The According to a market research report, the “Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt), Application, Technology And Region – Global Forecast to 2028″, The asphalt additive market is projected to grow from USD 4.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 7.7% from 2023 to 2028. The increase in road construction projects along with the growing usage of asphalt additives in roofing applications are some of the major key factors driving the growth of the asphalt additive market across the globe.
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- 544 Market data Tables
- 55 Figures
- 348 Pages and in-depth TOC on “Asphalt Additive Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
Some of the leading players operating in the asphalt additive market are Nouryon (Netherlands), Dow (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) and others. These players have adopted strategies of expansions, new product developments, acquisitions, and collaboration to enhance their position in the market.
Recent Developments in Asphalt Additive Market
- In April 2023, Sasol Chemicals, a division of Sasol Ltd, and Mission Possible Partnership (MPP) established a partnership to examine possible projects for Sasol’s sustainability hub in Lake Charles, Louisiana.
- In March 2023, Kraton Corporation announced the expansion of itsproduction capabilityof
styrene-butadiene-styrene block copolymers (SBS) at the Belpre, Ohio facility beginning in 2024. By 2025, manufacturing capacity is predicted toexpand by 24 kilotons per year. - In December 2022, Nouryon has expanded its alkoxylation footprint in Southeast Asia with the acquisition of an asset on Singapore’s Jurong Island. The purchased plant will help Nouryon meet expanding regional customer demand in important end-markets such as Agriculture and Food, Home and Personal Care, Natural Resources, and Paints and Coatings.
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Kraton Corporation (US) – Kraton Corporation is a leading specialty chemical company that manufactures styrene block copolymers and other engineered polymers. In September 2016, Kraton Performance Polymer Inc. changed its name to Kraton Corporation. The company has operations in performance products, performance chemicals, specialty polymers, adhesives, cariflex, and tires. The company operates its business through two segments namely, Polymer and Chemical. Kraton Corporation provides asphalt additives under its polymer segment. It has a strong geographic reach across North America, South America, Europe, and Asia with operations in over 70 countries worldwide.
Ingevity Corporation (US) – Ingevity Corporation is a manufacturer of specialty chemicals and high-performance carbon materials. The specialty chemical products are used in a range of high- performance applications, such as pavement technologies, oil field technologies, and industrial specialties. The company operates its business through two segments, namely, Performance Materials and Performance Chemicals. The performance materials segment offers automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. The performance chemicals segment provides products derived from pine chemicals used in asphalt paving, oilfield technologies, and other diverse industrial specialty applications, such as adhesives, agrochemical dispersants, publication inks, lubricants, and petroleum.
Grupo Dynasol (Spain) – Grupo Dynasol is one of the major producers in the synthetic rubber and rubber chemical markets. In 1999, Repsol and KUO group jointly started a global business project, which primarily focused on the manufacturing of synthetic rubber based on solutions and the development of new products. The company has production sites in Santander and Altamira in Spain and Tamaulipas in Mexico. The total production capacity of Solution Styrene Butadiene Rubber (SSBR) and Styrene Butadiene Styrene (SBS) is 110,000 tons per year and 112,000 tons per year in Altamira and Santander, respectively. It also has a joint venture in China, which has a production capacity of 100,000 tons per year of SBS and SSBR. Some of the markets served by this segment are adhesives, asphalt modification, polymer modification, seals, shoe soles, thermoplastic compounds, and industrial vulcanized articles.
Based on region, the asphalt additive market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and South America. The Asia Pacific region of the asphalt additive market is projected to account for the largest share during the forecast period. Governments in nations like China, India, and Southeast Asian countries are making significant investments in developing and enlarging their transportation networks, including their airports, roads, and highways. The need for additives for asphalt has increased as a result of the growth in infrastructure development projects. The increasing economy and rising disposable incomes of the region have raised demand for better transport facilities. Asphalt additives play a major role in enhancing the performance and durability of roads, thus driving their demand in this region.
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