Asphalt Additives MarketSize and Trends

Asphalt Additives Market Outlook – Need for Increasing Road Infrastructure to be the Major Market Driver.

Advances in bio-based additives such as bio asphalt binder and lignifame are expected to create opportunities for global asphalt additives market. Global market growth is assisted by rules and regulations implemented by Government agencies such as Environmental Protection Agency, which are favoring these additives. Harsh environmental factors such as rain or heat and excessive traffic load are hampering the global asphalt additives market growth. Poor quality of material used for construction and low awareness of performance enhancing asphalt additives are predicated to slow down the global market growth.

Rapid urbanization and requirement of new roads for modern infrastructure is considered as major market driver. Development of roads and infrastructure is one of the major factors contributing to the growth of geotextile market. . The industry is characterized by several major and minor participants. China, Japan, and India are expected to dominate the demand for asphalt additives. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. Asia Pacific is one of the major contributors in the geotextile market globally, due to active growth in the construction industry. This trend is expected to be followed over the forecast period. According to IBEF India has the second largest road network in the world and is expected to reach total revenue of USD 6.9 billion by the end of 2017. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India. This mainly attributed to various government initiatives such as Pradhan Mantri Gram Sadak Yojana (PMGSY), during which 133-km roads per day was constructed in 2016-17 and others. Rise in government projects for road construction in developing countries is expected to be a positive driver for the global market.

Asia Pacific and Middle East regions have increasing demands of asphalt additives, due to their reusable applications. Expansion in various geographies is a key strategy adopted by the major players in the asphalt additives market. IN September 2015, CalPortland completed expansion of the business in California which will add to the manufacturing capacity of the company. Evonik, Tr Chem Industries, DuPont Evalay, MeadWestvaco Corporation, Akzo Nobel, Kao Corporation, Delta Companies and Arr. Maz CalPortland, AkzoNobel N.V., Tri-Chem Industries, Ingevity, E. I. du Pont de Nemours and Company, Evonik Industries AG, Huntsman International LLC, Kao Corporation, Honeywell International Inc., ArrMaz, and The Arkema Group are the potential companies operating in asphalt additive market industry.