by Asphalt additives are chemicals added to asphalt to improve its performance properties such as resistance to rutting, stripping and aging. Asphalt is a widely used construction material in road construction and airport runways. With growing infrastructure development activities across both developed and developing world, demand for asphalt and related additives is growing substantially.
The global Asphalt Additives Market is estimated to be valued at US$ 4 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Governments across both developed and developing nations are heavily investing in development of roads, highways, bridges and other infrastructure to boost economic growth. Massive projects under development such as China’s Belt and Road Initiative and increasing funding for infrastructure development in India and Africa is driving the demand for asphalt and related chemicals substantially. Growing construction activities will necessitate larger quantities of asphalt usage, thus benefiting the asphalt additives market over the forecast period.
SWOT Analysis
Strength: Asphalt additives improve the performance and quality of asphalt pavements. They help increase durability, reduce cracking and repair costs.
Weakness: Fluctuating prices of crude oil can impact the pricing and profitability of asphalt additives. Environmental regulations on emissions during manufacturing and construction pose challenges.
Opportunity: Growing road infrastructure projects in emerging economies due to rapid urbanization create high demand. Development of bio-based and recycled product variants can boost sustainability.
Threats: Strict standards and policies regarding usage of certain chemicals differ across regions and nations. Economic slowdowns may negatively influence infrastructure spending.
Key Takeaways
The Global Asphalt Additives Market Size is expected to witness high growth. The market size is forecast to reach US$ 4 Bn by 2024, expanding at a CAGR of 21% during the forecast period of 2023 to 2030. Regional analysis
Asia Pacific dominates the global market currently, driven by aggressive road construction activities in China, India and other developing Asian countries. Government initiatives to boost connectivity and mobility are promoting infrastructure investment. North America and Europe are other major regional markets, whereas the Middle East and Africa regions are witnessed to offer high growth opportunities in the coming years.
Key players
Key players operating in the asphalt additives market are Berkshire Hathaway Inc., XL Group Ltd, Munich Re Group, Aon PLC, The Chubb Corporation, American International Group Inc., Allianz Global Corporate & Specialty, Zurich Insurance Co. Ltd, Lockton Companies Inc., Bin Insurer Holding LLC and SecurityScorecard Inc. Companies are focusing on developing innovative and eco-friendly additives to gain market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
