Ultra-High Molecular Weight Polyethylene Market worth $2.2 billion by 2025

The ultra-high molecular weight polyethylene (UHMW PE) market is estimated at USD 1.4 billion in 2020 and is projected to reach USD 2.2 billion by 2025, at a CAGR of 9.4% from 2020 to 2025. The growth of this market can be attributed to the increasing demand for UHMW PE from the aerospace & defense industry and increased demand for orthopedic implants. In addition Increasing R&D and mass production of ballistic fibers and compliance with various legal and administrative bodies is expected to create opprtuities in the market which is expected to drive the market during the forecast period. Furthermore, outbreak of COVID-19 pandemic is anticipated to hamper the consumption of UHMW PE which affects the market growth.

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Sheet segment is estimated to lead the UHMW PE market, during the foreast period

By form, the sheets segment is estimated to account for a major share of the UHMW PE market in 2019. This large share is mainly attributed to the extensive use of sheets in the aerospace, defense, & shipping industries for the manufacture of aircraft interiors & mechanical equipment industries for the manufacture of conveyer belts. Rods & tubes are the second most used form of UHMW PE used majorly in the mechanical equipment industry.

Healthcare & Medical is projected to grow at the highest CAGR of the UHMW PE market

Based on end-use industry, the healthcare & medical segment is expected to grow at the highest CAGR in 2019. In the healthcare & medical industry, there is a high demand for UHMW PE for the manufacture of orthopedic implants and parts for medical devices due to properties such as high strength to weight ratio, self-lubrication, and impact resistance. The growing demand for orthopedic implants from developed countries is expected to fuel the growth of the UHMW PE market globally.

Asia Pacific is expected to witness the fastest growth in the UHMW PE market during the forecast period

The UHMW PE market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific UHMW PE market in 2019. The Asia Pacific region is an emerging and lucrative market for UHMW PE, owing to industrial development and improving economic conditions. In addition, the growth of the medical industry in Asia Pacific is one of the reason leading to an increase in the demand for UHMW PE. UHMW PE is also being used in mechanical equipment. The presence of a number of mechanical component manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the UHMW PE market in the coming years.

Major companies such as Celanese Corporation (US), Koninklijke DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation, (Japan) Du Pont De Nemours Inc. (US), Saudi Arabia Basic Industries Corporation (Saudi Arabia), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and Teijin Limited (Japan) and others are key players in the UHMW PE market.

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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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Growth in emerging economies drives the Black Masterbatches Market

The black masterbatches market is projected to reach USD 3.0 billion by 2026, at a CAGR of 4.4 % from USD 2.4 billion in 2021. Black masterbatch is manufactured from carbon black pigment. It typically contains 30.0%–50.0% carbon black. Based on the specific plastic product, the carrier of carbon black is decided. For instance, PS products use PS as the carrier of carbon black. Black masterbatch is used in different polymers such as polypropylene (PP), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), polyurethane (PUR). Some of the important end-use industries of black masterbatch are packaging, infrastructure, automotive, electrical & electronics consumer goods, fibers, and agriculture.

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The growing industrialization in emerging economies, such as China, India, South Korea, Indonesia, Thailand, Taiwan, Mexico, Brazil, and Argentina, is expected to drive the black masterbatch market in the next five years. The high demand from the packaging, building & construction, consumer goods, automotive, and agriculture applications in these countries increase the need for black masterbatch, especially for plastics used in these applications. The implementation of government policies supporting the growth of industries, low labor costs, skilled workforce, availability of raw materials, and increasing urbanization have enabled domestic and foreign companies to establish their facilities in these countries. The growth of the manufacturing industry in Malaysia, Vietnam, Colombia, and Chile is also expected to fuel the market growth.

Automotive is the largest end-use industry of the black masterbatches market. APAC was the largest market for black masterbatches in 2020, in terms of both volume and value. Factors such as growing demand from packaging industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the black masterbatches market.

Europe is the second-largest black masterbatches market in the world. Key countries in the region include Germany, France, the UK, and Spain. As the market in Europe is mature, it is projected to grow at a lower CAGR during the next five years. Europe has always been a major black masterbatches market due to presence of developed automotive sector in the region. This market is more growing due to high demand of plastic molds in electric vehicles. Key countries such as Germany and France have shown promising demand for black masterbatches which is expected to continue in the near future.

Key players in this market are LyondellBasell (US), Avient Corporation (US), Ampacet Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd. (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US). The global and regional players have sizable shares in the black masterbatch market. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally.

