"The increasing spending on the construction activities is expected to make Saudi Arabia and Qatar the most lucrative markets for asphalt additives in the MEA," a TMR analyst was stated in a news report. Regions that boast robust construction industry are currently considered the most lucrative markets for asphalt additives, the report has added.
The new research report titled “Asphalt Additives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” explains that the market is also expected to gain impetus from the increasing investment in road development activities worldwide.
Expansion of road networks between countries will create significant sales opportunities for asphalt additives manufacturers. A case in point is the agreement between China and Europe to reconstruct the ancient "Silk Route" between India and China. Such rising spending in construction projects will substantially fuel demand for asphalt additives.
Additionally, the market is also expected to gain from upcoming events such as the Summer and Winter Olympics and FIFA World Cup. These events will significantly boost road construction activities across countries slated to host these events, thus augmenting demand for asphalt additives.
The research also highlights the potential application of polymer modified asphalt (PMA), which is expected to drive demand for asphalt additives in the forthcoming years. PMAs find application in the construction of roads and pavements, roofing, waterproofing, and sprayed sealants. They ensure prolonged lifespan of the application they are used in, apart from enhancing their overall performance. The rising awareness about benefits offered by PMAs will propel the asphalt additives market in the near future.
The rising use of asphalt in road construction makes it the largest application segment in the global asphalt additives market. Holding a share of 83.2%, the road construction and paving segment led the overall market in 2014.
Regionally, Asia Pacific dominated the global market with a share of 33% in terms of volume in the same year.
As per TMR, the global asphalt additives market stood at $2.9 billion in 2014 and is expected to reach $4.2 billion by the end of 2023. The market is thus expected to report a CAGR of 4.2% between 2015 and 2023.