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Asphalt Modifiers Market - Growth, Trends, and Forecast (2020 - 2025)

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  • 125 Pages
  • January 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 4520205
Market Overview

The market for asphalt modifiers is anticipated to register a CAGR of more than 6% during the forecast period. Asphalt is manufactured from the distillation of crude oil, during the process of petroleum refining. The major characteristics of asphalt include adhesion, waterproofing, and thermoplastic durability, among others.
  • High traffic volume and heavier loads on roadways, deferred infrastructure maintenance, emphasis on meeting super-save design specifications, increased pavement work-life, and reduced MRO cost advantages are expected to drive the demand for the market, during the forecast period.
  • High initial cost for using modified asphalt cement and occupation health hazards regarding asphalt are likely to hinder the market growth.
  • Increasing preference for HMA (Hot Mix Asphalt), growing popularity of reclaimed asphalt pavement (RAP), development of bio-renewable modifiers, advancement in warm mix asphalt technologies, and research for incorporating nanotechnology in asphalt modification (nano-clay) are projected to act as opportunities for the market in the future.

Key Market Trends

Increasing Demand from Paving Application
  • Asphalt concrete mixture has been an important construction material for roads, airport runways, taxiways, bicycle paths, etc. Modifiers, such as binder modifiers (such as polymers, elastomers, fibers, rubber) and aggregate modifiers (such as lime, granulated rubber, anti-strip agents) are used to improve the performance of asphalt pavements, in terms of increased resistance to pavement distresses, such as thermal cracking, rutting, stripping etc., thereby prolonging the service life.
  • In the recent years, the global demand for asphalt modifiers has been witnessing an above average growth. The demand for asphalt modifiers has a direct correlation with the level of ongoing road construction activities around the world.
  • The gradual changes in the way mobility and transportation are consumed are expected to be witnessed, over the coming decades. By 2030, annual passenger traffic is expected to exceed 80 trillion passenger-kilometers. Global freight volumes is likely to grow by 70%, and an additional 1.2 billion cars are expected to be on the road by 2050. Therefore, to meet the additional demand, improvements in road transport network and up-gradation activities of highway infrastructure are expected to occur during the forecast period, thereby boosting the demand for asphalt modifiers.
  • Major cities across the world are seeing an expansion in bicycle share programs, complementing the growing use of bicycles for commuting. China, in particular, has seen an expansion in bike sharing in the recent years, with Shanghai serving as home to more than 450,000 shared bikes. This is affecting the demand for urban roads, which are being retrofitted with cycle lanes, as well as seeing the development of major new bike thoroughfares for commuting (such as the cycle super highways in London).
  • Highways also need to be increasingly retrofitted, or developed, with high occupancy vehicles lanes, in order to encourage ride-sharing or car-pooling. This trend is expected to drive the demand for asphalt pavements, in turn, driving the demand for asphalt modifiers.

Asia-Pacific Region to Dominate the Market
  • Asia-Pacific dominated the global market. Recently, Chinese construction industry developed rapidly, due to the central government’s push for infrastructure investment as a means to sustain economic growth.
  • The significant development of rail and road infrastructure by the Chinese government, to withstand the expanding industrial and service sectors, has resulted in a significant growth of the Chinese construction industry in the recent years, despite the volatile growth in the real estate sector in the last couple of years.
  • As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the growth of the industry in the country.
  • In India, the National Highway Authority of India (NHAI) was expected to accomplish the target of constructing 3,010 kilometers of road.
  • The pace of project execution is likely to increase further in the coming years. Investments in the development of roads and highways infrastructure in the country were anticipated to rise by 2.8 times.
  • Overall, such investments and development are expected to drive the asphalt modifiers market in the Asia-Pacific region.

Competitive Landscape

The asphalt modifiers market is partially consolidated, with the top four five players having a significant share in the market. Key players in the asphalt modifiers market include DuPont, BASF SE, CECA Arkema, and Nouryon, Dow among others.

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Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Drivers
4.1.1 High Traffic Volume and Heavier Loads
4.1.2 Deferred Infrastructure Maintenance
4.1.3 Emphasis on Meeting Super-save Design Specifications
4.1.4 Increased Pavement Work-life and Reduced MRO Cost Advantages
4.2 Restraints
4.2.1 High Initial Cost for Using Modified Asphalt Cement
4.2.2 Occupation Health Hazards Regarding Asphalt
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Regulatory Policy
5.1 Application
5.1.1 Paving
5.1.2 Roofing
5.1.3 Other Applications
5.2 End-user Industry
5.2.1 Physical Modifiers Plastics Rubbers Other Physical Modifiers
5.2.2 Chemical Modifiers
5.2.3 Fibers
5.2.4 Adhesion Improvers
5.2.5 Extenders
5.2.6 Fillers
5.2.7 Antioxidants
5.2.8 Anti-strip Modifiers
5.2.9 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea ASEAN Countries Australia Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico Rest of North America
5.3.3 Europe Germany United Kingdom Italy France Nordic Countries Rest of Europe
5.3.4 South America Brazil Argentina Colombia Rest of South America
5.3.5 Middle East & Africa Saudi Arabia South Africa Qatar Rest of Middle East & Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Product Matrix
6.5 Company Profiles
6.5.1 Nouryon
6.5.2 Arkema Inc.
6.5.3 ArrMaz
6.5.4 BASF SE
6.5.5 Cargill Inc.
6.5.6 DuPont
6.5.7 Engineered Additives LLC
6.5.8 Eurovia Services GmbH
6.5.9 Evonik Industries Corporation
6.5.10 ExxonMobil Chemical
6.5.11 Genan Holding AS
6.5.12 Honeywell International Inc.
6.5.13 Kao Corporation
6.5.14 Kraton Performance Polymers Inc.
6.5.15 McAsphalt Industries Limited
6.5.16 PQ Corporation
6.5.17 Romonta GmbH
6.5.18 Sasol Ltd
6.5.19 Dow
7.1 Increasing Preference for HMA (Hot Mix Asphalt)
7.2 Growing Popularity of Reclaimed Asphalt Pavement (RAP)
7.3 Development of Bio-renewable Modifiers
7.4 Advancement in Warm Mix Asphalt Technologies
7.5 Research for Incorporating Nanotechnology in Asphalt Modification (Nano-clay)

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Nouryon
  • Arkema Inc.
  • ArrMaz
  • Cargill Inc.
  • DuPont
  • Engineered Additives LLC
  • Eurovia Services GmbH
  • Evonik Industries Corporation
  • ExxonMobil Chemical
  • Genan Holding AS
  • Honeywell International Inc.
  • Kao Corporation
  • Kraton Performance Polymers Inc.
  • McAsphalt Industries Limited
  • PQ Corporation
  • Romonta GmbH
  • Sasol Ltd
  • Dow