Albany, NY -- (SBWire) -- 12/05/2018 --The global asphalt additive market exhibits a moderately consolidated vendor landscape, owing to few major companies and several minor players existing the market. Prominent companies in the market are engaging in research and development activities to offer better products. In addition, leading companies are also focusing on mergers and acquisitions to expand their geographical reach and diversify their products lines. For instance, Akzo Nobel has recently acquired Doves Decorating Supplies and has strengthened its position in the U.K. Some of the leading players in the global asphalt additive market are Akzo Nobel N.V., Kraton Corporation, ArrMaz, Kao Corporation, Evonik Industries AG, and Honeywell International Inc.
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As per TMR, the global market for asphalt additives is projected to attain a valuation of US$4.7 bn by the end of 2025 progressing from US$3.3 bn earned in 2016. The market is expected to rise at 3.8% of CAGR by volume during the forecast period between 2017 and 2025.
Based on type of technology, the market is likely to witness the highest demand for hot mix technology, as it provides ease of operation and flexibility. It also provides resistance to water and different weather conditions and is therefore highly preferred across the world. On the basis of geography, the highest demand for asphalt additive is seen in Asia Pacific held 32% shares in the global market in 2016. Increasing construction projects in India, China, and Japan have made the region lead in the global market for asphalt additives. North America is considered the second leading region after Asia Pacific in 2016.
High Resilience and Flexibility to Fuel Demand for Asphalt Additives
The demand for asphalt additives is increasing massively across the world, as they provide flexibility and ease of operation during construction. Asphalt is highly used in road construction and in paving material. Roads and pavements constructed with the help of asphalt have better durability and resilience. Asphalt helps in completing roads in a shorter period as compared to other material used for construction. In addition, asphalt is also used as a water proofing material in roof construction. Built-up asphalt roofing, bitumen modified membranes, asphalt shingles, and asphalt roll roofing are some of the known asphalt roofing products. The use of asphalt additives is also seen in airport runways, playgrounds, railway beds, bridges, running tracks, barn floors, greenhouse floors, ports, tennis courts, and landfill caps.
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Lack of Awareness to Deter Market Growth
Despite many benefits of using asphalt additives, some restraining factors may hinder the asphalt additives market to grow at its full potential. Lack of awareness and instability in supply of asphalt are concerning factors affecting the market growth. Unsteady prices are also considered in deterring the demand for asphalt additives. In addition, availability of substitutes such as bio-asphalt and concrete are also tampering the growth trajectory in the asphalt additives market at the global level. However, increasing construction projects across various regions and preference towards using different and effective products for construction is expected to grow the demand for asphalt additives in coming years.
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Asphalt Additives Market Exhibiting a Steady 3.8% CAGR by 2025