How big is the Asphalt Modifiers Market?

The Asphalt Modifiers Market size is expected to reach USD 4.37 billion in 2024 and grow at a CAGR of 5.34% to reach USD 5.67 billion by 2029. Read More

What is the current Asphalt Modifiers Market size?

In 2024, the Asphalt Modifiers Market size is expected to reach USD 4.37 billion. Read More

Who are the key players in Asphalt Modifiers Market?

BASF SE, Dow, Nouryon, DuPont and Arkema are the major companies operating in the Asphalt Modifiers Market. Read More

Which is the fastest growing region in Asphalt Modifiers Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Asphalt Modifiers Market?

In 2024, the Asia-Pacific accounts for the largest market share in Asphalt Modifiers Market. Read More

What years does this Asphalt Modifiers Market cover, and what was the market size in 2023?

In 2023, the Asphalt Modifiers Market size was estimated at USD 4.15 billion. The report covers the Asphalt Modifiers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asphalt Modifiers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Asphalt Modifiers Market Trends

Market Trends of Asphalt Modifiers Industry

Increasing Demand from Paving Application

Mixtures of asphalt and concrete have been used a lot to build roads, airport runways, taxiways, and bike lanes, among other things. Binder modifiers (like polymers, elastomers, fibers, and rubber) and aggregate modifiers (like lime, granulated rubber, and anti-strip agents) are used to improve the performance of asphalt pavements by making them more resistant to problems like thermal cracking, rutting, stripping, and so on. This makes the pavement last longer.
In recent years, the global demand for asphalt modifiers has been witnessing above-average growth. The demand for asphalt modifiers has a direct correlation with the level of ongoing road construction activities around the world.
According to the US Census Bureau, the value of federal highway and street construction put in place in the United States in 2022 will be around USD 1.7 billion, representing an increase of 18% over the previous year's total value of approximately USD 1.4 billion. With more money going into roads and highways, there would be more demand for asphalt modifiers, which are an important part of the business.
The Central Statistical Office of Poland in its December monthly report also stated that the total production of asphalt in Poland in 2022 was about 1.64 million metric tons, about 6% more than the previous year's production value of about 1.54 million metric tons.
According to the European Asphalt Pavement Association (EAPA), Europe made about 290.6 million metric tons of hot and warm mix asphalt in 2021. This is just 13.7 million metric tons more than what was made the year before. Germany produced the most, making up over 13% of the total output, followed by Italy and France.

With more highways and roads being built in different parts of the world, this is likely to increase the demand for asphalt pavements, which will in turn increase the demand for asphalt modifiers.

Asphalt Modifiers Market: Federal Highway and Street Construction Spending, in USD Billion, United States, 2018-2022

Understand The Key Trends Shaping This Market

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Asia-Pacific Region to Dominate the Market

The Asia-Pacific region dominated the asphalt modifier market as a result of the expanding need for construction in nations like China, India, and Japan. Market growth in the area is being fueled by the construction of new airport runways and transportation expansions.
The significant development of rail and road infrastructure by the Chinese government to withstand the expanding industrial and service sectors has resulted in significant growth of the Chinese construction industry in recent years, despite the volatile growth in the real estate sector in the last couple of years.
China has doubled its investment in road development and maintenance. Furthermore, the country has several present and prospective road and highway construction projects. The Zengcheng-Foshan Expressway is a USD 2,376 million project in Guangdong, China, that involves the construction of a 38.4-km highway from Zengcheng to Tianhe Section. Construction began in the third quarter of 2021 and is scheduled to finish in the fourth quarter of 2025.
India, on the other hand, has over 5.8 million kilometers of roads, which makes it the second-largest road system in the world.The Ministry of Road Transport and Highways has been given INR 199,107.71 crore (USD 26.04 billion) in the Union Budget 2022-23.
Furthermore, the India Brand Equity Foundation reports that the National Highway Authority of India (NHAI) intends to build 25,000 kilometers of national highways in 2022-23 at a rate of 50 kilometers per day. In addition, NHAI intends to raise INR 40,000 crore (USD 5.72 billion) through an infrastructure investment trust to monetize its motorway assets (InvIT).
According to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT), Japan's domestic demand for asphalt for construction in fiscal year 2021 was about 1.06 million metric tons. This was down from about 1.2 million tons in the prior fiscal year.

The pace of project execution is likely to increase further in the coming years. Investments in the development of roads and highway infrastructure in the region are anticipated to rise during the forecast period. Overall, such investments and development are expected to drive the asphalt modifiers market in the Asia-Pacific region.