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Market Leaders - Asphalt Additives Market
The asphalt additives market has grown at a moderate pace over the past five years, owing to the increase in demand of asphalt additives for road construction and paving, and roofing applications. Currently, the asphalt additives market is dominated by various key players, such as AkzoNobel NV (Netherlands), E. I. du Pont de Nemours and Company (U.S.), Arkema SA (France), Honeywell International, Inc. (U.S.), Evonik Industries (Germany), Huntsman Corporation (U.S.), Kraton Corporation (U.S.), Sasol Limited (South Africa), The Dow Chemical Company (U.S.), Ingevity Corporation (U.S.), and Arrmaz (U.S.).
Several new product developments/launches were undertaken in the past few years by various key companies, such as AkzoNobel NV (Netherlands), E. I. du Pont de Nemours and Company (U.S.), Kraton Corporation (U.S.), and Arrmaz (U.S.), among others. Product innovation is among the key growth strategies adopted by the leading players to grow in the market. These players focus on carrying out more research & development activities for product innovation. For instance, AkzoNobel NV introduced a new asphalt additive, Ecosel AsphaltProtection, for protection against frost damage, thereby improving driving safety. DuPont Packaging & Industrial Polymers introduced Elvaloy RET 5160 and 5170 modifiers for road construction and paving applications. These products provide are water- and rutting-resistant, and provide performance in cold weather.
Expansion was another popular strategy adopted by the companies. AkzoNobel NV invested USD 20 million to increase its surface chemistry plants in Itupeva, SP, Brazil, and Morris, Illinois, U.S. The company also opened new asphalt laboratories in Brazil, India, and Ukraine to provide technical support related to asphalt products to the fast-growing BRIC countries. Sasol Limited invested in a wax reactor, which was part of the Sasol wax expansion project. The expansion project increased Sasol Limitedís hard wax production two-fold in South Africa.
Major players in the asphalt additives market also adopted the strategy of acquisition to improve technologies, products, and production facilities of the companies that were acquired. Arkema acquired the specialty alcoxylate business of SEPPIC (France). The specialty surfactant range of the company was absorbed by the specialty chemicals business unit CECA of Arkema. AkzoNobel NV acquired Boxing Oleochemicals, Chinaís leading producer in surfactants.
Asphalt Additives Market by Type (Polymeric Modifiers, Anti-strip & Adhesion Promoters, Emulsifiers), Application (Road Construction & Paving, Roofing), Technology (Hot Mix, Cold Mix, and Warm Mix) - Global Forecast to 2026
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