Asphalt Additives Market to Expand at CAGR of 4.2% to Reach US$4.29 Billion by 2023

Nov 10, 2015, 10:30 ET from Transparency Market Research

ALBANY, New York, November 10, 2015 /PRNewswire/ --

Transparency Market Research has published a new report titled "Asphalt Additives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global market for asphalt additives was valued at US$2.99 bn in 2014 and is anticipated to reach US$4.29 bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023. In terms of volume, the global asphalt additives market stood at 1,732.5 kilo tons in 2014.

Browse the full Asphalt Additives Market by Technology (Hot/Warm Mix and Cold Mix) for Road Construction & Paving, Roofing and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report at http://www.transparencymarketresearch.com/asphalt-additives-market.html

Growth in the construction industry in Asia Pacific and the Middle East & Africa (MEA) is estimated to drive demand for asphalt additives during the forecast period. Certain countries in Asia Pacific would be hosting world sports events such as Winter Olympics Games in South Korea (2018), Summer Olympics Games in Japan (2020), and Winter Olympics Games in China (2022). Hence, construction activities have increased in the region. This, in turn, is boosting demand for asphalt additives in the region. Middle East & Africa is anticipated to be the fastest growing market for asphalt additives due to rising expenditure on construction projects. Roofing is another major application segment of the asphalt additives market. However, increasing popularity of asphalt alternatives such as concrete and gypsum is estimated to pose serious threat toward growth of the asphalt additives market. On the other hand, rising popularity of polymer modified asphalt, especially for use in road construction & paving applications, is positively influencing the asphalt additives market.

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Demand for asphalt additives was the largest in the road construction & paving segment in 2014. The segment held more than 80% share of the global asphalt additives market in 2014. Extensive usage of asphalt in road construction and paving activities is expected to fuel demand for asphalt additives during the forecast period.

Hot mix and warm mix technology renders superior-quality asphalt concrete, which is utilized in the construction of highways and freeways. This technology also enhances the binding property and improves the film thickness of asphalt. Hence, it is preferred over cold mix technology. Hot mix and warm mix additives are likely to be the most popular technologies implemented in the asphalt additives market during the forecast period.

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In terms of demand, Asia Pacific constituted the largest share of the asphalt additives market with almost one-third share in 2014. Strong infrastructural development in China and India is estimated to boost demand for asphalt additives during the forecast period. North America is the second-largest market for asphalt additives due to growing usage of additives for asphalt modification in the region.

Key manufacturers of asphalt additives include 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.

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The report segments the global asphalt additives market as follows: 

Asphalt Additives Market - Technology Analysis 

  • Hot/warm mix
  • Cold mix

Asphalt Additives Market - Application Analysis 

  • Road construction & paving
  • Roofing
  • Others (Including airfields, parking lots, drinking water enclosures, waste disposal sites, and bridge decks)

Asphalt Additives Market: Regional Analysis 

North America 

  • U.S.
  • Rest of North America

Europe 

  • Germany
  • Turkey
  • U.K.
  • France
  • Italy
  • Rest of Europe

Asia Pacific 

  • China
  • India
  • ASEAN
  • Rest of Asia Pacific

Latin America 

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA) 

  • GCC
  • South Africa
  • Rest of Middle East & Africa

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