Asphalt Additives Market Trends

Growth Drivers

• High demand for road construction - The demand for industrial and residential infrastructure is growing with the increasing population across the world due to which demand for new houses and roads is growing in a parallel manner. As per recent data, new road-building projects worldwide are worth around USD 3.4 trillion, while major ongoing road upgrades are worth USD 0.7 trillion. In addition, the government started investing in road upgrade projects in developing nations as there are high chances of road accidents on worn-out roads. For this, concrete resurfacer is used in construction activities to upgrade worn-out surfaces.

• Growing consumption of warm mix asphalt - Warm mix asphalt technology is becoming popular because the level of heat at which asphalt and stone aggregate are combined and used to build roads can be lowered using this technique. Due to its ability to reduce fuel emissions and enhance worker safety at asphalt pavement building sites, this technique is considered environmentally friendly
  
  Warm mix technology makes asphalt a better option than concrete and gypsum. According to the European Asphalt Pavement Association with the help of lower mixing and paving temperatures, obtained by the use of warm mix asphalt reduce the fumes or gases by around 50% for each 12 °C reduction in temperature.

Challenges

• Lack of awareness among builders - By reducing rutting, cracking, and stripping, asphalt additives can greatly extend the operational life of asphalt pavements. This causes asphalt road pavements to require less upkeep. Many contractors and road builders may not be aware of the various types of asphalt additives that are available, their benefits, or the proper way to incorporate them into asphalt mixtures.
  
  This ignorance could lead to the underuse or incorrect application of asphalt additives, which would impair the efficiency of the asphalt pavement. Therefore, a significant obstacle in the asphalt additives industry is the lack of knowledge about asphalt additives between contractors and road builders.

• Lack of standardization - There are no proper testing methods and regulations set for asphalt additives which create limitations on the asphalt additives market expansion.