Introduction:

Modern road construction is experiencing a paradigm shift, and at the core of this transformation lies the burgeoning influence of asphalt additives. "Revolutionizing Roads: The Growing Impact of Asphalt Additives" explores how these innovative compounds are reshaping the landscape of infrastructure development, bringing durability, sustainability, and enhanced performance to the forefront of the construction industry.

additives gained huge momentum in the asphalt pavement industry in the wake of the requirements of high temperature and aging resistance, improvement in thermal cracking and stripping, and reduced maintenance cost of pavements. More than 90% of the road pavements performed today are being done with asphalt. There is also an increase in the penetration of asphalt with additives over unmodified asphalt. The COVID-19 pandemic brought in slight disruption in the growth of the asphalt paving industry as well as the asphalt additives market with lockdown, shortage of labor, postponement of infrastructural development programs, and disruption in the supply chain all across the globe being the major restraining factors.

Covid-19 Impact Analysis

The possible impact of the pandemic on the asphalt additives market is likely to be graver in 2021 than its impact in 2020. The asphalt pavements industry is having a minimal impact of the pandemic as road construction/maintenance has been in operation considering an essential activity in various regions. Also, most of the road construction funds for 2020 were already allocated, which led to an insignificant slowdown in the market growth in 2020. However, the year 2021 is likely to see slower growth with a shrinking economy, lower gas tax collections in 2020, and a reduction in federal and state govt. budgets. After a slowdown in growth in 2021, the market is likely to regain its growth momentum from 2022, ultimately reaching an estimated US$ 3.7 billion in 2026.

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Segment Analysis

Asphalt Additives Market Share by Product Type

Stratview Research has firstly segmented the asphalt additives market based on the product type as antistripping agent/adhesion promoter, rejuvenators, emulsifiers, polymer, and others. The polymer is expected to remain the key product type in the market over the next five years. Key driving factors for polymers are better durability and flexibility, reduction in the life cycle cost, and reduction in rutting, and thermal cracking. Also, different regions have a dominance of different additives along with varying dosage rates. For instance, China has a high penetration of polymer additives, whereas Brazil has a high penetration of emulsifiers.

Asphalt Additives Market Share by Application Type

Based on the application type, the asphalt additives market is segmented as road construction, parking lots, roofing, and others. Road construction is estimated to maintain its huge dominance in the market in the years to come. Increasing new road construction projects fueled by federal and state governments especially in developing economies and strong demand for road maintenance and preservation from the developed economies. Furthermore, there has been an increasing penetration of road asphalt with additives over unmodified asphalts.

Asphalt Additives Market Share by Technology Type

Based on the technology type, the market is segmented as hot mix, warm mix, and cold-mix. Hot mix is estimated to maintain its dominance during the forecast period, whereas warm mix is expected to grow at the highest rate for the same period. Warm mix asphalt is gaining traction with its superiority in the reduction of carbon and fumed gas emissions and safer work environments over hot mix asphalt. North America is the world’s largest market for warm mix asphalts, whereas Asia-Pacific is the largest market for hot mix asphalt.

Regional Insights                                          

In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. China, Japan, and South Korea are the leading markets in the region. Strong demand exists from both new road pavement projects as well as pavement preservation/maintenance in the Asia-Pacific region. There is also huge whitespace opportunity from the developing Asian economies, such as India, where additive penetration in the asphalt industry is very low currently.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.