Global Asphalt Additives Market is expected to be globally driven by the growing construction industries over the forecast period. Asphalt additives are added in asphalt binder in order to enhance its properties such as cracking reduction, stripping, pavement thickness and raveling. Asphalts additives are generally used in airports, road surfaces and parking lots construction. Mixture formed from asphalts concrete along with asphalt additives are recyclable in nature. Asphalt performance characteristics such as tire wear, surface durability, braking efficiency and roadway noise vary with different asphalt additives types.
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Ongoing construction activities in developing countries including China, Japan and Taiwan are expected to propel the global market demand over the forecast period. Asphalt additives are helpful in minimizing environment related damages including carbon emission levels owing to which government and several global environmental agencies including EPA are favoring asphalt additives use in end use industries mainly construction. Therefore, environment friendly nature is expected to further augment global market growth over the forecast period mainly in pavements and other structures construction. Countries such as Brazil, India and China are expected to contribute positively in the global market growth over the forecast period. High production cost is expected to hinder global market growth over the forecast period.
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Asphalt additives are segmented depending upon its applications. Different types include cold mix asphalt additives and hot mix asphalt additives. Both types are majorly used in global construction sector.
Asia Pacific was holding the largest market share and is expected to continue this trend over the forecast period on account of huge construction activities in the region. China was the biggest consumer in the region as well as across the globe. Growing product demand in countries such as Vietnam, India, Indonesia and Malaysia are expected to augment regional market growth. On account of sluggishness in construction activities in North America followed by Europe, a dawdling growth rate is expected in these markets over the forecast period. Middle East & Africa is expected to witness high growth on account of increasing construction projects in the region.
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Global asphalt additives market is highly consolidated in nature and is expected to attract small companies in the regional market over the forecast period. Key industry participants include Akzo Nobel, TR Chem Industries, Delta Companies, MeadWestvaco Corporation, Evonik, ArrMaz, DuPont Evalay and Kao Corporation.
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