Asphalt Additives Market is Projected to Expand at a CAGR of 6% from 2019 to 2027

Asphalt Additives Market: Key Highlights

The global asphalt additives market was valued at ~ US$ 3.5 Mn in 2018, and is projected to expand at a CAGR of ~ 6% from 2019 to 2027. Emerging warm mix asphalt (WMA) technology is anticipated to augment the global asphalt additives market during the forecast period.
Asia Pacific was the leading region of the global asphalt additives market in 2018. The Asia Pacific asphalt additives market is estimated to continue its dominance in the global asphalt additives market during the forecast period.

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Key Drivers of the Asphalt Additives Market

The demand for asphalt in road construction is expected to be driven by increasing environmental funding, legislative pressure to improve infrastructure, and growth in non-building construction activities, particularly in the highway & street segment.
The demand for paving asphalt used in highways and streets has been rising, owing to the increase in government funding and growth in highway and street construction activities.

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Shift in Focus Toward Bio-based Additives to Offer Attractive Opportunities

Bio-based additives are defined as additives made from biological sources. Increase in the need of eco-friendly additives, led by the rising trend of decreasing reliance on petroleum-based additives, has encouraged industry participants to shift toward bio-based additives.
Regulatory bodies have enacted guidelines regarding the commercialization of bio-based products. There has been a significant shift in the focus toward bio-based additives. Manufacturers are increasingly using eco-friendly products, owing to the rise in the awareness about the environment among consumers.