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. Increasing developments in the Asia Pacific infrastructure market, recyclability of asphalt, development of warm-mix asphalt, and increasing use of the material in roofing applications is driving the growth of the market across the globe.
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Asphalt is a composite material used for the construction of pavements, roads, airport runways, parking lots, and bridges. Environmental damage, high load traffic, and use of low-quality construction materials lead to the deterioration of asphalt, which needs to be modified to reduce wear & tear. Asphalt additives help in improving the performance, durability, and service life of the asphalt. They also enhance the sustainability of tires, increase the braking efficiency of vehicles, and help reduce the stripping, rutting, and cracking of asphalt.
Based on type, the rejuvenators segment is expected to grow at the highest CAGR during the forecast period, in terms of value. Increasing use of recycled materials, such as Reclaimed Asphalt Pavement (RAP) and Recycled Asphalt Shingles (RAS) in the asphalt pavements application, has resulted in the growing demand for rejuvenator asphalt additives to restore the strength and durability of aged binders. Rejuvenators are being widely used to improve properties, such as viscosity, of aging binders. The growth of this segment is due to the increased use of recycled road material for pavement application globally.
Based on technology, the warm mix technology of the global asphalt additive market is expected to grow at the highest CAGR from 2019 to 2029, in terms of value. The demand from warm mix technology segment is rising due to various properties that have made it more attractive than other asphalt mixes. Less energy is needed to heat the asphalt mix, and less fuel is required to produce warm-mix asphalt. Also, it is environment-friendly as it produces fewer emissions, thus improving the working conditions at asphalt pavement sites. These properties will further increase its market share in the technology sector.
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Asia Pacific, North America, and Europe are significant regional markets for asphalt additive market. Growth in the infrastructure sector of emerging economies is driving the demand for new road pavements, and consequently, the demand for asphalt additives. Various leading manufacturers of asphalt additive have adopted the strategies of expansions, new product developments, acquisitions, and collaborations to cater to the increased demand for asphalt additive from various end-use industries.
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