High Traffic Volume and Heavier Loads on Roadways
High traffic volume and heavier loads on roads is expected to drive the global asphalt modifier market in recent years. Over 1.3 billion vehicles are operational around the world. This number is expected to double in the next 25 years. This alarming rate of growth in the number of vehicles calls for improved safety measures on roads that are treaded by numerous vehicles for transporting heavy goods and other travelling purposes. In the past 10 to 15 years, the volume of traffic, loads, and tire pressures have increased substantially, which is likely to cause increased rutting and cracking of the roads.
The two major ways to ensure safety is to control the formation of potholes and by increasing the skid resistance of vehicles while in operation. Asphalt modifiers help improve the asphalt binder’s stiffness at normal service temperatures to increase rut resistance, while decreasing its stiffness at low temperatures to improve its resistance to thermal cracking. These properties help in building roads with lesser rutting, that last longer and can take higher loads. They deliver long-term resilience and climate resistance to the various asphalt applications. These advancements help in reducing the frequency of maintenance activities, thereby, saving the public/private expenditure in the long run.
Increasing Demand for Paving
Asphalt concrete mixture has been an important construction material for roads, airport runways, taxiways, bicycle paths, etc. Modifiers, such as binder modifiers and aggregate modifiers 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 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 is expected to witness over the coming decades. By 2030, annual passenger traffic is expected to exceed 80 trillion passenger-kilometers- approximately a 50% increase from 2016, 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 is expected to witness during the forecast period, thereby the demand for asphalt modifiers.
Growing Demand for Fillers Asphalt Modifiers
Filler asphalt modifiers play a significant role in the performance and the characteristics of asphalt concrete mixture. The addition of fillers influences the workability of the asphalt, and, in turn, alters its visco-elastic properties for delivering better performance.
Fillers are mainly used as asphalt additives because of their ability to increase the resistance of aggregates within the mix matrix. The types of materials used as modifiers include dust from crushing and screening of aggregates, slaked lime, carbon black, fly ash, Portland cement, and other mineral fillers. The use of these materials, particularly carbon black, is beneficial to the durability, the wear resistance and the temperature susceptibility of the mix. In roofing application, in the manufacturing process of roofing shingles or other rooftop products, fillers are mixed with asphalt before applying it as a coat.
Hence, growing demand for filler asphalt modifiers are expected to drive the market over the forecast period.
Major Players: AkzoNobel, Arkema, BASF SE, DowDuPont, Evonik, Cargill, and Honeywell International, amongst others.
Key Developments in the Market
March 2018: Eurovia strengthens its position in France, particularly in Auvergne-Rhône-Alpes and Occitanie, with the acquisition of two public works companies, SER Groupe and Groupe Robert
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Application that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
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1.1 Research Phases
1.2 Scope of the Report
1.3 Study Deliverables
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness- Porters Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
4. Market Dynamics
4.1.1 High Traffic Volume and Heavier Loads on Roadways
4.1.2 Deferred Infrastructure Maintenance
4.1.3 Emphasis on Meeting Super pave asphalt binder Specifications
4.1.4 Increased Pavement Work-life and Reduced MRO Cost Advantages
4.2.1 High Initial Cost for Using Modified Asphalt Cement
4.2.2 Occupation Health Hazards Regarding Asphalt
4.2.3 Increasing popularity of concrete and gypsum as an alternative for Asphalt
4.3.1 Increasing Preference for HMA (Hot Mix Asphalt)
4.3.2 Growing Popularity of Reclaimed Asphalt Pavement (RAP)
4.3.3 Development of Bio-renewable modifiers
4.3.4 Advancement in Warm Mix Asphalt Technologies
4.3.5 Research for Incorporating Nanotechnology in Asphalt Modification (Nano-clay)
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 By Modified Asphalt Application
5.2 By Product Type
5.2.1 Physical Modifiers
5.2.2 Chemical Modifiers
5.2.4 Adhesion Improvers
5.2.8 Anti-strip Modifiers
5.3 By Raw Material
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1.4 South Korea
6.1.5 ASEAN countries
6.1.6 Rest of Asia-Pacific
6.2.4 United Kingdom
6.2.6 Rest of Europe
6.3 North America
6.3.1 United States
6.3.4 Rest of North America
6.4 South America
6.4.3 Rest of South America
6.5 The Middle East & Africa
6.5.1 South Africa
6.5.2 Saudi Arabia
6.5.3 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, Recent Developments)
9.1 Akzo Nobel N.V.
9.3 BASF SE
9.4 Cargill Inc.
9.5 DowDuPont Inc.
9.6 Engineered Additives LLC
9.7 Evonik Industries Corporation
9.8 ExxonMobil Chemical
9.9 Genan Holding A/S
9.10 Honeywell International Inc.
9.11 Kao Corporation
9.12 Kraton Performance Polymers Inc.
9.13 McAsphalt Industries Limited
9.14 Sasol Ltd
*List not exhaustive
** Subject to availability on public Domain
- Akzo Nobel N.V.
- CECA (Arkema Group)
- BASF SE
- Cargill Inc.
- Engineered Additives LLC
- Evonik Industries Corporation
- ExxonMobil Chemical
- Genan Holding A/S
- Honeywell International Inc.
- Kao Corporation
- Kraton Performance Polymers Inc.
- McAsphalt Industries Limited
- Sasol Ltd.