CHICAGO, June 11, 2019 /PRNewswire/ -- According to the new market research report "Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt,), Application, Technology - Global Forecast to 2024", published by MarketsandMarkets™, the Asphalt Additive Market is projected to grow from USD 3.6 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. Increase in infrastructure development and road construction projects is one of the key factors driving the growth of the asphalt additive market across the globe.
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The polymeric modifiers segment is projected to lead the asphalt additive market during the forecasting period.
Based on type, the polymeric modifier segment of asphalt additives market is projected to grow at the highest CAGR from 2019 to 2024. Polymeric modifiers are used throughout the world to improve the flexibility and durability of asphalt pavements. They are easy to use, and the raw materials used to make them are readily available, which makes them the most preferred type of asphalt additives.
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Road construction and paving application held the largest share of the global asphalt additives market.
Based on application, the road construction & paving segment is expected to lead the asphalt additives market in coming years. Governments of countries such as, China, India, Malaysia, and Indonesia in the Asia Pacific region have invested in infrastructure development, which includes the construction of new highways and freeways. This has lead to the growth of the asphalt additives application segment.
Hot mix technology held the largest share of the global asphalt additives market
Based on technology, the hot mix technology is expected to lead the asphalt additives market in coming years. Hot mix asphalt is durable, resistant to moisture damage and thermal cracking. It also provides excellent workability and skid resistance. This segment is growing due to developments in the construction of new highways and expressways.
The Asia Pacific region was the largest market for asphalt additives in 2018
The Asia-Pacific region was the largest market for asphalt additives in 2018, owing to the increasing demand for asphalt additives products in developing economies, such as India and China. China is the leading consumer of asphalt additives products in the Asia-Pacific region. The considerable growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia-Pacific asphalt additives market.
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation(US), Arrmaz(US), BASF SE (Germany), and Kao Corporation (Japan) are some of the leading players operating in the Asphalt Additive Market.
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