Asphalt Additives Market: Introduction
Asphalt is made up of several mixtures of hydrocarbons, called bitumen. It is strong, versatile, and used as a chemical-resistant binding material. Asphalt additives is a methodology that has been practiced for a long period now. The multiple uses of asphalt additives have contributed to worldwide growth in the use of asphalt additives for the last ten to fifteen years. The final product of mixing or modifying asphalt with asphalt additives depends upon the chemical and physical properties, such as molecular weight, concentration, chemical composition, size of the particle, and molecular orientation of the additive. It also depends upon the source of the crude of asphalt, the refining process, and the grade of the base of asphalt. Asphalt additives are used for a variety of processes in various industries. They play a major part in the infrastructure industry. Asphalt additives are used for paving, roofing, and other multiple construction sectors.
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Asphalt Additives Market: Dynamics
Asphalt additives are used heavily in infrastructure industries. The infrastructure industry has been growing prominently for years, and is expected to experience increase in the future, with new technologies coming in and the requirement of improvement current infrastructure conditions. Population growth and urbanization have resulted in the surge of infrastructure and automotive requirements. These factors are expected to directly affect the asphalt additives market. Asphalt additives play an important role in roofing applications. With the increase in population, new housing conditions are being introduced, which is expected to propel the asphalt additives market. The paving industry in the infrastructure segment makes pavements by using asphalt additives. The asphalt used in this process is recycled multiple times as compared to other materials, which makes it an important and useful component. Due to this factor, asphalt additives are used repeatedly. Asphalt plants recycle the materials and fine mineral particles, which makes it a very useful process, and is expected to drive the growth of the asphalt additives market.
Some organizations are using concrete and bio asphalt as a substitute of asphalt, as bio asphalt is more convenient and environmentally favorable when compared to asphalt additives. Concrete is also comparatively cheaper to asphalt additives. The availability of concrete is also more when compared to asphalt additives. Concrete is expected to be a restraint for the asphalt additives market, and the increasing usage of bio asphalt is also expected to be a constraint for the growth of the asphalt additives market.
Additive asphalts have also found application in aerospace and defense industries, and this prospect is expected to lead to the growth of the asphalt additives market.
The asphalt additives market hasn’t picked up pace because of the lack of awareness about the benefits of asphalt additives among contractors, road builders, and ground level infrastructure organizations. Asphalt additives have not broken through a few segments such as roofing, paving, etc., which has restricted the asphalt additive market from growing at a fast pace.
Asphalt Additives Market: Segmentation
The global asphalt additives market has been segmented by: Application
- Road Construction & Paving
- Airport Construction
- Industrial Equipment
The Global market of asphalt additives has been segmented by: Technology
- Hot Mix
- Cold Mix
- Warm Mix
Asphalt Additives Market: Regional Outlook
Increase in civic infrastructure construction and urbanization in the Asia Pacific region has elevated the growth of the infrastructure need of the region. Asphalt additives are expected to witness a rise in demand in the Asia Pacific region, with the Asian Development Bank having estimated US$ 1.7 trillion being required to be invested in infrastructure, annually, for the next twenty years, to sustain economic growth and climate change. The asphalt additives market will only be benefited from this growth and investment. North America is also expected to propel the asphalt additives market, as this region will be looking forward to investments in the infrastructure and aerospace sectors. This is expected to drive the asphalt additives market in the North American region. But, the usage of bio asphalt is increasing in certain regions, which might hinder the growth of the asphalt additives market. Advancements in infrastructure techniques and the introduction of new technologies in the Middle East region are estimated to mark the Middle East and Africa region as a promising market for asphalt additives.
Asphalt Additives Market: Key Participants
Examples of some of the market participants operating in the global asphalt additive market are,
- Dow Chemical
- Honeywell International
- Huntsman International
- Sasol Limited
- Ingevity Corporation
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