Key manufacturers of asphalt additives include ArrMaz, Akzo Nobel N.V., Kraton Corporation, Kao Corporation, Honeywell International Inc., Evonik Industries AG, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Berkshire Engineering Supplies, Huntsman Corporation, Ceca Chemicals and Engineered Additives, LLC.
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According to Transparency Market Research (TMR), the global market for asphalt additives was valued at US$3.31 Bn in 2016 and is anticipated to reach US$4.73 Bn in 2025, expanding at a CAGR of 4.0% between 2017 and 2025. In terms of volume, the global asphalt additives market stood at 1,939.6 Kilo Tons in 2016 and is expected to exhibit a 3.8% CAGR by volume in the aforementioned forecast period.
In terms of demand, Asia Pacific constituted the largest share of the asphalt additives market, accounting for around a third of the market share in 2016. Stringent environmental norms in North America and Europe are expected to encourage increased use of asphalt additives in these regions. Increase in road and building construction activities in the GCC is also expected to propel demand for asphalt additives.
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Rising Demand for Road Construction in Emerging Economies Drives Demand from Asphalt Additives Market
Asphalt and concrete are the leading materials that are used in road construction across the world. Roads made from asphalt have the advantages of fast setting times, lower installation costs and durability. Asphalt roads may suffer from stripping problems when there is a loss of bonding between the asphalt binder and the aggregate. This leads to deterioration and unravelling of the asphalt roads. To prevent occurrence of stripping of roads, a variety of additives are incorporated into the asphalt binder. Further, several polymer additives are blended with the asphalt binder inorder to increase the toughness and plasticity of the final asphalt mix. Rising popularity of polymer modified asphalt is expected to fuel demand from the asphalt additives market in the coming decade.
The rapid urbanization and economic development in developing countries in Southeast Asia, the Middle East, and Eastern Europe is likely to remain a key driver for the global asphalt additives market in the coming years. Road development is a crucial part of the economic development plans adopted by several countries in these regions, leading to steady growth of the asphalt additives market.
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Rising Use of Warm Mix Technology, Reclaimed Asphalt Drives Demand for Asphalt Additives
There are three technologies that are utilized into order to mix asphalt binder with the aggregate: hot mix, warm mix, and cold mix technology. Hot mix has been the dominant process for producing asphalt concrete due to its flexibility and ease of operation. However, due to the high temperatures involved in this process, the amount of volatile organic content (VOC) emitted is substantially high. In keeping with climate change agreements, many countries are decreasing the use of hot mix technology for processing asphalt mixes. Warm mixing of asphalt is carried out at a substantially lower temperature than hot mix asphalt and is hence considered environmentally viable. In order to promote effective mixing at low temperatures and improve performance of warm mix asphalt, adhesion promoters, anti-stripping agents, and polymers such as styrene butadiene styrene, styrene butadiene rubber, and crumb rubber are added to the asphalt mix. The rising adoption of cold mix and warm mix technologies is thus a key driver for the global asphalt additives market.
Further, increase in the use of reclaimed asphalt (RAP) and reclaimed shingles (RAS) in asphalt mixtures is also likely to increase demand for asphalt additives, as the use of a higher percentage of recycled materials necessitates the addition of a correspondingly higher amount of additives in order to maintain the desired performance standards.