Asphalt Modifiers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Application (Paving, Roofing, and Other Applications), End-user Industry (Physical Modifiers, Chemical Modifiers, Fibers, Adhesion Improvers, Extenders, Fillers, Antioxidants, Anti-strip Modifiers, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa).

Market Snapshot

viscose staple fiber market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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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.

Scope of the Report

The asphalt modifiers market report includes:

Application
Paving
Roofing
Other Applications
End-user Industry
Physical Modifiers
Plastics
Rubbers
Other Physical Modifiers
Chemical Modifiers
Fibers
Adhesion Improvers
Extenders
Fillers
Antioxidants
Anti-strip Modifiers
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Australia
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Nordic Countries
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Qatar
Rest of Middle East & Africa

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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.
Viscose Staple Fiber Market volume, 2018

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.
Viscose Staple Fiber Market, Growth Rate by 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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 High Traffic Volume and Heavier Loads

      2. 4.1.2 Deferred Infrastructure Maintenance

      3. 4.1.3 Emphasis on Meeting Super-save Design Specifications

      4. 4.1.4 Increased Pavement Work-life and Reduced MRO Cost Advantages

    2. 4.2 Restraints

      1. 4.2.1 High Initial Cost for Using Modified Asphalt Cement

      2. 4.2.2 Occupation Health Hazards Regarding Asphalt

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Paving

      2. 5.1.2 Roofing

      3. 5.1.3 Other Applications

    2. 5.2 End-user Industry

      1. 5.2.1 Physical Modifiers

        1. 5.2.1.1 Plastics

        2. 5.2.1.2 Rubbers

        3. 5.2.1.3 Other Physical Modifiers

      2. 5.2.2 Chemical Modifiers

      3. 5.2.3 Fibers

      4. 5.2.4 Adhesion Improvers

      5. 5.2.5 Extenders

      6. 5.2.6 Fillers

      7. 5.2.7 Antioxidants

      8. 5.2.8 Anti-strip Modifiers

      9. 5.2.9 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Australia

        7. 5.3.1.7 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Nordic Countries

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Colombia

        4. 5.3.4.4 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Qatar

        4. 5.3.5.4 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Product Matrix

    5. 6.5 Company Profiles

      1. 6.5.1 Nouryon

      2. 6.5.2 Arkema Inc.

      3. 6.5.3 ArrMaz

      4. 6.5.4 BASF SE

      5. 6.5.5 Cargill Inc.

      6. 6.5.6 DuPont

      7. 6.5.7 Engineered Additives LLC

      8. 6.5.8 Eurovia Services GmbH

      9. 6.5.9 Evonik Industries Corporation

      10. 6.5.10 ExxonMobil Chemical

      11. 6.5.11 Genan Holding AS

      12. 6.5.12 Honeywell International Inc.

      13. 6.5.13 Kao Corporation

      14. 6.5.14 Kraton Performance Polymers Inc.

      15. 6.5.15 McAsphalt Industries Limited

      16. 6.5.16 PQ Corporation

      17. 6.5.17 Romonta GmbH

      18. 6.5.18 Sasol Ltd

      19. 6.5.19 Dow

    6. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Preference for HMA (Hot Mix Asphalt)

    2. 7.2 Growing Popularity of Reclaimed Asphalt Pavement (RAP)

    3. 7.3 Development of Bio-renewable Modifiers

    4. 7.4 Advancement in Warm Mix Asphalt Technologies

    5. 7.5 Research for Incorporating Nanotechnology in Asphalt Modification (Nano-clay)

      1. 7.5.1

**Subject to Availability

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Frequently Asked Questions

The Asphalt Modifiers Market market is studied from 2016 - 2026.

The Asphalt Modifiers Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

BASF SE, Dow, CECA Arkema, Nouryon, DuPont are the major companies operating in Asphalt Modifiers Market.

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