Asphalt Additives Market is Expected to Reach $2,302 Million, Globally, by 2022
PORTLAND, Oregon, October 6, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Asphalt Additives Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the asphalt additives market was valued at $1,433 million in 2015 and is projected to reach $2,302 million by 2022, growing at a CAGR of 6.6% from 2016 to 2022. The polymerized asphalt cement (PAC) segment held nearly half of the total market in 2015.
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Summary of the Asphalt Additives Market Report can be accessed on the website at https://www.alliedmarketresearch.com/asphalt-additives-market
Asphalt additives are the specialty chemicals that are added to impart additional benefits such as reduction in stripping, raveling, cracking, costs, and deformations. They are specifically added during construction of roads, sidewalks, airports, and parking lots. The market for asphalt additives has grown tremendously in the recent past due to increase in government investment for the infrastructural development coupled with the rise in ownership of automobiles globally.
Factors that drive the growth of the global asphalt additives market are increase in urbanization, rise in demand of asphalt from construction industry, and growth in conformity with latest manufacturing standards. In addition, increase in demand for asphalt additives from the emerging economies as well as growth in awareness about energy conservation and sustainable infrastructure provide opportunities to the asphalt additives manufactures. However, low consumer awareness and change in regulatory environment are expected to hamper the market growth.
PAC is expected to maintain its dominant position throughout the analysis period, due to the remarkable properties such as enhancement of asphalt ability to combat fatigue & cracks, temperature susceptibility, and increment in the adhesion & cohesion properties. PAC is added to the asphalt immediately before heating to yield maximum benefit.
Road construction segment dominated with more than 50% share, in terms of volume, in 2015. In response to the perennial urbanization, efficient roads are currently in high demand across the globe. Residential construction companies are inclined towards using asphalt roofs to provide durability, algae resistance, fire resistance, and cost-effectiveness. The world roofing asphalt additives market volume is expected to grow at a CAGR of 6.8% and reach 399 kilotons by 2022.
According to Shiv Shukla, Research Analyst, Chemicals & Materials at Allied Market Research, "Construction firms have initiated road development projects using high grade construction materials including asphalt additives to provide improved structural integrity and sustainability. The Asia-Pacific and LAMEA regions dominant, due to the high urban displacement. Increasing demand for asphalt roofs among construction companies involved in residential and commercial constructions poses lucrative opportunities for players in the world asphalt additives market".
Key Findings of Asphalt Additives Market
- In terms of both value and volume, Novophalt additives is projected to be the fastest growing segment during the analysis period.
- Asia-Pacific is projected to maintain its lead position throughout 2022 and will grow at a CAGR of 8.3%, in terms of volume.
- Road construction application occupied more than half of the total market in 2015.
- China occupied two-thirds of the total Asia-Pacific asphalt additives market in 2015.
- India is expected to grow at the fastest rate and is expected to grow at a CAGR of 9.2% from 2016 to 2022
In 2015, Asia-Pacific and LAMEA collectively accounted for two-thirds of the total asphalt additives market and are expected to continue this trend due to increase in infrastructural development, specifically in China, India, and other developing economies. Rise in urban population is the main reason for the growth of asphalt additive market in the Asia-Pacific region.
The major companies profiled in the report include Evonik Industries AG, Tri-Chem Industries, Ingevity, AkzoNobel N.V., E. I. du Pont de Nemours and Company, Honeywell International Inc., Huntsman International LLC, Kao Corporation, ArrMaz, and The Arkema Group.
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SOURCE Allied Market Research
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