The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 6.3 billion by 2029, at a CAGR of 5.7% from 2019 to 2029. Increase in infrastructure development and road construction projects is one of the key factors driving the growth of the asphalt additive market across the globe.
Governments of countries such as, China, India, Malaysia, and Indonesia in the Asia Pacific region have invested in infrastructure development, which includes the construction of new highways and freeways. This has lead to the growth of the asphalt additives application segment.
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Hot mix asphalt is durable, resistant to moisture damage and thermal cracking. It also provides excellent workability and skid resistance. This segment is growing due to developments in the construction of high traffic roads like such as highways, race tracks, and airfields.
The Asia Pacific region was the largest market for asphalt additives
Owing to the increasing demand for asphalt additives products in developing economies, such as India and China. China is the leading consumer of asphalt additives products in the Asia-Pacific region. The considerable growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia-Pacific asphalt additives market.
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation(US), Arrmaz(US), BASF SE (Germany), and Kao Corporation (Japan) are some of the leading players operating in the asphalt additive market.
In February 2018, Sasol Limited (South Africa) celebrated the completion of the expansion of USD 1.13 billion Fischer-Tropsch Wax Expansion Project (FTWEP) in South Africa. The plant is operated under Sasol Performance Chemicals which manufactures hard waxes, medium waxes, liquid paraffin, and waxy oils for various industrial applications, including hot-melt adhesives, polyvinyl chloride processing, and asphalt applications. The plant is expected to have a production capacity of 137,000 tons per year. This expansion aims at strengthening the position of the company in the South Africa asphalt additive market.
In February 2019, a subsidiary of Arrmaz (US), RoadScience launched a new asphalt emulsifier, ArrTekk. This product is used to provide the required viscidity across asphalts for efficient and cost-effective chip sealing. These products provide better rutting resistance, high cold-temperature performance, and are water resistant. This development helped the company to enhance the depth of its product line.
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