Global Asphalt Modifiers Market Worth USD 6.40 Billion By 2031 | CAGR of 5.56%

Introduction

Asphalt or bitumen is black, viscous, semi-solid, or liquid petroleum. Modifiers for asphalt are substances added to asphalt to improve its quality, temperature resistance, etc. The adhesive property of these asphalt modifiers facilitates aggregate-asphalt binder bonding. In the construction industry, chemical modifiers, rejuvenators, emulsifiers, etc., are used for various purposes. The global market for asphalt modifiers is expanding at a rapid rate due to factors such as the infrastructure industry's growing demand for its rigid properties.

Market Dynamics

Growing Paving and Construction Work in Developing Countries Drives the Global Market

Asphalt concrete mixture is the primary building material for roads, airport runways, taxiways, bicycle paths, etc. Moderators, such as binder moderators (such as polymers, elastomers, fibers, and rubber), and aggregate moderators (such as lime, granulated rubber, and 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. These qualities make it possible to build less-rutted, higher-load-bearing, longer-lasting roads.

Asphalt modifiers improve the performance of roads by resisting rutting and stiffening for temperatures ranging from those of cold arctic regions to those of hot deserts. They provide a range of applications for asphalt, long-term toughness, and climatic resistance. These advancements assist in reducing maintenance tasks' frequency and long-term public and private expenditures. The world's population is rapidly expanding, especially in developing countries like China and India, where there is a greater demand for housing. As a result, there is an increase in residential construction throughout the area, which is expected to increase demand for asphalt modifiers used in building roofs and other applications.

Advancements in Warm Mix Asphalt Technologies Create Tremendous Opportunities

The asphalt industry is continuously trying to lower its emissions as worries about global warming increase. This problem can be solved by reducing the temperatures at which asphalt mixtures are mixed and compacted without affecting the mix's properties. This is made possible by several industry-accepted technologies. WMA, a pavement construction innovation, has seen widespread adoption over the last ten years. A group of technologies known collectively as warm mix asphalt (WMA) allows the production of asphalt at temperatures lower than those needed to create traditional hot mix asphalt (HMA), which typically ranges from 150 to 170°C. WMA is generally produced at a temperature 20 to 40 °C lower than HMA. Since less energy is needed to heat the asphalt mixture, less fuel is required to produce WMA. WMA manufacturing typically consumes 20% less fuel. To reduce emissions, warm mix asphalt (WMA) technologies have been developed to lower the temperatures at which asphalt mixtures are mixed and compacted.

Regional Analysis

Asia-Pacific is the highest revenue contributor and is anticipated to grow at a CAGR of 6.02% during the forecast period. Regarding GDP, China has the largest economy in the Asia-Pacific region. Hina is actively promoting and going through continuous urbanization, with a target rate of 60% by 2020. The housing market may be significantly impacted by the need for more living space in urban areas brought on by urbanization and the desire of middle-class city dwellers to improve their living conditions, which could also lead to an increase in the use of asphalt modifiers in construction applications. According to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects in 2019 estimated to be worth USD 142 billion and are scheduled to be completed by 2023. Rising housing demand in the public and private sectors will fuel residential construction across the country. The market under study is driven by the rise in tall building construction and hotels, which saw a 15% increase in the number of brand-new hotel projects across the country in 2019. In general, it is anticipated that the growing construction industry will drive the market for asphalt modifiers in the coming years.

North America is anticipated to grow at a CAGR of 5.61% during the forecast period. The United States has the world's largest economy. The nation's growth rate in 2019 was 2.2%. According to the US Census Bureau, 11,471 thousand new privately owned housing units were being built nationwide in 2019. As of 2020, 3,642 housing units were accessible. A further prediction by the Federal National Mortgage Association (Fannie Mae) was that housing starts would increase to 10% in 2020 and reach 1 million new homes for sale by 2021. The industrial sector was projected to expand by 0.5% in 2020 and 0.3% in 2021. In the upcoming years, it is anticipated that the construction industry will continue to advance and grow steadily, increasing demand for asphalt modifiers.

Key Highlights

• The global asphalt modifiers market size was valued at USD 3,937.6 million in 2022. It is expected to reach USD 6,408.15 million by 2031, growing at a CAGR of 5.56% during the forecast period (2023–2031).
• Based on application, the global asphalt modifiers market is bifurcated into paving and roofing. The paving segment is the highest contributor to the market and is expected to grow at a CAGR of 5.64% during the forecast period.
• Based on product type, the global asphalt modifiers market is bifurcated into physical modifiers, chemical modifiers, fibers, adhesion improvers, extenders, and fillers. The physical modifiers segment is the highest contributor to the market and is expected to grow at a CAGR of 5.89% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.02% during the forecast period.

Competitive Players

Competitive Players

The global asphalt modifiers market's major key players are Arkema, BASF SE, Cargill Incorporated, Dow, Evonik Industries AG, Exxon Mobil Corporation, Genan Holding A/S, Grupo Dynasol, Honeywell International Inc., Iterchimica, Kao Corporation, KRATON CORPORATION, McAsphalt Industries Limited, Nouryon, and Sasol.

Recent Developments

Market News

• In July 2022, USDA approved Colorbiotics Plant-Based additives for Asphalt.

Segmentation

Global Asphalt Modifiers Market: Segmentation

By Applications

• Paving
• Roofing

By Product Type

• Physical Modifiers
• Chemical Modifiers
• Fibers
• Adhesion Improvers
• Extenders
• Fillers

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa