Asphalt Additives Market Segment Overview:
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.
Asphalt Additives Market Segmentation
The market is segmented on the basis of type, application, and geography. On the basis of type, it is divided into polymerized asphalt cement, novophalt, multigrade asphalt cement, polyester modifier, and others. In the year 2015, the polymerized asphalt cement (PAC) segment accounted for more than half of the overall market, in terms of volume, as PAC improves the ability of asphalt to fight fatigue and cracks. According to the end users, it is classified into road construction, road paving, airport runaway, parking lots, roofing, and others. The road construction segment accounted for more than half of market share by application in 2015, attributing to increasing urban migration and demographic changes globally.
Geographically, it is segmented into North America, Europe, Asia-Pacific, and LAMEA. In addition, the usage of asphalt additives in diverse countries is included in the report. In the year 2015, Asia-Pacific is expected to be the fastest growing region as it occupied two-fifths of the total asphalt additives market, in terms of volume during the analysis period.
Top Investment Pocket
The global asphalt additives market is segmented based on geography into North America, Europe, Asia-Pacific, and LAMEA. The figure below represents the market attractiveness of different geographical segments. It is evident from the figure that the region that is most lucrative for investment is Asia-Pacific. Asia-Pacific is expected to be preferred by new entrants due to increase in road construction activities followed by rapid industrialization and growth in the real estate sector, coupled with infrastructural development especially in the emerging economies such as India, China, and Indonesia among others. The Asia-Pacific asphalt additives market is expected to reach $968 million by 2022, registering the highest CAGR of 7.4% during 2016‐2022.
Global Asphalt Additives Market ‐ Top Investment Pockets
Asphalt additives are crucial for sustainable development of roads and household infrastructure. Moreover, they enhance the efficiency and overall shelf life of roads when mixed with paving-grade asphalt; this led to the increase in demand for such additives worldwide. On the basis of type, the global asphalt additives market is segmented into polymerized asphalt cement, novophalt, multi-grade asphalt cement, polyester modifiers, and others. In terms of revenue, the polymerized asphalt cement segment accounted for the highest market share of 52% in 2015.
The increasing importance of polymerized asphalt cement in providing strength, durability, finishing, and workability to the final road block is expected to provide growth opportunity in the global asphalt additives market. Moreover, availability of various grades with a wide price range helps consumers to choose their products accordingly.
China dominated the Asia-Pacific asphalt additives market with a market share of more than 60% in 2014. Increasing economic development is the significant factor responsible for the growth of the asphalt additives market in China. In addition, foreign countries are also investing in China due to availability of cheap labourers, favourable government policies, and supportive climatic conditions. Therefore, with the increasing industrialization, construction industry is expected to boom in china, thereby raising the demand for the asphalt additives in the region.
China Asphalt Additives Market Size & Forecast ($Million), 2014-2022
ASPHALT ADDITIVES MARKET KEY BENEFITS
- The report provides the quantitative analysis of the current market and estimations through 2014-2022, which assist in identifying the prevailing market opportunities.
- The report also provides an extensive analysis of the current and emerging market trends and dynamics to assist the stakeholders in understanding the market scenario.
- In-depth analysis of the market key segments demonstrates the consumption of asphalt additives in diverse applications across various end-user industries.
- Competitive intelligence highlights the business strategies adopted by the prominent market players across various geographies.
ASPHALT ADDITIVES MARKET KEY SEGMENTS
- Polymerized Asphalt Cement
- Multigrade Asphalt Cement
- Polyester Modifier
- Road Construction
- Road Paving
- Airport Runway
- Parking Lots
- North America
- Saudi Arabia
- South Africa