Asphalt additives are external chemicals or materials added to asphalt to enhance its properties and performance, and also enhance its functional temperature. At a higher temperature, the viscosity of asphalt decreases significantly, and increases at a lower temperature, which hampers the usage of asphalt in roads, pavements, and other infrastructure. The addition of asphalt additives helps overcome this problem; it increases film thickness, thus preventing cracking, raveling, and deformation. This, in turn, reduces the maintenance cost of asphalt-constructed structures.
The global asphalt additives market is estimated to be valued at over US$ 5 Bn in 2020, and is expected to grow healthily at decent rate over the forecast period.
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Key Highlights of Asphalt Additives Market Study
- Rising demand for reclaimed asphalt pavement in infrastructural development is expected to boost the demand for asphalt additives. The usage of RAP helps in reduction in the use of costly virgin asphalt material, which, in turn, helps in overall cost savings. However, nearly up to 30% of RAP is mixed with virgin asphalt, as the addition of more percentage of reclaimed asphalt degrades performance efficiency.
- Warm mix asphalt technology is a fast-emerging technology due to increase in awareness about pollution control. WMA technology decreases the viscosity of the asphalt binder, so that asphalt aggregates can be overlaid at a lower temperature. This is done by the addition of asphalt additives in the asphalt mix. Addition of various ranges of additives, such as water-based, organic, and chemical additives, allows asphalt binders and asphalt aggregates to be mixed at lower temperatures, and helps produce high-performance WMA.
- Demand for asphalt used in the paving of streets and highways has been rising because of increased government investments and growth in road infrastructural development activities. Highway and road construction is increasing in countries such India and China. Thus, South East Asia and East Asia are anticipated to be key growth regions in the global asphalt additives market.
- Increasing need for environmentally-friendly asphalt additives, led by rising focus on decreasing the dependence on petroleum-based additives, has compelled market players to shift toward bio-based additives. Regulatory organizations and bodies are encouraging the commercialization of bio-based products. Owing to rising environmental awareness amongst consumers, manufacturers are focused on using eco-friendly products.
“The global outbreak of Covid-19 is expected to have a substantial impact on the asphalt additives market. Lockdown and social-distancing initiatives adopted by various governments are creating labor shortages, which would impact current and upcoming projects. Also, disruption in the supply chain due to decline in production activities and hindrance in transportation is a cause of concern for the growth of the asphalt additives market,” says a PMR analyst.
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Increasing Infrastructure Development Projects through Government Initiatives to Drive Market Growth
Governments of developing and emerging economies are heavily investing on infrastructural development and the construction industry. Increasing number of government initiatives for the development of efficient road transportation has increased the number of highway and road network projects, which is driving the demand for asphalt additives. Also, increased spending on the development of airports, parking lots, bridges, tunnels, and other transportation infrastructure is positively impacting market growth. There are various environmental benefits of asphalt additives over other traditional materials, owing to which, asphalt additives are gaining popularity across the globe.
Global Asphalt Additives Market: Competition Overview
The global asphalt additives market is estimated to be a moderately consolidated market. In the asphalt additives market, a few participants account for a significant market share. Tier-1 market participants are estimated to account for more than one-third of the global market. Development of bio-based products, increasing R&D investments for the enhancement of product portfolio, etc., are key strategies followed in the market.
Some of the key players identified in the global asphalt additives market are,
- Kraton Corporation
- Dow Chemical Company
- Honeywell International Inc.
- Evonik Industries AG
- BASF SE
- Huntsman International
- Sasol Ltd.
- Ingevity Corporation
- Arkema Group
- Kao Corporation
- Engineered Additives LLC
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