Asphalt Additives Market size was valued at USD 8 Billion in 2023 and is anticipated to cross USD 32 Billion by the end of 2036, expanding at more than 8.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of asphalt additives is evaluated at USD 14 Billion.
Due to rapid urbanization, demand for bio-based additives is growing progressively as these materials promote sustainability by reducing the use of natural resources, driving the asphalt additives market growth. As per the World Bank, around 56% of the global population which is 4.4 billion inhabitants are living in cities. This population size will double more than its recent size by 2050, at which point nearly 7 of 10 people will live in cities.  
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
8.2% |
Base Year Market Size (2023) |
USD 8 Billion |
Forecast Year Market Size (2036) |
USD 32 Billion |
Regional Scope |
|
Type (Polymeric Modifiers, Anti-Strip and Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators)
Polymeric modifiers segment is set to capture asphalt additives market share of over 32% by 2036. The segment growth is associated with the growing traffic volume and increased movement of heavy trucks. Polymer modifier-type asphalt additives are widely used in road construction, pavements, airport runways, and parking lots with various techniques such as hot mix, cold mix, and warm mix.
According to WHO, around 92% of the world’s deaths take place in low- and middle-income countries and these countries have around 60% of the world's vehicles. Around 1.19 million people die every year as a result of road traffic. Therefore, with the increase in road traffic, demand for the polymer modifier segment is expected to increase and the asphalt additives market size will expand during the forecast period.
Technology (Hot Mix, Cold Mix, Warm Mix)
Hot mix segment in the asphalt additives market is set to showcase over 40% growth rate through 2036. The reason behind the segment growth is that the hot mix segment can be customized and formulated to specific project specifications, taking into account factors such as climate, traffic, and load capacity.
This flexibility allows optimization of pavement performance and ensures long service life in various environmental conditions. According to the National Asphalt Pavement Association, total warm-mix asphalt tonnage has increased to over 164 million tons in 2019. Additionally, advances in hot mix technology such as warm mix asphalt (WMA) have expanded the applications and benefits of the hot mix segment.
Application (Road Construction, Road Paving, Airport Runway, Parking Lots, Roofing)
In asphalt additives market, road construction segment is estimated to showcase over 25% growth rate till 2036. This growth can be impelled by the growing demand for asphalt additives for road construction purposes, worldwide. As per a recent report, the construction of about 90% of the world’s paved roads use asphalt mixture for improving strength and longevity.
The construction chemicals used in road construction are polymer bonding agents and surface retarders to increase the life span and durability of roads. Authorities that have taken charge of construction have initiated various road development projects by using supreme quality construction materials such as asphalt.
Our in-depth analysis of the asphalt additives market includes the following segments:
Type |
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Technology |
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Application |
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APAC Market Forecast
Asia Pacific asphalt additives market is likely to showcase over 33% growth rate through 2036. Demand for airport construction is rising in the region due to various factors such as increasing mobility of people and goods. Airports connect people from places where it’s impossible to reach by other transportation means. These projects will increase demand for polymer modifiers, emulsifiers, chemical modifiers, and asphalt additives rejuvenators.
According to the Centre for Aviation, there are around 228 known infrastructure projects of airport construction listed in Asia Pacific which are valued at USD 227 billion. Additionally, rapid growth in the industrial and commercial sectors has increased the need for robust road infrastructure, further propelling the market. These combined factors have solidified Asia Pacific's position as the leader in the asphalt additives market.
The concrete performance with low pavement rutting and moisture-induced damage is improved by using asphalt additives during construction in China. According to a recent report, the country has exported USD 31.2 million Bitumen and asphalt in 2022.
Japan’s government started making huge investments in the construction of national highways and expressways. For instance, the total investments made in public roads for construction and maintenance was around USD 42,88,12,65,070 in 2019.
North American Market Statistics
The asphalt additives market in North America is anticipated to grow significantly by the end of 2036. As a result of growing industrialization, which enables rapid transport of raw materials and finished goods, the need for efficient road haulage has increased. According to Cencus.gov, around USD 483.1 billion was spent in March for public construction in the region. The demand for asphalt additives will be driven by the need to make roads and highways more efficient.
Government organizations that support these additions, such as the Environmental Protection Agency (EPA) and European Chemicals Agency (ECHA), have put in place a number of rules and regulations that have aided in the expansion. These factors are predicted to drive the growth of the asphalt additives market.
The demand for improved characteristics of traditionally constructed materials in the United States is increasing with a view to improving their durability.
The market in Canada is growing as a result of rising automotive ownership and government spending on infrastructure construction. According to Statistique Canada, the total number of road motor vehicles registered in 2022 in Canada was 26.3 million, edging up 0.3% from 2021.
The major players in the asphalt additives market are offering a detailed portfolio of demand for asphalt and its derivates. These companies are developing and delivering high-quality asphalt and derived products which are used in road construction.
Author Credits: Rajrani Baghel
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