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DUBLIN--(BUSINESS WIRE)--Sep 27, 2022--
The "Asphalt Additives Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for asphalt additives is anticipated to expand at a compound annual growth rate (CAGR) of 7% during the forecast period of 2022 to 2030. Some of the major significant reasons driving the growth of the asphalt additive market around the world include an increase in the number of road construction projects as well as an increase in the amount of asphalt additives being used in roofing applications.
Asphalt that has been combined with other components of the concrete to produce asphalt concrete is referred to as asphalt additive. In the process of building roads, an asphalt additive serves the function of an adhesive. Asphalt additives can also be utilised as materials for waterproofing applications. The life cycle costs, stripping, cracking, permanent deformation, ravelling, and overall pavement thickness can all be reduced with the use of asphalt additives.
APAC Infrastructure Sector Evidencing Significant Growth due to Increased Investments
One of the primary contributors to the expansion of the asphalt additives market in the Asia Pacific region is the increased expenditure on infrastructure that has been seen in countries such as China, India, Malaysia, and Indonesia. The increasing construction of roads and other public infrastructure development projects in the Asia Pacific region can be attributed to the increase in government spending on infrastructure in that region. These projects are being undertaken to improve transportation and enhance connectivity between significant economic centres in each of these countries.
The expansion of the road and building construction industries in developing nations like India and China is the primary force behind the growth of the asphalt additives market. The increase in the number of different national highways, expressways, and airport runways that are being built across these countries drives up the demand for asphalt additives.
Organic Warm Mix Asphalt Gaining Demand due to its Environmentally Friendly Characteristics
There has been an increase in awareness regarding environmental issues such as global warming and carbon footprint, which has led to an improvement in the asphalt additive industry's ability to impact the reduction of greenhouse gas emissions. Because of this, the development of Warm Mix Asphalt (WMA) and its applications for it have been sped up. WMA and its applications serve the purpose of cutting down on emissions of greenhouse gases by lowering the temperatures at which asphalt mix is mixed and compacted. As a result of the environmental benefit, it offers without compromising the characteristics, performance, or quality of the asphalt mix, the WMA has gained a lot of favour in recent years.
Because WMA is produced at relatively lower temperatures, it results in less energy consumption, fewer emissions, reduced ageing, lower mixing and compaction temperatures, cool weather paving, and better workability of the mix. In addition, WMA is produced at temperatures that are comparatively lower than those used in the production of asphalt. It is anticipated that each of these characteristics of asphalt will contribute to the expansion of the global market for asphalt additives in the years to come.
Asphalt Additives Application in Various Roofing Applications Presents an Opportunity
The primary purpose of asphalt is as a waterproofing component in roofing materials. Additionally, it is utilised in the production of asphalt-saturated felts, roll roofing, and shingles in the capacity of a saturate. Asphalt shingles are one of the roofing applications with the lowest cost, and they are seeing rising demand in both North American and European countries. The sub-prime mortgage crisis that hit the United States in 2007 and 2008 triggered a recession in the building industry.
Nevertheless, the construction industry in the North American region has made a full recovery and is expanding at a rate that is just slightly faster than average. It is anticipated that the percentage of these materials that contain asphalt will rise in both the North American and European areas due to the expansion of the market for construction materials in these regions. As a direct result of this, there is an anticipated rise in the need for asphalt additives. These additives improve the service life and durability of asphalt when it is used in roofing applications.
SegmentationType
Application
Technology
Region Segment (2020 - 2030; US$ Million)
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Key Topics Covered:
1. Preface
2. Executive Summary
3. Asphalt Additives Market: Business Outlook & Market Dynamics
4. Asphalt Additives Market: By Type, 2020-2030, USD (Million)
5. Asphalt Additives Market: By Application, 2020-2030, USD (Million)
6. Asphalt Additives Market: By Technology, 2020-2030, USD (Million)
7. North America Asphalt Additives Market, 2020-2030, USD (Million)
8. UK and European Union Asphalt Additives Market, 2020-2030, USD (Million)
9. Asia Pacific Asphalt Additives Market, 2020-2030, USD (Million)
10. Latin America Asphalt Additives Market, 2020-2030, USD (Million)
11. Middle East and Africa Asphalt Additives Market, 2020-2030, USD (Million)
12. Company Profile
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/n6hggm
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KEYWORD:
INDUSTRY KEYWORD: ARCHITECTURE OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/27/2022 11:08 AM/DISC: 09/27/2022 11:08 AM
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