Asphalt Additives Market Analysis; By Key Players, Applications, Growth Trends,
Posted by Pradnya on May 18th, 2021
Asphalt additives are external chemicals or materials added to asphalt to enhance its properties and performance, and also enhance its functional temperature. At a higher temperature, the viscosity of asphalt decreases significantly, and increases at a lower temperature, which hampers the usage of asphalt in roads, pavements, and other infrastructure. The addition of asphalt additives helps overcome this problem; it increases film thickness, thus preventing cracking, raveling, and deformation. This, in turn, reduces the maintenance cost of asphalt-constructed structures.
The global asphalt additives market is estimated to be valued at over US$ 5 Bn in 2020, and is expected to grow healthily at decent rate over the forecast period.
Key Highlights of Asphalt Additives Market Study
“The global outbreak of Covid-19 is expected to have a substantial impact on the asphalt additives market. Lockdown and social-distancing initiatives adopted by various governments are creating labor shortages, which would impact current and upcoming projects. Also, disruption in the supply chain due to decline in production activities and hindrance in transportation is a cause of concern for the growth of the asphalt additives market,” says a PMR analyst.
Increasing Infrastructure Development Projects through Government Initiatives to Drive Market Growth
Governments of developing and emerging economies are heavily investing on infrastructural development and the construction industry. Increasing number of government initiatives for the development of efficient road transportation has increased the number of highway and road network projects, which is driving the demand for asphalt additives. Also, increased spending on the development of airports, parking lots, bridges, tunnels, and other transportation infrastructure is positively impacting market growth. There are various environmental benefits of asphalt additives over other traditional materials, owing to which, asphalt additives are gaining popularity across the globe.
Global Asphalt Additives Market: Competition Overview
The global asphalt additives market is estimated to be a moderately consolidated market. In the asphalt additives market, a few participants account for a significant market share. Tier-1 market participants are estimated to account for more than one-third of the global market. Development of bio-based products, increasing R&D investments for the enhancement of product portfolio, etc., are key strategies followed in the market.
Some of the key players identified in the global asphalt additives market are,
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Joined: February 3rd, 2017
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