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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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Asia Pacific is expected to witness the fastest growth in the UHMW PE market

The ultra-high molecular weight polyethylene (UHMW PE) market is estimated at USD 1.4 billion in 2020 and is projected to reach USD 2.2 billion by 2025, at a CAGR of 9.4% from 2020 to 2025. Ultra-High Molecular Weight Polyethylene (UHMW PE) is a simple linear background polyethylene possessing unique properties. Due to its ultra-high molecular density, it provides high abrasion resistance and impact strength in comparison to other engineering polymers. Apart from this, the material can also be optimized for more application specific requirements such as noise resistance, low coefficient of friction, excellent chemical resistance, self-lubrication, bio-compatibility, wear resistance, and electric insulation resistance.

To know about the assumptions considered for the study download the pdf brochure

The UHMW PE market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific UHMW PE market in 2019. The Asia Pacific region is an emerging and lucrative market for UHMW PE, owing to industrial development and improving economic conditions. In addition, the growth of the medical industry in Asia Pacific is one of the reason leading to an increase in the demand for UHMW PE. UHMW PE is also being used in mechanical equipment. The presence of a number of mechanical component manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the UHMW PE market in the coming years.

Based on end-use industry, the healthcare & medical segment is expected to grow Increasing demand for UHMW PE by the healthcare & medical industry is expected to drive the market across regions. In the healthcare & medical industry, there is a high demand for UHMW PE for the manufacture of orthopedic implants and parts for medical devices due to properties such as high strength to weight ratio, self-lubrication, and impact resistance. The growing demand for orthopedic implants from developed countries is expected to fuel the growth of the UHMW PE market globally.

The decline in the age group of people undergoing knee and hip surgeries, the demand for UHMW PE has increased in the healthcare & medical industry. UHMW PE possesses the basic requirements for any medical implant material, which includes biological stability, biocompatibility, toughness, high creep resistance, low friction, and low wear.

Major companies such as Celanese Corporation (US), Koninklijke DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation, (Japan) Du Pont De Nemours Inc. (US), Saudi Arabia Basic Industries Corporation (Saudi Arabia), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and Teijin Limited (Japan) and others are key players in the UHMW PE market. These players have been focusing on developmental strategies, such as expansions, acquisitions, partnerships, joint veture, and new product developments, which have helped them expand their businesses in untapped and potential markets.

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Increasing investment in the infrastructure sector of the Asia Pacific region

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% 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 collaborations to enhance their position in the market.

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Market Leaders – Ultra-High Molecular Weight Polyethylene Market

 

The ultra-high molecular weight polyethylene (UHMW PE) market is estimated at USD 1.4 billion in 2020 and is projected to reach USD 2.2 billion by 2025, at a CAGR of 9.4% from 2020 to 2025. Ultra-High Molecular Weight Polyethylene (UHMW PE) is a simple linear background polyethylene possessing unique properties. Due to its ultra-high molecular density, it provides high abrasion resistance and impact strength in comparison to other engineering polymers. Apart from this, the material can also be optimized for more application specific requirements such as noise resistance, low coefficient of friction, excellent chemical resistance, self-lubrication, bio-compatibility, wear resistance, and electric insulation resistance.

The UHMW PE market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific UHMW PE market in 2019. The Asia Pacific region is an emerging and lucrative market for UHMW PE, owing to industrial development and improving economic conditions. In addition, the growth of the medical industry in Asia Pacific is one of the reason leading to an increase in the demand for UHMW PE. UHMW PE is also being used in mechanical equipment. The presence of a number of mechanical component manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the UHMW PE market in the coming years.

To know about the assumptions considered for the study download the pdf brochure

Major companies such as Celanese Corporation (US), Koninklijke DSM N.V. (Netherlands), LyondellBasell Industries N.V. (Netherlands), Braskem S.A (Brazil), Asahi Kasei Corporation, (Japan) Du Pont De Nemours Inc. (US), Saudi Arabia Basic Industries Corporation (Saudi Arabia), Mitsui Chemicals, Inc. (Japan), Honeywell International, Inc. (US), and Teijin Limited (Japan) and others are key players in the UHMW PE market. These players have been focusing on developmental strategies, such as expansions, acquisitions, partnerships, joint veture, and new product developments, which have helped them expand their businesses in untapped and potential markets.

