The global asphalt additive market is projected to grow from USD 4.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 7.7% from 2023 to 2028. The increase in road construction projects along with the growing usage of asphalt additives in roofing applications are some of the major key factors driving the growth of the asphalt additive market across the globe.
Nouryon (Netherlands), Dow (US), Arkema SA (France), Honeywell International Inc. (US), Evonik Industries (Germany), Huntsman Corporation (US), Kraton Corporation (US), Ingevity Corporation(US), and BASF SE (Germany) are some of the leading players operating in the asphalt additive market. These players have adopted strategies of expansions, new product developments, acquisitions, and collaboration to enhance their position in the market.
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Kraton Corporation (US)
Kraton Corporation is a leading specialty chemical company that manufactures styrene block copolymers and other engineered polymers. In September 2016, Kraton Performance Polymer Inc. changed its name to Kraton Corporation. The company has operations in performance products, performance chemicals, specialty polymers, adhesives, cariflex, and tires. The company operates its business through two segments namely, Polymer and Chemical. Kraton Corporation provides asphalt additives under its polymer segment. It has a strong geographic reach across North America, South America, Europe, and Asia with operations in over 70 countries worldwide.
Ingevity Corporation (US)
Ingevity Corporation is a manufacturer of specialty chemicals and high-performance carbon materials. The specialty chemical products are used in a range of high- performance applications, such as pavement technologies, oil field technologies, and industrial specialties. The company operates its business through two segments, namely, Performance Materials and Performance Chemicals. The performance materials segment offers automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats. The performance chemicals segment provides products derived from pine chemicals used in asphalt paving, oilfield technologies, and other diverse industrial specialty applications, such as adhesives, agrochemical dispersants, publication inks, lubricants, and petroleum.
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Grupo Dynasol (Spain)
Grupo Dynasol is one of the major producers in the synthetic rubber and rubber chemical markets. In 1999, Repsol and KUO group jointly started a global business project, which primarily focused on the manufacturing of synthetic rubber based on solutions and the development of new products. The company has production sites in Santander and Altamira in Spain and Tamaulipas in Mexico. The total production capacity of Solution Styrene Butadiene Rubber (SSBR) and Styrene Butadiene Styrene (SBS) is 110,000 tons per year and 112,000 tons per year in Altamira and Santander, respectively. It also has a joint venture in China, which has a production capacity of 100,000 tons per year of SBS and SSBR. Some of the markets served by this segment are adhesives, asphalt modification, polymer modification, seals, shoe soles, thermoplastic compounds, and industrial vulcanized articles.
The Asia Pacific region of the asphalt additive market is projected to account for the largest share during the forecast period. Governments in nations like China, India, and Southeast Asian countries are making significant investments in developing and enlarging their transportation networks, including their airports, roads, and highways.
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