Asphalt Additives Market Is Expected to Reach $2,302 Million, By Leading Industry Players Evonik Industries, Tri-Chem Industries, Ingevity, AkzoNobel, DuPont, Honeywell International Inc., Huntsman International LLC, & Arkema
Global Asphalt additives market was valued at $1,433 million in 2015, and is expected to reach $2,302 million by 2022, supported by a CAGR of 6.6% during the forecast period 2016 - 2022. Asphalt additives are used with an aim to attain sustainable development of infrastructures including roads and households.
They enhance proficiency and durability of roads when used in combination with paving-grade asphalt and thus have an increasing demand across the globe. Rising demand for asphalt additives from construction industry, rapid urbanization and growing acceptance of new manufacturing standards are the major factors driving the asphalt additives industry across the world. Though, low consumer awareness and changing regulatory norms are factors that could restrain the growth of this market.
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Asphalt additives are the specialty chemicals that are added to impart additional benefits such as reduction in stripping, raveling, cracking, costs, and deformations. They are specifically added during construction of roads, sidewalks, airports, and parking lots. The market for asphalt additives has grown tremendously in the recent past due to increase in government investment for the infrastructural development coupled with the rise in ownership of automobiles globally.
Factors that drive the growth of the global asphalt additives market are increase in urbanization, rise in demand of asphalt from construction industry, and growth in conformity with latest manufacturing standards. In addition, increase in demand for asphalt additives from the emerging economies as well as growth in awareness about energy conservation and sustainable infrastructure provide opportunities to the asphalt additives manufactures. However, low consumer awareness and change in regulatory environment are expected to hamper the market growth.
PAC is expected to maintain its dominant position throughout the analysis period, due to the remarkable properties such as enhancement of asphalt ability to combat fatigue & cracks, temperature susceptibility, and increment in the adhesion & cohesion properties. PAC is added to the asphalt immediately before heating to yield maximum benefit.
Road construction segment dominated with more than 50% share, in terms of volume, in 2015. In response to the perennial urbanization, efficient roads are currently in high demand across the globe. Residential construction companies are inclined towards using asphalt roofs to provide durability, algae resistance, fire resistance, and cost-effectiveness. The world roofing asphalt additives market volume is expected to grow at a CAGR of 6.8% and reach 399 kilotons by 2022.
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In 2015, Asia-Pacific and LAMEA collectively accounted for two-thirds of the total asphalt additives market and are expected to continue this trend due to increase in infrastructural development, specifically in China, India, and other developing economies. Rise in urban population is the main reason for the growth of asphalt additive market in the Asia-Pacific region.
The major companies profiled in the report include
• Evonik Industries AG,
• Tri-Chem Industries,
• Ingevity,
• AkzoNobel N.V.,
• E. I. du Pont de Nemours and Company,
• Honeywell International Inc.,
• Huntsman International LLC,
• Kao Corporation,
• ArrMaz, and
• The Arkema Group.
Table Of Content
Chapter: 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
Chapter: 2 EXECUTIVE SUMMARY
2.1 Market snapshot
Chapter: 3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key findings
3.2.1 Top investment pockets
3.2.2 Top winning strategy
3.3 Porters five forces analysis
3.3.1 Bargaining power of suppliers
3.3.2 Bargaining power of buyers
3.3.3 Threat of new entrants
3.3.4 Threat of substitutes
3.3.5 Competitive rivalry
3.4 Top player positioning, 2015
3.5 Drivers
3.5.1 Rising demand for asphalt from road construction industry
3.5.2 Growing conformity with latest manufacturing standards
3.5.3 Rapid urbanization
3.6 Restraint
3.6.1 low consumer awareness
3.6.2 Changing regulatory environment
3.7 Opportunities
3.7.1 Increasing demand from emerging economies
3.7.2 Growing awareness regarding energy conservation & sustainable infrastructure
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