Celanese Corporation is engaged in the provision of technology and specialty materials business. It operates through the following segments: Engineered Materials, Acetate Tow, and Acetyl Chain. The Engineered Materials segment includes the engineered materials business, food ingredients business, and certain strategic affiliates. The company adopts growth strategies to increase its market share. For instance, in April 2018, Celanese Corporation announced the addition of a new GUR ultra-high molecular weight polyethylene (UHMW PE) production line at its Nanjing, China manufacturing facility to support the growth in its engineered materials business, specifically the electric vehicle market

Koninklijke DSM N.V. has a major business of nutritional and pharmaceutical ingredients and industrial chemicals. The business segments offered by the company include nutrition, materials, innovation center, and corporate activities. The company has a presence in all the major regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America. The performance materials segment produces synthetic fibers, engineering plastics, and resins used in coatings, and include engineering plastics, DSM Dyneema, and DSM Resins. DSM acquired majority shares of ICD, a UHMW PE fiber manufacturer in China.

The acquisition of the majority share in ICD will bring complementary manufacturing and technology assets to DSM and will strengthen the company’s presence in this UHMW PE market. DSM introduced Dyneema Purity Black fiber, the first black medical-grade UHMW PE fiber. Further the company also fouses on the new product development. For instance, in July 2019, the fiber builds are expected to be 15 times stronger than steel, has a small profile, high pliability, and biocompatibility.

Braskem S.A is considered as a major player in the petrochemicals market, owing to its comprehensive product portfolio, and serviceability. It has 29 production plants in Brazil, four in Mexico, five plants in the US, and two plants in Germany. The company adopts several growth strategies to expand its presence in the international market. For instance, the company partnered with Pegasus Polymers for the distribution of UTEC in 2017. With this partnership, the company was not only been able to expand its geographical reach but also penetrate deeper into the Chinese market by increasing the sales network.

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New Product Developments, Acquisitions, and Collaboration to Enhance their Position in the Asphalt Additive Market

The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. 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.

Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation (US), Arrmaz (US), BASF SE (Germany), and Kao Corporation (Japan) 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.

To know about the assumptions considered for the study download the pdf brochure

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 considerable growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia-Pacific asphalt additives market.

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 which manufactures 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.

In February 2019, a subsidiary of Arrmaz (US), RoadScience launched a new asphalt emulsifier, ArrTekk. This product is used to provide the required viscidity across asphalts for efficient and cost-effective chip sealing. These products provide better rutting resistance, high cold-temperature performance, and are water resistant. This development helped the company to enhance the depth of its product line.

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Hot Mix Technology held the largest share of the Global Asphalt Additives Market

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 high traffic roads like such as highways, race tracks, and airfields.

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%. 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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Governments of countries such as, China, India, Malaysia, and Indonesia in the Asia Pacific region have invested in infrastructure development, which includes the construction of new highways and freeways. This has lead to the growth of the asphalt additives application segment.

Based on type, the asphalt additives market has been segmented into:

• Polymeric Modifiers
• Anti-strip and adhesion promoters
• Emulsifiers
• Chemical Modifiers
• Rejuvenators
• Fibers
• Flux Oil
• Colored Asphalt
• Others

1. Organic Materials
2. Rubber Modifiers

Based on Technology the asphalt additives market has been segmented into:

• Hot Mix
• Cold Mix
• Warm Mix

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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 considerable growth and innovation, along with industry consolidations, is expected to drive the growth of the Asia-Pacific asphalt additives market.

Key Market Players

Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation(US), Arrmaz (US), BASF SE (Germany), Kao Corporation (Japan) are some of the leading players operating in the asphalt additives market. These players have adopted the strategies of expansions, new product developments, acquisitions, and collaborations to enhance their position in the market.

Asphalt Additives Market- Future Demand, Market Analysis & Outlook 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. 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.

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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New Product Developments, Acquisitions, and Collaboration to Enhance their Position in the Asphalt Additive Market

The asphalt additive market is projected to grow from USD 3.6 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. 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.

Nouryon (Netherlands), DowDuPont (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Sasol Limited (South Africa), Ingevity Corporation (US), Arrmaz (US), BASF SE (Germany), and Kao Corporation (Japan) 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.

To know about the assumptions considered for the study download the pdf brochure

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 which manufactures 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.

In February 2019, a subsidiary of Arrmaz (US), RoadScience launched a new asphalt emulsifier, ArrTekk. This product is used to provide the required viscidity across asphalts for efficient and cost-effective chip sealing. These products provide better rutting resistance, high cold-temperature performance, and are water resistant. This development helped the company to enhance the depth of its product line.

Related Reports:

Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt,), Application, Technology – Global Forecast to 2024