COVID-19 Impact on the Global asphalt additives Market

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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Top Market Players in Asphalt Additive Market

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.

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.

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Kraton Corporation is a leading specialty chemical company that manufactures styrene block copolymers and other engineered polymers. In September 2016, Kraton Performance Polymer Inc. changed its name to Kraton Corporation. The company has operations in performance products, performance chemicals, specialty polymers, adhesives, cariflex, and tires. The company operates its business through two segments namely, Polymer and Chemical. Kraton Corporation provides asphalt additives under its polymer segment. It has a strong geographic reach across the Americas, Europe, the Middle East, Asia Pacific, and Africa with operations in over 70 countries worldwide. The company is focused towards inorganic development to enhance its market share. For instance, Kraton Polymers LLC acquired Arizona Chemical Holdings Corporation, having spent USD 1,370 million. This development helped the company diversify its product portfolio of engineered polymers and specialty chemicals and expand its adhesives, road construction, coatings, and oilfield chemical operations.

Ingevity Corporation is a manufacturer of specialty chemicals and high-performance carbon materials. The specialty chemical products are used in a range of high performance applications, such as pavement technologies, oil field technologies, and industrial specialties. The company operates its business through two segments, namely, Performance Materials and Performance Chemicals. The performance materials segment offers automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. The performance chemicals segment provides products derived from pine chemicals used in asphalt paving, oilfield technologies, and other diverse industrial specialty applications, such as adhesives, agrochemical dispersants, publication inks, lubricants, and petroleum. The company has around 1,750 employees and has a presence in over 60 countries with nine manufacturing facilities across North America, South America, Europe, the Middle East & Africa, and Asia Pacific. The company focused towards organic business development strategy to enhance its customer base. For instance, in June 2019, Ingevity upgraded its manufacturing facility, which is located in DeRidder, LA facility to manufacture products that are used in a variety of applications, such as asphalt paving, oilfield drilling, lubricants, adhesives, inks, and coatings.

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Expansions Was the Key Growth Strategy Adopted by Industry Players in the Global Roofing Chemicals Market

The global roofing chemicals market is projected to reach USD 106.83 Billion by 2026, at a CAGR of 7.3% from 2016 to 2026. The growing demand from major application industries such as building & construction, and other industrial applications in emerging economies, is driving the global roofing chemicals market.

Expansions were the key growth strategy adopted by industry players in the global roofing chemicals market. This strategy accounted for a share of 37%, between 2011 and 2016, of all the growth strategies adopted by market players. Besides expansions, companies are investing in new product developments to expand their roofing chemicals portfolios across the world. The new product development strategy accounted for a 33% share of all the development strategies between 2011 and 2016. Companies are also focusing on the mergers & acquisitions strategy which accounted for a 24% share between 2011 and 2016. The Asia-Pacific region was the most active region from 2011 to 2016, in terms of strategic initiatives, and expansions was one of the preferred strategies.

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Major manufacturers such as BASF SE (Germany), The Dow Chemical Company (U.S), Saint-Gobain S.A. (France), 3M Company (U.S), Akzo Nobel N.V (The Netherlands), Sika AG (Switzerland), Owens Corning (U.S), Carlisle Companies Incorporated (U.S), Johns Manville (U.S), GAF Materials Corporation (U.S) and Firestone Building Products (U.S) are profiled in this report. These companies have adopted both, organic and inorganic growth strategies.

BASF SE (Germany), The Dow Chemical Company (U.S), Saint-Gobain S.A. (France), 3M Company (U.S), and Akzo Nobel N.V (The Netherlands) are among the most active players in the global roofing chemicals market.

The Dow Chemical Company (U.S) is the most active player in the roofing chemicals market. It accounted for the largest share of all the developmental activities undertaken in the roofing chemicals market. As a part of its strategy, the company focuses on expanding its roofing chemicals business by investing in new product development activities, mergers & acquisitions, and expansions. In December 2015, The Dow Chemical Company (U.S.) and DuPont (U.S.) announced a merger with a definitive agreement under which the companies combined in an all-stock merger of equals. The combined company was named DowDuPont. In October 2014, Dow‘s Construction Chemicals, a subsidiary of The Dow Chemical Company, launched a new technology, which meets the growing demand for energy-efficient cool reflective roof coatings or cool roofs in the Middle East.

Another company that has established a strong foothold in the global roofing chemicals market is Sika AG (Switzerland). The company is focused on both, organic and inorganic growth strategies. Sika expanded its R&D activities by opening a state-of-the-art research facility in Preston in Northwest England. The company has continued to invest in the roofing chemicals business with the aim of the development of technologically advanced and environmentally friendly roofing membranes. Further, in February 2014, the company acquired Lwart Química Ltd. (Brazil), a leading manufacturer of waterproofing systems in Brazil. This acquisition has strengthened Sika Group’s position in the Brazilian construction chemicals market.

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