Asphalt Additives Market Size, Impacted by COVID-19, to Reach US$ 3.7 Billion in 2026, Says Stratview Research

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Feb 23, 2021, 09:30 ET

DETROIT, Feb. 23, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Asphalt Additives Market by Product Type (Anti-Stripping Agent/Adhesion Promoter, Rejuvenators, Emulsifiers, Polymer, and Others), by Application Type (Road Construction, Parking Lots, Roofing, and Others), by Technology Type (Hot Mix, Warm Mix, and Cold Mix), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Share, Trend, Forecast, & Industry Analysis: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's asphalt additives market realities and future market possibilities for the forecast period of 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for asphalt additives at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.

Asphalt Additives Market: Highlights from the Report

Additives gained huge momentum in the asphalt pavement industry in the wake of the requirements for 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 as compared to 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 across the globe being the major restraining factors.

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 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 US$ 3.7 billion in 2026.

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Based on the product type, the market is segmented as antistripping agent/adhesion promoter, rejuvenators, emulsifiers, polymers, and others. 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 dominance of different additives along with varying dosage rates. For instance, China has high penetration of polymer additives, whereas Brazil has high penetration of emulsifiers.

Based on the application type, 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 in the developed economies. Furthermore, there has been an increasing penetration of road asphalt with additives as compared to unmodified asphalts.

Based on the technology type, hot mix is estimated to maintain its dominance during the forecast period, whereas warm mix is expected to grow at the highest rate in 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.

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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 region. There is also huge whitespace opportunity from the developing Asian economies, such as India, where additive penetration in the asphalt industry is extremely low currently.

The supply chain of this market comprises raw material suppliers, asphalt additive manufacturers, asphalt/emulsion manufacturers, asphalt pavement contractors, and state and national highway authorities. Key asphalt additive manufacturers are Kraton Corporation, Ingevity Corporation, Arkema S.A, Nouryon Chemicals B.V., Kao Chemicals, Sinopec Corp., Colas, BASF SE, Iterchimica S.r.l., Cargill Inc., DowDuPont, Solvay SA, Evonik Industries AG, and Sasol Limited.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

Market structure: Overview, industry life cycle analysis, supply chain analysis.
Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
Market trend and forecast analysis.
Market segment trend and forecast.
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities.
Emerging trends.
Strategic growth opportunities for the existing and new players.
Key success factors.

This report studies the global asphalt additives market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

Asphalt Additives, By Product Type

Anti-Stripping Agent/Adhesion Promoter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Rejuvenator (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Emulsifier (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Polymer (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Asphalt Additives, By Application Type

Road Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Parking Lots (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Roofing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Asphalt Additives, By Technology Type

Hot Mix Additives (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Warm Mix Additives (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Cold Mix Additives (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Asphalt Additives, By Region

North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, The UK, Spain, Turkey, and Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, The UAE, and Others)

Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports:

https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making.

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