Asphalt additives market is expected to grow at a CAGR of 6.6% to reach $2,302 million by 2022. Asphalt additives are used with an aim to attain sustainable development of infrastructures including roads and households. They enhance proficiency and durability of roads when used in combination with paving-grade asphalt and thus have an increasing demand across the globe. Rising demand for asphalt additives from construction industry, rapid urbanization and growing acceptance of new manufacturing standards are the major factors driving the asphalt additives industry across the world. Though, low consumer awareness and changing regulatory norms are factors that could restrain the growth of this market.
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The market is segmented on the basis of type, application, and geography. On the basis of type, it is divided into polymerized asphalt cement, novophalt, multigrade asphalt cement, polyester modifier, and others. In the year 2015, the polymerized asphalt cement (PAC) segment accounted for more than half of the overall market, in terms of volume, as PAC improves the ability of asphalt to fight fatigue and cracks. According to the end users, it is classified into road construction, road paving, airport runaway, parking lots, roofing, and others. The road construction segment accounted for more than half of market share by application in 2015, attributing to increasing urban migration and demographic changes globally.
Geographically, it is segmented into North America, Europe, Asia-Pacific, and LAMEA. In addition, the usage of asphalt additives in diverse countries is included in the report. In the year 2015, Asia-Pacific is expected to be the fastest growing region as it occupied two-fifths of the total asphalt additives market, in terms of volume during the analysis period.
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Top Investment Pocket
The global asphalt additives market is segmented based on geography into North America, Europe, Asia-Pacific, and LAMEA. The figure below represents the market attractiveness of different geographical segments. It is evident from the figure that the region that is most lucrative for investment is Asia-Pacific. Asia-Pacific is expected to be preferred by new entrants due to increase in road construction activities followed by rapid industrialization and growth in the real estate sector, coupled with infrastructural development especially in the emerging economies such as India, China, and Indonesia among others. The Asia-Pacific asphalt additives market is expected to reach $968 million by 2022, registering the highest CAGR of 7.4% during 2016‐2022.
Asphalt additives are crucial for sustainable development of roads and household infrastructure. Moreover, they enhance the efficiency and overall shelf life of roads when mixed with paving-grade asphalt; this led to the increase in demand for such additives worldwide. On the basis of type, the world asphalt additives market is segmented into polymerized asphalt cement, novophalt, multi-grade asphalt cement, polyester modifiers, and others. In terms of revenue, the polymerized asphalt cement segment accounted for the highest market share of 52% in 2015.
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