Asphalt Additives Global Market Report 2023
Major players in the asphalt additives market are Arkema SA, Arrmaz, BASF SE, Evonik Industries, Huntsman Corporation, Nouryon, Sasol Limited, Sinopec Corporation, Solvay SA, Jiangsu Jinyang, Zibo bridge lung, Berkshire Engineering Supplies, Engineered Additives, Sonneborn, LUCOBIT, Tri-Chem Specialty Chemicals LLC, Colas, and Cargill Inc.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asphalt Additives Global Market Report 2023" - https://www.reportlinker.com/p06313436/?utm_source=GNW
The global asphalt additives market grew from $3.62 billion in 2022 to $3.91 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The asphalt additives market is expected to grow to $5.57 billion in 2027 at a CAGR of 9.2%.
The asphalt additives market consists of sales of rheology and elasticity modifiers used as asphalt additives.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The asphalt additives refer to chemicals or substances that are added to asphalt to change the result of the asphalt binder.Asphalt additives are materials that improve the adhesive force between aggregates and asphalt cement preventing cracking, unravelling, and deformation.
Asphalt additives include ethylene vinyl acetate, latex, styrene-butadiene styrene-block (SBS) copolymer, and manganese organic complex, SBS vulcanized with asphalt, polyethylene, and carbon black.
Asia-Pacific was the largest region in the asphalt additives market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.
The regions covered in asphalt additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of asphalt additives are polymeric modifiers, anti-strip and adhesion promoters, emulsifiers, chemical modifiers, rejuvenators, fibers, flux oil, and colored asphalt.Polymer modifiers are polymeric compounds with a functional unit grafted onto the backbone of the polymer.
They use technologies such as hot mix, cold mix, and warm mix and have various applications in road construction, road paving, airport runway, parking lots, and roofing.
An increase in road construction projects is expected to propel the growth of the asphalt additives market.Roads play a critical role in economic development and progress, as well as providing significant social advantages and asphalt additives are used in constructing roads as it improves the quality of the road and makes it more durable.
For instance, according to the India Brand Equity Foundation (IBEF), a Trust established by the Department of Commerce, Ministry of Commerce and Industry, and Government of India, despite the pandemic and shutdown, India built 13,298 kilometers of roadways in FY21. Therefore, an increase in road construction projects is expected to drive the asphalt additives market.
Bio-based asphalt additives are shaping the asphalt additives market.The use of rubber in the asphalt business has shown several benefits in the pavement sector such as improved workability.
For instance, in November 2021, Puma Energy International S.A., a Switzerland-based company involved in bitumen sourcing and supply partnered with Cargill, Incorporated, a US-based company that offers goods and services in the risk management, financial, industrial, agricultural, and food industries, introduced to customers in Australia the Cargill Anova product line of bio-based asphalt additives, including the Anova warm mix additive and the Anova asphalt rejuvenator. One advantage of the Anova warm mix additive is that it is a non-hazardous, vegetable-derived product.
In April 2022, Euclid Chemical Company, a US-based producer of goods for the masonry and concrete construction sector, acquired Chrysos Corporation cement grinding aids and additives business in North America.With the acquisition, the acquired technologies are sold to cement manufacturers in order to improve cement performance and reduce CO2 emissions during production.
Chrysos Corporation is an Australia-based provider of technology for mining industry.
The countries covered in the asphalt additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The asphalt additives market research report is one of a series of new reports that provides asphalt additives market statistics, including asphalt additives industry global market size, regional shares, competitors with an asphalt additives market share, detailed asphalt additives market segments, market trends and opportunities, and any further data you may need to thrive in the asphalt additives industry. This asphalt additives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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