Asphalt Additives Market Report | Covid-19 Impact Analysis
The Asphalt Additives Market is Segmented by Product Type (Anti-Stripping Agent/Adhesion Promoter, Rejuvenators, Emulsifiers, Polymer, and Others), by Application Type (Road Construction, Parking Lots, Roofing, and Others), by Technology Type (Hot Mix, Warm Mix, and Cold Mix), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The Asphalt Additives Market is Segmented by Product Type (Anti-Stripping Agent/Adhesion Promoter, Rejuvenators, Emulsifiers, Polymer, and Others), by Application Type (Road Construction, Parking Lots, Roofing, and Others), by Technology Type (Hot Mix, Warm Mix, and Cold Mix), a...
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s asphalt additives market realities and future market possibilities for the forecast period of 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for asphalt additives at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Asphalt Additives Market: Highlights
Additives gained huge momentum in the asphalt pavement industry in the wake of the requirements of high temperature and aging resistance, improvement in thermal cracking and stripping, and reduced maintenance cost of pavements. More than 90% of the road pavements performed today are being done with asphalt. There is also an increase in the penetration of asphalt with additives over unmodified asphalt. The COVID-19 pandemic brought in slight disruption in the growth of the asphalt paving industry as well as the asphalt additives market with lockdown, shortage of labor, postponement of infrastructural development programs, and disruption in the supply chain all across the globe being the major restraining factors.
The possible impact of the pandemic on the asphalt additives market is likely to be graver in 2021 than its impact in 2020. The asphalt pavements industry is having a minimal impact of the pandemic as road construction/maintenance has been in operation considering an essential activity in various regions. Also, most of the road construction funds for 2020 were already allocated, which led to an insignificant slowdown in the market growth in 2020. However, the year 2021 is likely to see slower growth with a shrinking economy, lower gas tax collections in 2020, and a reduction in federal and state govt. budgets. After a slowdown in growth in 2021, the market is likely to regain its growth momentum from 2022, ultimately reaching an estimated US$ 3.7 billion in 2026.
Stratview Research has firstly segmented the asphalt additives market based on the product type as antistripping agent/adhesion promoter, rejuvenators, emulsifiers, polymer, and others. The polymer is expected to remain the key product type in the market over the next five years. Key driving factors for polymers are better durability and flexibility, reduction in the life cycle cost, and reduction in rutting, and thermal cracking. Also, different regions have a dominance of different additives along with varying dosage rates. For instance, China has a high penetration of polymer additives, whereas Brazil has a high penetration of emulsifiers.
Based on the application type, the asphalt additives market is segmented as road construction, parking lots, roofing, and others. Road construction is estimated to maintain its huge dominance in the market in the years to come. Increasing new road construction projects fueled by federal and state governments especially in developing economies and strong demand for road maintenance and preservation from the developed economies. Furthermore, there has been an increasing penetration of road asphalt with additives over unmodified asphalts.
Based on the technology type, the market is segmented as hot mix, warm mix, and cold-mix. Hot mix is estimated to maintain its dominance during the forecast period, whereas warm mix is expected to grow at the highest rate for the same period. Warm mix asphalt is gaining traction with its superiority in the reduction of carbon and fumed gas emissions and safer work environments over hot mix asphalt. North America is the world’s largest market for warm mix asphalts, whereas Asia-Pacific is the largest market for hot mix asphalt.
In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. China, Japan, and South Korea are the leading markets in the region. Strong demand exists from both new road pavement projects as well as pavement preservation/maintenance in the Asia-Pacific region. There is also huge whitespace opportunity from the developing Asian economies, such as India, where additive penetration in the asphalt industry is very low currently.
The supply chain of this market comprises raw material suppliers, asphalt additive manufacturers, asphalt/emulsion manufacturers, asphalt pavement contractors, and state and national highway authorities. The key asphalt additives manufacturers are Kraton Corporation, Ingevity Corporation, Arkema S.A, Nouryon Chemicals B.V., Kao Chemicals, Sinopec Corp., Colas, BASF SE, Iterchimica S.r.l., Cargill Inc., DowDuPont, Solvay SA, Evonik Industries AG, and Sasol Limited.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. About 15 detailed primary interviews with the market players across the value chain in all major regions and industry experts have been executed to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The asphalt additives market is segmented into the following categories.
Asphalt Additives, By Product Type
Asphalt Additives, By Application Type
Asphalt Additives, By Technology Type
Asphalt Additives, By Region
Report Customization Options
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Driven by the factors like increasing usage of asphalt in roofing applications from the construction industry, the asphalt additives market is expected to witness an impressive CAGR of 5.2% in the foreseeable future.
Polymer is expected to remain the most dominant product type in the market in the coming years.
The key asphalt additives manufacturers are Kraton Corporation, Ingevity Corporation, Arkema S.A, Nouryon Chemicals B.V., Kao Chemicals, Sinopec Corp., Colas, BASF SE, Iterchimica S.r.l., Cargill Inc., DowDuPont, Solvay SA, Evonik Industries AG, and Sasol Limited.
Asia-Pacific is expected to remain the largest asphalt additives market over the next five years.
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