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Albany, New York, March 04, 2019 (GLOBE NEWSWIRE) -- The global asphalt additives market depicts the presence of a relatively consolidated business landscape, due to establishments of a few major companies and several minor players in the market. Large companies in the market are investing in research and development-based undertakings to improve product quality. Furthermore, main companies are also focused on collaborations, mergers and acquisitions, to expand geographical reach. These moves are also helping them diversify their product offerings, reports Transparency Market Research (TMR) based on a recently published report. Recently, Akzo Nobel acquired Doves Decorating Supplies to cement its position in the U.K. Some prominent players in the global asphalt additives market are Kraton Corporation, Akzo Nobel N.V., Kao Corporation, ArrMaz, Honeywell International Inc., and Evonik Industries AG.
According to a recently published TMR report, the global asphalt additives market is expected to reach US$4.7 bn by 2025 end, up from US$3.3 bn grossed in 2016. The market is anticipated to grow at 3.8% of CAGR during 2017-2025.
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The global asphalt additives market is expected to register the highest demand for hot mix technology. The technology offers immense ease of operation and flexibility which is driving the growth of this technology. It also provides resistance to water damage and similar protection from other weather conditions. These qualities make asphalt additives a major go-to option for several vendors around the world.
The Asia Pacific region is witnessing a high demand for offerings from the asphalt additives market. Asia Pacific region held 32% share of the global asphalt additives market in 2016. Increasing construction activities and public infrastructure is boosting growth of the global asphalt additives market. North America is likely to hold the second largest share of the global asphalt additives market during the forecast period.
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Flexibility and High Resilience to Drive Demand for Asphalt Additives
Asphalt additives offer better durability for road constructions, shorter construction duration, and costs as well. Additionally, bitumen modified membranes, built-up asphalt roofing, asphalt roll roofing, and asphalt shingles are some of the known asphalt roofing products. Asphalt additives also offer more resilience for construction projects including water proofing among many others. The resilience and flexibility provided by asphalt additives is expected to drive the global asphalt additives market during the forecast period from 2017-2025. Asphalt additives are used for a wide variety of applications including playgrounds, airport runways, bridges, railway beds, barn floors, running tracks, ports, tennis courts, and greenhouse floors. These wide number of applications are expected to result in a substantial growth for asphalt additives market.
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Substitutes and Limited Awareness to Restrain Market Growth
Although asphalt additives offer many benefits, the asphalt additives market still faces a lack of knowledge in regards to its application in new markets. Additionally, the market growth is expected to be restrained by unstable prices driven by irregular supply. Asphalt additives also face stiff competition from similar products such as bio asphalt and concrete, which can further hamper the growth of the market. On the other hand, expansion of the asphalt additives market in emerging countries is an encouraging sign. Increasing construction activities aimed at improving infrastructure in China and India are expected to drive growth for asphalt additives market during the forecast period.
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The information presented in this review is based on a TMR report, titled “Asphalt Additives Market (Type - Hot Mix/Warm Mix, Cold Mix Additives; Application - Road Construction and Paving, Roofing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The global asphalt additives market has been segmented as presented below:
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