세계 아스팔트 개질제 시장 : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2024-2029년)

The Asphalt Modifiers Market size is estimated at USD 4.37 billion in 2024, and is expected to reach USD 5.67 billion by 2029, growing at a CAGR of 5.34% during the forecast period (2024-2029).

COVID-19 had a major impact on the manufacturing industry, thus hampering market growth. However, the industries have since recovered from the pandemic. Since then, the construction industry's steady growth has been the market's main driver.

Key Highlights

• During the forecast period, the demand for the market is likely to be driven by things like more traffic and heavier loads on roads, a focus on meeting super-save design specifications, longer pavement life, and lower MRO costs.
• On the other hand, the high cost of using modified asphalt cement and the health risks of working with asphalt are likely to slow the growth of the market.
• Future opportunities for the market are expected to come from the growing demand for HMA (Hot Mix Asphalt), the growing popularity of RAP (Reclaimed Asphalt Pavement), the development of bio-renewable modifiers, the improvement of warm mix asphalt technologies, and research into using nanotechnology to change asphalt (Nano-Clay).
• Due to the high demand for asphalt, the Asia-Pacific region has been the most important and will continue to grow over the next few years.

Asphalt Modifiers Market Trends

Increasing Demand from Paving Application

• Mixtures of asphalt and concrete have been used a lot to build roads, airport runways, taxiways, and bike lanes, among other things. Binder modifiers (like polymers, elastomers, fibers, and rubber) and aggregate modifiers (like lime, granulated rubber, and anti-strip agents) are used to improve the performance of asphalt pavements by making them more resistant to problems like thermal cracking, rutting, stripping, and so on. This makes the pavement last longer.
• In 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.
• According to the US Census Bureau, the value of federal highway and street construction put in place in the United States in 2022 will be around USD 1.7 billion, representing an increase of 18% over the previous year's total value of approximately USD 1.4 billion. With more money going into roads and highways, there would be more demand for asphalt modifiers, which are an important part of the business.
• The Central Statistical Office of Poland in its December monthly report also stated that the total production of asphalt in Poland in 2022 was about 1.64 million metric tons, about 6% more than the previous year's production value of about 1.54 million metric tons.
• According to the European Asphalt Pavement Association (EAPA), Europe made about 290.6 million metric tons of hot and warm mix asphalt in 2021. This is just 13.7 million metric tons more than what was made the year before. Germany produced the most, making up over 13% of the total output, followed by Italy and France.

With more highways and roads being built in different parts of the world, this is likely to increase the demand for asphalt pavements, which will in turn increase the demand for asphalt modifiers.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region dominated the asphalt modifier market as a result of the expanding need for construction in nations like China, India, and Japan. Market growth in the area is being fueled by the construction of new airport runways and transportation expansions.
• The significant development of rail and road infrastructure by the Chinese government to withstand the expanding industrial and service sectors has resulted in significant growth of the Chinese construction industry in recent years, despite the volatile growth in the real estate sector in the last couple of years.
• China has doubled its investment in road development and maintenance. Furthermore, the country has several present and prospective road and highway construction projects. The Zengcheng-Foshan Expressway is a USD 2,376 million project in Guangdong, China, that involves the construction of a 38.4-km highway from Zengcheng to Tianhe Section. Construction began in the third quarter of 2021 and is scheduled to finish in the fourth quarter of 2025.
• India, on the other hand, has over 5.8 million kilometers of roads, which makes it the second-largest road system in the world.The Ministry of Road Transport and Highways has been given INR 199,107.71 crore (USD 26.04 billion) in the Union Budget 2022-23.
• Furthermore, the India Brand Equity Foundation reports that the National Highway Authority of India (NHAI) intends to build 25,000 kilometers of national highways in 2022-23 at a rate of 50 kilometers per day. In addition, NHAI intends to raise INR 40,000 crore (USD 5.72 billion) through an infrastructure investment trust to monetize its motorway assets (InvIT).
• According to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT), Japan's domestic demand for asphalt for construction in fiscal year 2021 was about 1.06 million metric tons. This was down from about 1.2 million tons in the prior fiscal year.

The pace of project execution is likely to increase further in the coming years. Investments in the development of roads and highway infrastructure in the region are anticipated to rise during the forecast period. Overall, such investments and development are expected to drive the asphalt modifiers market in the Asia-Pacific region.

Asphalt Modifiers Industry Overview

The asphalt modifiers market is partially consolidated, with the top players having a significant share of the market. Key players in the asphalt modifiers market include (not in any particular order) DuPont, BASF SE, Arkema, Nouryon, and Dow, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Deliverables
• 1.2 Study Assumptions
• 1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

• 4.1 Drivers
  • 4.1.1 High Traffic Volume and Heavier Loads
  • 4.1.2 Emphasis on Meeting Super-save Design Specifications
  • 4.1.3 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 Occupational 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 MARKET SEGMENTATION (Market Size in Value)

• 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
    • 5.2.1.1 Plastics
    • 5.2.1.2 Rubbers
    • 5.2.1.3 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
    • 5.3.1.1 China
    • 5.3.1.2 India
    • 5.3.1.3 Japan
    • 5.3.1.4 South Korea
    • 5.3.1.5 Australia
    • 5.3.1.6 Rest of Asia-Pacific
  • 5.3.2 North America
    • 5.3.2.1 United States
    • 5.3.2.2 Canada
    • 5.3.2.3 Mexico
  • 5.3.3 Europe
    • 5.3.3.1 Germany
    • 5.3.3.2 United Kingdom
    • 5.3.3.3 Italy
    • 5.3.3.4 France
    • 5.3.3.5 Rest of Europe
  • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Colombia
    • 5.3.4.4 Rest of South America
  • 5.3.5 Middle East & Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 South Africa
    • 5.3.5.3 Qatar
    • 5.3.5.4 Rest of Middle East & Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
• 6.2 Market Share (%) Analysis**/Market Ranking Analysis
• 6.3 Strategies Adopted by Leading Players
• 6.4 Company Profiles
  • 6.4.1 Arkema
  • 6.4.2 ArrMaz Products, Inc.
  • 6.4.3 BASF SE
  • 6.4.4 Cargill
  • 6.4.5 Dow
  • 6.4.6 DuPont
  • 6.4.7 Engineered Additives LLC
  • 6.4.8 Evonik Industries AG
  • 6.4.9 Exxon Mobil Corporation
  • 6.4.10 Genan Holding A/S
  • 6.4.11 Honeywell International Inc.
  • 6.4.12 Kao Corporation
  • 6.4.13 Kraton Corporation
  • 6.4.14 McAsphalt Industries Limited
  • 6.4.15 Nouryon
  • 6.4.16 PQ Corporation
  • 6.4.17 Sasol

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

• 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)