The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major key factors driving the growth of the asphalt additive market across the globe.
The polymeric modifiers segment is expected to lead the asphalt additives market from 2021 to 2026. Polymeric modifiers are used to improve asphalt properties such as viscosity, adhesion, and fatigue resistance. They are primarily used in paving, roofing, and waterproofing applications. Furthermore, the growing demand for asphalt additives in the construction industry is propelling the growth of the polymeric modifiers segment. Furthermore, the growing demand for pavement preservation and resurfacing activities is driving up demand for polymeric modifiers.
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Due to the rising demand for asphalt additives in developing economies such as India and China, the Asia-Pacific region was the largest market for asphalt additives in 2020. China is the Asia-Pacific region’s largest consumer of asphalt additives. The Asia-Pacific asphalt additives market is expected to grow due to significant growth and innovation, as well as industry consolidations. The Asian Development Bank (ADB) estimates that Asia requires USD 8.4 trillion to improve transportation infrastructure, including road construction. The governments of several countries in the region are investing heavily in road construction. As a result, regional governments’ road infrastructure projects are expected to drive the global asphalt additives market.
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players operating in the asphalt additive market. These players have adopted the strategies of expansions, new product developments, acquisitions, and collaboration to enhance their position in the market.
Kraton Corporation is a leading specialty chemical company that manufactures styrene block copolymers and other engineered polymers. In September 2016, Kraton Performance Polymer Inc. changed its name to Kraton Corporation. The company has operations in performance products, performance chemicals, specialty polymers, adhesives, cariflex, and tires. The company operates its business through two segments namely, Polymer and Chemical. Kraton Corporation provides asphalt additives under its polymer segment. It has a strong geographic reach across the Americas, Europe, the Middle East, Asia Pacific, and Africa with operations in over 70 countries worldwide.
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Ingevity Corporation is a manufacturer of specialty chemicals and high-performance carbon materials. The specialty chemical products are used in a range of high performance applications, such as pavement technologies, oil field technologies, and industrial specialties. The company operates its business through two segments, namely, Performance Materials and Performance Chemicals. The performance materials segment offers automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. The performance chemicals segment provides products derived from pine chemicals used in asphalt paving, oilfield technologies, and other diverse industrial specialty applications, such as adhesives, agrochemical dispersants, publication inks, lubricants, and petroleum.
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