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Growing Use of Asphalt Additives in Several End-use Industries Drives Global Demand

Asphalt is a black or brown petroleum-like material that has a density varying from viscous liquid to glassy solid. It is collected either as a deposit from the distillation of petroleum or natural deposits. Asphalt consists of compounds of hydrogen and carbon with minor proportions of nitrogen, sulfur, and oxygen. The mechanical features of asphalt are insignificant except when it utilized as a binder or adhesive. The primary application of asphalt is in road surfacing, which may be performed in several ways. The commonly used light oil dust layer treatments are built up by the repetition to form a hard surface. Moreover, a granular aggregate may be combined with an asphalt coat, or earth materials from the road surface itself may be mixed with the asphalt. Various distinct additives are added to asphalt depending on the production technology and the end-use application. The growing use of asphalt additives is expecting further growth in the global asphalt additives market during the forecast period.

The important applications of asphalt additives include canal and reservoir linings, dam facings, and other harbor and sea works. Asphalt additives are also used as a thin, sprayed membrane, coated with earth for protection against weathering and production damage, or thicker surfaces, often including crushed rock. Asphalt additives are increasing in the use of roofs, coatings, floor tiling, soundproofing, waterproofing, and other building-construction elements and several manufacturing products, such as batteries. Waterproofing is an essential element of roofing in domestic and non-residential construction. The addition of polymer additive to asphalt improves the quality and performance of roofing materials, growing its demand in the construction industry. This is expected to drive the asphalt additives market during the forecast period.

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Slowdown in Construction Activities Impacts Demand for Asphalt Additives

COVID-19 is an incomparable global pandemic that has transformed almost every industry and the long-term effects predicted to reshape industry growth during the forecast period. Almost every commercial project is experiencing a halt or cancellation at the hands of the vicious coronavirus. Due to the integrated nature of the business activity, some industries may unwittingly advance under the pandemic, but of the hardest struck, construction and engineering sectors are definitely suffering. The stringent regulations around the world for supply chain, production, and construction industries to restrict the spread of COVID-19 have limited the growth of several industries, which will desperately try to recover with increasing workload and rapid production.

The asphalt additives market majorly depends on the construction industry, which is sensitive to economic cycles. The construction sector projects include construction, renovation, maintenance, as well as work conducted in civil engineering projects such as roads and utility systems. Asphalt additives are widely being used in such projects have lost their demand as all the construction activity came to a halt amidst the pandemic. On the upside, the construction industry endures much potential to stimulate recovery by creating new jobs in several markets, and, in turn, recovery measures can support the asphalt additives transformation toward sustainability and growth.

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Organic Warm Mix Asphalt Trending in Eco-Friendly Projects

The asphalt additive industry’s influence to reduce greenhouse gas emissions has improved since the 1990s due to rising concerns on environmental issues such as global warming and carbon footprint. This has stimulated the initiation of Warm Mix Asphalt (WMA) and its applications, which serve the objective of reducing greenhouse gas emissions by decreasing the mixing and compaction temperatures of asphalt mix. The WMA grew in popularity due to the environmental benefit it provides without jeopardizing features, performance, and quality of the asphalt mix. WMA is produced at comparatively lower temperatures and thus, results in less energy consumption, fewer emissions, reduced aging, lower mixing and compaction temperatures, cool weather paving, and better workability of the mix. All these qualities of asphalt are expected to contribute to the future growth of the global asphalt additives market.

In recent years, there has been a trend for organic WMA additives that are known to reduce the bitumen viscosity to improve workability. These organic additives are mainly waxes and fatty amides combined to a warm mix to lower the viscosity of the asphalt binder at temperatures slightly above 90?C and to improve lubrication. At high temperatures, the thickness of the asphalt binder is an essential attribute, as it directly displays the ability of the binder to be elevated through an asphalt plant to precisely coat the aggregate in the asphalt concrete mixture, and to be compacted to form a new street surface. However, other waxes such as paraffin waxes are the ideal and most commonly used additives for enhancing binder flow and quality. The availability of several additives for varying temperatures, weathers, and settings is one of the major factors contributing to the growth of the asphalt additives market during the forecast period. Consequently, the global asphalt additives market is projected to reach US$ 8 Bn by 2031, expanding at a CAGR of 6% during the forecast period.

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Analysts’ Viewpoint

Besides a variety of end users, the construction industry is one of the leading consumers of asphalt additives. The increasing demand for road construction and paving is influencing the growth of the asphalt additives market. However, external factors, such as fluctuations in raw material prices and COVID-19 limitations for workers are restricting the growth of the asphalt additives market in several regions. Nonetheless, upcoming construction projects in Middle East & Africa and Asia are likely to offer various opportunities to overcome potential restraints. The market players are joining forces to expand their footprint in various new regions, which is anticipated to drive the asphalt additives market during the forecast period.

