The pandemic is estimated to have impact on various factors of the value chain of asphalt additives market, which is expected to reflect during the forecast period, especially in the year 2020 to 2021. The various impact of COVID-19 are as follows:
IMPACT ON ASPHALT ADDITIVES: The COVID-19 pandemic resulted in supply chain disruption and delayed construction projects across the world. Strict lockdowns and curfew in most of the countries was imposed to break off the spread of coronavirus. This resulted into economic downfall where construction was one of the severely impacted sectors due to shortage of raw materials, labor force, and government regulation to put to a hold ongoing project. Although in the third quarter of 2020, many local governments took initiatives to resume the construction work related to roads, highways, and buildings. Federal Ministry of Transport and Digital Infrastructure (BMVI) in Germany resumed building construction and road construction since April 2020. Countries such as Romania and India have resumed the construction of highways and roads since the second half of 2020. Thus, the construction sector is expected to witness a high growth in 2021 when compared to the previous year.
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The asphalt additive market is projected to grow from USD 3.4 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 6.8% from 2021 to 2026. Increase in road construction projects along with the growing usage of asphalt additives in roofing application are some of the major key factors driving the growth of the asphalt additive market across the globe.
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.
The Asia Pacific region was the largest market for asphalt additives in 2020
The Asia Pacific region was the largest market for asphalt additives in 2018, owing to the increasing demand for asphalt additives products in developing economies, such as India and China. China is the leading consumer of asphalt additives products in the Asia Pacific region. The huge growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia Pacific asphalt additives market.
Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players operating in the asphalt additive market.
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