Asphalt Additive Market Opportunity: Use of Asphalt Additives in Roofing Applications

Browse 324 market data Tables and 59 Figures spread through 277 Pages and in-depth TOC on “Asphalt Additive Market”
Asphalt Additive Market by Type (Polymeric Modifiers, Anti-Strip & Adhesion Promoters, Emulsifiers, Chemical Modifiers, Rejuvenators, Fibers, Flux Oil, Colored Asphalt), Application, Technology and Region

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 applications is some of the major key factors driving the growth of the asphalt additive market across the globe.

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Asphalt is primarily used in roofing applications for waterproofing. It is also used as a saturated in asphalt saturated felts, roll roofing, and shingles. Asphalt shingles are one of the least expensive roofing applications and are witnessing increased demand from the North American and European regions. The sub-prime crisis of 2007-2008 in the US caused a recession in the construction industry. However, the construction industry in the North American region has recovered and is growing at a moderate pace. As the market for building materials is increasing in the North American and European regions, the use of asphalt in these materials is expected to grow. Consequently, the demand for asphalt additives is also expected to increase as these improve the service life and durability of asphalt in roofing applications.

By application, roofing is estimated to be the fastest-growing segment of the asphalt additives market.

Based on application, the roofing segment is expected to lead the asphalt additives market in the coming years. Roofs are subject to environmental damage due to excess heat, cold, or rain. The addition of additives to asphalt prevents this damage. Chemical, vegetable oil, or petroleum-based additives are added to asphalt to improve the functionality and viscosity of asphalt, while polymer-based additives are used to improve its Functionality. This creates the demand for asphalt additives in the future.

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 2020, 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.

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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