Asphalt Additives Market will be worth of US$4.29 bn in 2023, expanding at a CAGR of 4.2% between 2015-2023
This review is based on findings published by TMR in a report, titled “Asphalt Additives Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” As per TMR, the global asphalt additives market stood at US$2.9 bn in 2014 and is expected to reach US$4.2 bn by the end of 2023. The market is thus expected to report a CAGR of 4.2% between 2015 and 2023.
Rising Spending on Construction Activities in MEA Fuels Asphalt Additives Sales
According to TMR, regions that boast robust construction industry are currently considered the most lucrative markets for asphalt additives. For instance, the rising demand from the construction sector in the Middle East and Africa (MEA) provides attractive opportunities for asphalt additives producers. “The increasing spending on the construction activities is expected to make Saudi Arabia and Qatar the most lucrative markets for asphalt additives in the MEA,” states a TMR analyst.
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Besides this, the market is also expected to gain impetus from the increasing investment in road development activities worldwide. Expansion of road networks between countries will create significant sales opportunities for asphalt additives manufacturers. A case in point is the agreement between China and Europe to reconstruct the ancient “Silk Route” between India and China. Such rising spending in construction projects will substantially fuel demand for asphalt additives.
Additionally, the market is also expected to gain from upcoming events such as the Summer and Winter Olympics and FIFA World Cup. These events will significantly boost road construction activities across countries slated to host these events, thus augmenting demand for asphalt additives.
Growing Use of Asphalt Substitutes to Threaten Market’s Growth
The majority of asphalt additives produced around the world are used in road construction. However, volatility in prices and the shortage of asphalt supply have led to the development of various substitute products. Currently, asphalt substitutes such as bricks, cobblestone, pavers, cement, and concrete are used on an extensive scale for the construction and maintenance of roads. This poses a significant threat to the producers of asphalt additives.
Potential Applications of PMA to Boost Opportunities for Asphalt Additives Sales in Forthcoming Years
The potential application of polymer modified asphalt (PMA) is expected to drive demand for asphalt additives in the forthcoming years. PMAs find application in the construction of roads and pavements, roofing, waterproofing, and sprayed sealants. They ensure prolonged lifespan of the application they are used in, apart from enhancing their overall performance. The rising awareness about benefits offered by PMAs will propel the asphalt additives market in the near future.
The rising use of asphalt in road construction makes it the largest application segment in the global asphalt additives market. Holding a share of 83.2%, the road construction and paving segment led the overall market in 2014. Regionally, Asia Pacific dominated the global market with a share of 33% in terms of volume in the same year.
The presence of a large number of companies with equal market shares and strong brands such as Evonik Industries AG, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Honeywell International Inc., and Akzo Nobel N.V. has given the global asphalt additives market a highly fragmented vendor landscape. Transparency Market Research (TMR) finds in a new study that the majority of these companies are presently focusing on product diversification, strategic alliances, and mergers and acquisition to gain lion’s share in the market.
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“Since the market exhibits a low degree of capital intensive business model, the scope for the entry of new players is higher. The degree of competition prevalent in the market is therefore likely to from medium to high in the near future with the entry of new companies,” says a TMR analyst.
Rising road construction activities worldwide to boost the global asphalt additives market at 4.2% CAGR from 2015 to 2023.
With over 83% revenue share, road construction and paving emerged as largest application segment in 2014.
Expansion of construction industry in Asia Pacific to fuel asphalt additives consumption
The report segments the global asphalt additives market as:
Asphalt Additives Market – Technology Analysis
Asphalt Additives Market – Application Analysis
Road construction & paving
Others (Including airfields, parking lots, drinking water enclosures, waste disposal sites, and bridge decks)
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