Asphalt Additives Market: Overview

  • Asphalt is 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.
  • Waterproofing is an important part of roofing in residential and non-residential construction. Addition of polymer additive to asphalt improves the quality and performance of roofing materials.
  • Polymer additives provide elastic recovery, elongation, enhanced thermoplastic characteristics, and wear resistance at a wide range of temperatures
  • Asphalt roofing is popular due to easy installation, low material cost, and versatility of the material. Asphalt roofing should be designed in such a way that it withstands thermal shocks, low-temperature cracking, and staining.
  • Various different additives are added to asphalt, depending on the production technology and end-use application
  • Urban heat island (UHI) is a phenomenon that causes higher air temperatures by absorbing energy from the sun and radiates heat back into the atmosphere to increase city temperatures. Large asphalt surfaces such as roofs and roads are the primary contributing factors to UHI.
  • There has been a significant shift in focus toward bio-based additives. Manufacturers are increasingly using eco-friendly products, led by the rise in awareness about the environment among consumers.
  • According to Transparency Market Research’s latest research report on the global asphalt additives market for the historical year of 2020 and the forecast period of 2021 to 2031, rise in usage of asphalt additives in Reclaimed Asphalt Pavement (RAP) is a key factor that is expected to boost the global asphalt additives market during the forecast period
  • In terms of revenue, the global asphalt additives market is expected to reach US$ 8 Bn by 2031, expanding at a CAGR of 6% during the forecast period

Rise in Usage of Asphalt Additives in Reclaimed Asphalt Pavement (RAP) Application: Key Driver of Asphalt Additives Market

  • Rise in demand for RAP in road construction is anticipated to boost the asphalt additives market in the near future. RAP helps save costs due to the decrease in usage of the costlier virgin asphalt material. It also helps reduce the need of landfill space reserved for used asphalt. However, just 20%-30% of reclaimed asphalt is combined with virgin asphalt mix, as addition of more percentage of RAP degrades performance. It leads to faster degradation with more rutting and cracking.
  • Increase in percentage of RAP in virgin asphalt mix also creates the effect of aging on asphalt binder properties. Thus, demand for asphalt additives is anticipated to increase during the forecast period, as asphalt additives help overcome this issue.

Emergence of Warm Mix Asphalt (WMA) Technology in Asphalt Additives Market

  • The Warm Mix Asphalt (WMA) technology is a fast-emerging technology in developed as well as developing countries due to increase in concern and awareness about pollution control in these countries
  • The WMA technology allows manufacturers of asphalt pavement materials to reduce the temperatures at which asphalt mixes are produced and placed. It also helps lower fuel consumption and production of greenhouse gases.
  • The WMA technology decreases the viscosity of asphalt binder so that asphalt aggregates can be overlaid at lower temperature. Thus, WMA is expected to be a key technology segment of the global asphalt additives market during the forecast period.

Asphalt Additives Market: Competition Landscape

  • Tier 1 companies comprise major players that have considerable presence across the globe. These companies constituted around 25% to 35% share of the global asphalt additives market in 2020.
  • Tier 2 companies accounted for around 45% to 50% share of the global asphalt additives acid market in 2020
  • Tier 3 companies include regional players with strong foothold in the local market and unorganized players that are primarily established in China, the U.S., Italy, Germany, Japan, Brazil, Russia, South Africa, and India. The unorganized sector comprises small-scale importers and distributors of asphalt additives. Large numbers of small-scale distributors operate in every region. These companies primarily import asphalt additives from various manufacturers and distribute asphalt additives across their respective countries. Tier 3 companies held around 15% to 20% share of the global asphalt additives market in 2020.
  • Detailed profiles of providers of asphalt additives have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global asphalt additives market are
    • Nouryon
    • Arkema
    • BASF SE
    • Arrmaz
    • Grupo Dynasol
    • Ingevity
    • Iterchimica
    • MCASPHALT
    • China Petroleum and Chemical Corporation
    • ATDM Co.
    • Cargill, Inc.
    • Birkshire Engineering Supplies
    • Engineered Additive LLC
    • Kao Corporation
    • Honeywell International Inc.
    • Petrochem Specialties
    • Huntsman International LLC
    • Evonik Industries AG
    • Sasol Ltd.
    • Dupont De Nemours, Inc.
    • Dow
    • Kraton Corporation

Asphalt Additives Market: Key Developments

  • In the global asphalt additives market report, we have discussed individual strategies, followed by company profiles of providers of asphalt additives. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global asphalt additives market.

Asphalt Additives Market – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global asphalt additives market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global asphalt additives market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global asphalt additives market would expand during the forecast period of 2021 to 2031.

The report offers intricate dynamics about different aspects of the global asphalt additives market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global asphalt additives market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global asphalt additives market and estimates statistics related to growth of the market in terms of value (US$ Mn) and volume (kilo tons).

This study covers a detailed segmentation of the global asphalt additives market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global asphalt additives market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Asphalt Additives Market

The report provides detailed information about the global asphalt additives market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global asphalt additives market, so as to help them design successful strategies and make target-driven decisions.

  • Which application segment of the global asphalt additives market would emerge as major revenue generator during the forecast period?
  • How are key market players successfully earning revenues out of advantages of asphalt additives?
  • What would be the Y-o-Y growth trend of the global asphalt additives market between 2021 and 2031?
  • What are the winning imperatives of leading players operating in the global asphalt additives market?
  • Which type segment is expected to create lucrative opportunities for the global asphalt additives market during the forecast period?
  • Which are leading companies operating in the global asphalt additives market?

Research Methodology – Asphalt Additives Market

The research methodology adopted by analysts for compiling the global asphalt additives market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global asphalt additives market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global asphalt additives market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global asphalt additives market.

Asphalt Additives Market – Segmentation

TMR’s research study assesses the global asphalt additives market in terms of technology, type, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects for the global asphalt additives market.

Technology
  • Warm/Hot Mix
  • Cold Mix
Type
  • Polymer Additives
  • Fiber
  • Antioxidants
  • Anti-stripping Agents/ Adhesion Promoters
  • Emulsifiers
  • Anti-icing Agents
  • Additives Enhanced with Graphene
  • Others (including Powders, Waxes, and Oils)
Application
  • Road Construction & Paving
  • Roofing
  • Airport Construction
  • Others (including Railway Beds and Playgrounds)
Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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Asphalt Additives Market

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