Asphalt additives are the specialty chemicals that are added to impart additional benefits such as reduction in stripping, raveling, cracking, costs, and deformations. They are specifically added during construction of roads, sidewalks, airports, and parking lots. The market for asphalt additives has grown tremendously in the recent past due to increase in government investment for the infrastructural development coupled with the rise in ownership of automobiles globally.
Asphalt Additives Market Report, published by Allied Market Research, forecasts that the global market was valued at $1,433 million in 2015, and is expected to reach $2,302 million by 2022, supported by a CAGR of 6.6% during the forecast period 2016 – 2022. The polymerized asphalt cement (PAC) segment held nearly half of the total market in 2015.
Major Company Players:
• Evonik Industries AG
• Tri-Chem Industries
• Ingevity, AkzoNobel N.V.
• E. I. du Pont de Nemours and Company
• Honeywell International Inc.
• Huntsman International LLC
• Kao Corporation
• ArrMaz, and The Arkema Group.

Factors that drive the growth of the global asphalt additives market are increase in urbanization, rise in demand of asphalt from construction industry, and growth in conformity with latest manufacturing standards. In addition, increase in demand for asphalt additives from the emerging economies as well as growth in awareness about energy conservation and sustainable infrastructure provide opportunities to the asphalt additives manufactures. However, low consumer awareness and change in regulatory environment are expected to hamper the market growth.
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Segment Review:
The market is segmented on the basis of type, application, and geography. On the basis of type, it is divided into polymerized asphalt cement, novophalt, multigrade asphalt cement, polyester modifier, and others. In the year 2015, the polymerized asphalt cement (PAC) segment accounted for more than half of the overall market, in terms of volume, as PAC improves the ability of asphalt to fight fatigue and cracks. According to the application, it is classified into road construction, road paving, airport runaway, parking lots, roofing, and others. The road construction segment accounted for more than half of market share by application in 2015, attributing to increasing urban migration and demographic changes globally.
Geographically, it is segmented into North America, Europe, Asia-Pacific, and LAMEA. In addition, the usage of asphalt additives in diverse countries is included in the report. In the year 2015, Asia-Pacific is expected to be the fastest growing region as it occupied two-fifths of the total asphalt additives market, in terms of volume during the analysis period.
Key Findings of Asphalt Additives Market
In terms of both value and volume, Novophalt additives is projected to be the fastest growing segment during the analysis period.Asia-Pacific is projected to maintain its lead position throughout 2022 and will grow at a CAGR of 8.3%, in terms of volume.Road construction application occupied more than half of the total market in 2015.China occupied two-thirds of the total Asia-Pacific asphalt additives market in 2015.India is expected to grow at the fastest rate and is expected to grow at a CAGR of 9.2% from 2016 to 2022
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