Asphalt Additives Market Segmentation:
Type Segment Analysis
Polymeric modifiers segment is set to capture asphalt additives market share of over 32% by 2035. The segment growth is associated with the growing traffic volume and increased movement of heavy trucks. Polymer modifier-type asphalt additives are widely used in road construction, pavements, airport runways, and parking lots with various techniques such as hot mix, cold mix, and warm mix.
According to WHO, around 92% of the world’s deaths take place in low- and middle-income countries and these countries have around 60% of the world's vehicles. Around 1.19 million people die every year as a result of road traffic. Therefore, with the increase in road traffic, demand for the polymer modifier segment is expected to increase and the asphalt additives market size will expand during the forecast period.
Technology Segment Analysis
Hot mix segment in the asphalt additives market is set to showcase over 40% share through 2035. The reason behind the segment growth is that the hot mix segment can be customized and formulated to specific project specifications, taking into account factors such as climate, traffic, and load capacity.
This flexibility allows optimization of pavement performance and ensures long service life in various environmental conditions. According to the National Asphalt Pavement Association, total warm-mix asphalt tonnage has increased to over 164 million tons in 2019. Additionally, advances in hot mix technology such as warm mix asphalt (WMA) have expanded the applications and benefits of the hot mix segment.
Application Segment Analysis
In asphalt additives market, road construction segment is estimated to showcase over 25% share till 2035. This growth can be impelled by the growing demand for asphalt additives for road construction purposes, worldwide. As per a recent report, the construction of about 90% of the world’s paved roads use asphalt mixture for improving strength and longevity.
The construction chemicals used in road construction are polymer bonding agents and surface retarders to increase the life span and durability of roads. Authorities that have taken charge of construction have initiated various road development projects by using supreme quality construction materials such as asphalt.
Our in-depth analysis of the asphalt additives market includes the following segments:
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