The presence of a large number of companies with
equal market shares and strong brands such as Evonik Industries AG,
E. I. du Pont de Nemours and Company, The Dow Chemical Company,
Honeywell International Inc., and Akzo Nobel N.V. has given the
global asphalt additives market a highly fragmented vendor landscape.
Transparency Market Research (TMR) finds in a new study that the
majority of these companies are presently focusing on product
diversification, strategic alliances, and mergers and acquisition to
gain lion’s share in the market.
“Since the market exhibits a low degree of
capital intensive business model, the scope for the entry of new
players is higher. The degree of competition prevalent in the market
is therefore likely to from medium to high in the near future with
the entry of new companies,” says a TMR analyst.
This 180 page report gives readers a
comprehensive overview of the Asphalt Additives market. Browse Market
Research Report @
Rising Spending on Construction Activities in
MEA Fuels Asphalt Additives Sales
According to TMR, regions that boast robust
construction industry are currently considered the most lucrative
markets for asphalt additives. For instance, the rising demand from
the construction sector in the Middle East and Africa (MEA) provides
attractive opportunities for asphalt additives producers. “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,” states a TMR analyst.
Besides this, 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.
Growing Use of Asphalt Substitutes to Threaten
Market’s Growth
The majority of asphalt additives produced around
the world are used in road construction. However, volatility in
prices and the shortage of asphalt supply have led to the development
of various substitute products. Currently, asphalt substitutes such
as bricks, cobblestone, pavers, cement, and concrete are used on an
extensive scale for the construction and maintenance of roads. This
poses a significant threat to the producers of asphalt additives.
Potential Applications of PMA to Boost
Opportunities for Asphalt Additives Sales in Forthcoming Years
The potential application of polymer modified
asphalt (PMA) 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.
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As per TMR, the global asphalt additives market
stood at US$2.9 bn in 2014 and is expected to reach US$4.2 bn by the
end of 2023. The market is thus expected to report a CAGR of 4.2%
between 2015 and 2023.
This review is based on findings published by TMR
in a report, titled “Asphalt Additives Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Takeaways:
- Rising road construction activities worldwide to boost the global asphalt additives market at 4.2% CAGR from 2015 to 2023.
- With over 83% revenue share, road construction and paving emerged as largest application segment in 2014.
- Expansion of construction industry in Asia Pacific to fuel asphalt additives consumption
The report segments the global asphalt
additives market as:
Asphalt Additives Market - Technology Analysis
- Hot/warm mix
- Cold mix
Asphalt Additives Market - Application Analysis
- Road construction & paving
- Roofing
- Others (Including airfields, parking lots, drinking water enclosures, waste disposal sites, and bridge decks)
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