Hot mix asphalt is durable, resistant to moisture damage and thermal cracking. It also provides excellent workability and skid resistance. This segment is growing due to developments in the construction of high traffic roads like such as highways, race tracks, and airfields.
The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 6.3 billion by 2029, at a CAGR of 5.7%. Increase in infrastructure development and road construction projects is one of the key factors driving the growth of the asphalt additive market across the globe.
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Governments of countries such as, China, India, Malaysia, and Indonesia in the Asia Pacific region have invested in infrastructure development, which includes the construction of new highways and freeways. This has lead to the growth of the asphalt additives application segment.
Based on type, the asphalt additives market has been segmented into:
Anti-strip and adhesion promoters
Based on Technology the asphalt additives market has been segmented into:
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The Asia-Pacific region was the largest market for asphalt additives in 2018, owing to the increasing demand for asphalt additives products in developing economies, such as India and China. China is the leading consumer of asphalt additives products in the Asia-Pacific region. The considerable growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia-Pacific asphalt additives market.
Key Market Players
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation(US), Arrmaz (US), BASF SE (Germany), Kao Corporation (Japan) are some of the leading players operating in the asphalt additives market. These players have adopted the strategies of expansions, new product developments, acquisitions, and collaborations to enhance their position in the market.