Asphalt Additives Market to Discern Steadfast Expansion During 2019-2027
Road industry is evolving in terms of infrastructure with new constructions and designs for sustainability. The concept of green infrastructure inspires construction of various road infrastructure like asphalt paved roads. This surges the demand for asphalt additives. Latest Fact.MR report predicts asphalt additives market to amount US$5.4Bn by the end of year 2027 owing to the accelerated consumption of asphalt additives for road constructions. Different highway agencies use asphalt additives for its positive attributes like improved adhesion and enhanced mixture durability which extends the life of pavements for few more years.
Increased highway life span increases demand
Extended highway life span bolsters the demand for asphalt additives like rejuvenators and bitumen. Bio-based additives like bio asphalt binders are the latest entrants in market that are generating plethora of opportunities in the global market. Fact.MR report states that global asphalt additives market is expected to expand at 5% CAGR during the forecast period 2019-2027.
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The most commonly used material for paving is hot/warm mix. It is expected to dominate the global market owing to its benefits like low fuel consumption and reduced harmful emissions. Fact.MR report projects the demand for hot/warm mix to increase in Asia Pacific by 1.8 times of the current capacity in the forecast period. Its increasing consumption generates attractive opportunities for hot/warm mix additives that are expected to bring in sustainability in near future.
Sustainable future is important
The world is growing towards creating a sustainable environment for future and stake holders in the construction industry are taking an active part in it. Public agencies and government are encouraging construction that are eco-friendly and sustainable. This has compelled different end-user industries to shift their focus towards bio-based additives. Roofing sector is gaining momentum and is increasing the demand for different sustainable construction components that are either bio-based or recycled. Eco-friendly asphalt additives are also highly demanded in the roofing industry. Gulf countries are progressively advancing towards adopting these eco-friendly components. Its Ministry of infrastructure has introduced road projects that use sustainable products like recycled rubber. These projects are initiated to achieve different goals like sustainability, innovation, recycling and establishing a network of green roads.
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The competitive landscape of global asphalt additives market is moderately consolidated. Major stake holder in the market are expanding their business to get a greater hold of the market. Dow Chemical and Evonik are two of the major players in the market that are focused to expand their current facilities across the globe. Asia Pacific is their target as it offers benefits in terms of economy and opportunities to scale business. Players are introducing innovations in products for road construction with help of recycled materials. Evonik Industries introduced VESTENAMER® which is a cost-effective and sustainable form of asphalt additives. It is used as catalyst in rubber powder production form scrap tires. This powder is used to manufacture asphalt additives. Golden Gate Capital collaborated with Arkema Group to work on sustainable road development and invested $570Mn for this.
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