Increased infrastructure spending in China, India, Malaysia, and Indonesia is one of the major factors contributing to the growth of the Asia Pacific asphalt additives market. The increase in government expenditure on infrastructure in the Asia Pacific region can be attributed to the increasing construction of roads and other public infrastructure development projects for improved transportation and enhanced connectivity between important economic centers in these countries.
The Indian government increased its expenditure for the construction of roads and bridges. According to India Brand Equity Foundation, the infrastructure sector has become one of the major focus areas for the Indian government. In the Union Budget 2020-21, the Indian government announced USD 13.14 billion for road and highways construction. Public-private partnerships and foreign investments in road pavement applications are major trends being observed in the economies of the Asia Pacific region, which are expected to drive the road construction market for the next 10 years.
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Since asphalt additives are used in road pavements, an increase in infrastructure development and road construction projects in the Asia Pacific region are expected to contribute to the growth of the asphalt additives market during the forecast period
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%. Roads get damaged due to several factors such as wear & tear, moisture, hot/cold climate, and frost. This damage can be prevented with asphalt additives, as they help increase the durability of pavements by preventing cracking and rutting which leads to an increase in the demand for asphalt additives.
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. These players have adopted the strategies of expansions, new product developments, acquisitions, and collaboration to enhance their position in the market.
Recent Developments
- In June 2020, BASE SE launched a bitumen additive B2Last that binds components in the bitumen to form a strong yet elastic polymer grid. This helps extend the road lifespan and durability.
- In April 2019, Nouryon launched Wetfix G400, which is a versatile non-amine adhesion promoter derived from renewable resources. Wetfix G400 is a solution that is compatible with polyphosphoric acid (PPA) modified binders and works with all types of aggregates.
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