Asphalt Additive Market worth $6.3 billion | Global Forecast to 2029

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% from 2019 to 2029. 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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The polymeric modifiers segment is projected to lead the asphalt additive market during the forecasting period.

Based on type, the polymeric modifier segment of asphalt additives market is projected to grow at the highest CAGR from 2019 to 2029. Polymeric modifiers are used throughout the world to improve the flexibility and durability of asphalt pavements. They are easy to use, and the raw materials used to make them are readily available, which makes them the most preferred type of asphalt additives.

Hot mix technology held the largest share of the global asphalt additives market

Based on technology, the hot mix technology is expected to lead the asphalt additives market in coming years. 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 new highways and expressways.

Recent Developments

• In FY 2018, Nouryon (Netherlands) invested USD 302.4 million in R&D activities to expand its product portfolio. In 2018, the company launched an asphalt additive Wetfix G400. This is an eco-friendly asphalt additive which can work with both, normal and polyphosphoric acid modified binders. This product finds application in construction and paving applications.
• In February 2018, Sasol Limited (South Africa) celebrated the completion of the expansion of USD 1.13 billion Fischer-Tropsch Wax Expansion Project (FTWEP) in South Africa. The plant is operated under Sasol Performance Chemicals. The plant offers hard waxes, medium waxes, liquid paraffin, and waxy oils for various industrial applications, including hot-melt adhesives, polyvinyl chloride processing, and asphalt applications. The plant is expected to have a production capacity of 137,000 tons per year. This expansion aims at strengthening the position of the company in the South Africa asphalt additive market.

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