Growing Infrastructure Projects Globally Will Propel the Growth of the Asphalt Additives Market

The Asphalt Additives Market size is forecast to reach US$5.1 billion by 2027, after growing at a CAGR of 6.8% during 2022-2027. The growth of the Asphalt Additives Market will be remarkably dependent on the growing infrastructure projects, globally; owing to the rise in urbanization with the growing population. Asphalt additives is a substance, widely used in road construction, road paving, airport runway, parking lots and roofing. Asphalt additives help to enhance the physical or chemical characteristics of the asphalt mix by using various types such as polymeric modifiers, anti-strip and others and act as adhesion promoters to mitigate moisture damage. The rise in consumption of asphalt additives-based products for various applications is raising market growth. 

Based on application, the Asphalt Additives Market can be segmented into road construction, road paving, airport runway, parking lots, roofing and others. The road construction segment held the largest asphalt additives market share in 2021 and is expected to grow at a CAGR of 5.8% during 2022-2027. Asphalt additives are extensively used in road construction to improve the physical and chemical properties of the asphalt mix. The rise in the growth of road construction activities will raise market growth. For instance, as per the city of Worcester, various road construction projects are underway such as Shrewsbury Street (Hill St. to Mulberry St.), Quincy Street (Chatham St. to Austin St.), Delmont Avenue (Clarendon St. to Harmon St.) and others. Thus, the growth of road construction activities is boosting market growth.   

Based on geography, the Asphalt Additives Market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 47% in the overall market and is growing with a CAGR of 7.9% during the forecast period. This growth has mainly been attributed to the growing investment in infrastructure projects. For instance, the government of India has allocated Rs. 134,015 crores (US$ 17.24 billion) to the National Highways Authority of India (NHAI). Also, China has steadily pushed 102 mega infrastructure projects for the 14th Five-Year Plan period (2021-25) to achieve concrete results. Therefore, the growth in the infrastructure sector is fueling the asphalt additives market in this region.

The Asia-Pacific is followed by North America which is expected to gain demand for the asphalt additives market. The major countries in North America include the U.S., Canada and Mexico.  

The key companies holding a major share in the Asphalt Additives Market are Evonik Industries AG, Kraton Corporation, Arkema S.A, Nouryon Chemicals B.V., DowDuPont, Honeywell International Inc., Huntsman Corporation, Ingevity Corporation, BASF SE and Akzo Nobel among others.