt mix.
The global asphalt additives market was valued at US$3.3 bn in 2016 and is likely to rise to US$4.7 bn by 2025, exhibiting a steady 3.8% CAGR by volume.
Warm Mix and Cold Mix Asphalt to Rise in Demand, Driving Use of Asphalt Additives
Hot mix asphalt (HMA) is manufactured by combining approximately 95% of aggregate (stones, gravel, sand) with 5% of asphalt binder in a HMA facility at 150°C to 175°C. Hot mix asphalt is the most widely used asphalt type across the world, due to its flexibility and resistance to weather conditions and water. Warm mix asphalt (WMA) is manufactured at temperatures between 90°C and 120°C and involves the use of additional binding materials and additives including emulsions and zeolites for easier pouring and spreading at low temperatures. Warm mix asphalt is more eco-friendly and less costly than hot mix asphalt. Usage of additives in asphalt is increasing substantially especially due to the increasing popularity of warm mix asphalt technology. Cold mix asphalt (CMA) is produced by emulsifying the asphalt in water with surfactants, prior to mixing it with the aggregate. The emulsified asphalt mixture is easy to work with and compact in nature due to its lower viscosity. The asphalt sets as soon as enough water evaporates and the emulsion breaks.
Asphalt is the most extensively used road construction and paving material, followed by concrete. Asphalt roads and pavements are known for their durability and resilience. Asphalt road construction projects can be completed in a shorter time as compared to other materials. Apart from this, asphalt is also commonly used as a waterproofing material for roofing applications. Common asphalt roofing products include asphalt shingles, bitumen modified membranes, built-up asphalt roofing, and asphalt roll roofing. Other applications of asphalt include railway beds, airport runways, playgrounds, running tracks, tennis courts, barn floors, greenhouse floors, ports, bridges, and landfill caps.
Asia Pacific to Dominate Asphalt Additives Market due to Presence of Booming Economies
In terms of demand, Asia Pacific held the largest market for asphalt additives, with over 32% share in global figures in 2016. China, Japan, and India are expected to dominate the demand for asphalt additives in Asia Pacific. North America constituted the second largest market for asphalt additives in 2016. Increasing road building and construction activities in the U.S. are anticipated to drive demand for asphalt additives in North America.
Meanwhile, stringent environment laws in Europe are expected to encourage the use of warm mix asphalt and, in turn, drive the demand from the asphalt additives market. Large road construction projects in GCC countries are also likely to drive the demand for asphalt additives in the Middle East. Other important consumers of asphalt additives are Mexico, Brazil, and South Africa.
Key players in the global asphalt additives market are ArrMaz, Akzo Nobel N.V., Kraton Corporation, Kao Corporation, Honeywell International Inc., Evonik Industries AG, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Berkshire Engineering Supplies, Huntsman Corporation, Ceca Chemicals, and Engineered Additives, LLC.
Asphalt Additives Market: Overview
Asphalt additives are materials incorporated into the asphalt binder inorder to enhance the performance characteristics of the asphalt product. Asphalt additives can added to the binder through hot mix, warm mix or cold mix technologies. Modified asphalt is used for road construction & paving, roofing and for construction of airports, parking lots etc. The use of recycled materials such as reclaimed asphalt (RAP) and reclaimed shingles (RAS) is increasing across the world due to growing awareness about environmental sustainability. In order to utilize a larger percentage of recycled materials a higher proportion of additives have to be added to the asphalt mix. Further, several countries are investing heavily in developing their road networks. These factors are likely to be the prime drivers for the asphalt additives market.
Asphalt Additives Market: Research Methodology
This report provides detailed analysis and forecast of the asphalt additives market on a global and regional level from 2017 to 2025. On the global level, the market has been segmented based on volume (kilo tons) and revenue (US$ Mn) from 2017 to 2025.Demand for asphalt additives has been forecast in terms of volume (kilo tons) and revenue (US$ Mn) from 2017 to 2025 to provide in-depth understanding of the market at the regional level. The report includes drivers and restraints coupled with their impact on the market growth during the forecast period. Furthermore, the study encompasses various opportunities for growth of the market at the global and regional level.
The report thoroughly analyzes the value chain to provide detailed understanding of the market. Additionally, it covers Porter’s Five Forces Model, which offers an insight into the intensity of competition in the market. The study also comprises market attractiveness analysis, wherein various end-users are benchmarked based on their market size, growth rate, and general attractiveness.
We conducted in-depth interviews and discussions with numerous key industry participants and opinion leaders for the research report. Primary research represents the bulk of our research efforts coupled with extensive secondary research. We reviewed key players’ annual reports, product portfolio, press releases, and relevant documents for competitive analysis and better understanding of the market. Secondary research includes in-depth research on current trends, technical writing, recent trade, Internet sources, trade associations, and statistical data from government websites as well as associated and authorized agency websites. This proved to be the most successful, effective, and reliable approach for obtaining concise data, capturing industry participants’ insights, and recognizing opportunities and growth.
Asphalt Additives Market: Segmentation
Inflation is not a part of pricing in this report. This report provides the size of the asphalt additives market for 2016 and forecast for the next eight years. The global market size of asphalt additives is presented in terms of volume and revenue. Market volume and revenue have been estimated and forecast in kilo tons and US$ Mn, respectively. Various key technologies and applications are taken into consideration to estimate market numbers. Market size and forecast for each segment are provided in the context of global and regional markets. The market has been segmented based on various applications. Each segment has been analyzed and forecast based on volume (kilo tons) and revenue (US$ Mn) from 2017 to 2025. Additionally, segments have been analyzed and forecast based on current trends at the global and regional level. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Demand has been analyzed and forecast based on current trends for the next eight years.
The report includes profiles of leading companies such as ArrMaz, Arkema Group, Kao Corporation, Honeywell International Inc., E. I. du Pont de Nemours and Company, The Dow Chemical Company, Berkshire Engineering Supplies, Huntsman Corporation, and Engineered Additives.
The report segments the global asphalt additives market as follows:
Asphalt Additives Market: Technology Analysis
- Hot mix/warm mix additives
- Cold mix additives
Asphalt Additives Market: Application Analysis
- Road construction & paving
- Others (Including airfields, parking lots etc.)
Asphalt Additives Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa