The asphalt additives market involves the production and application of various chemical additives that are added to asphalt to improve performance-related properties. Asphalt additives help in improving the quality and durability of asphalt pavement by making it resistant to oxidization and UV radiation. It also imparts properties like moisture-resistance, anti-strip, viscosity grading, and adhesiveness. The growing road construction activities around the world due to rapid urbanization and industrialization are expected to drive the demand for asphalt additives over the forecast period.
The global asphalt additives market is estimated to be valued at US$ 56.64 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the asphalt additives market are Berkshire Hathaway Inc., XL Group Ltd, Munich Re Group, Aon PLC, The Chubb Corporation, American International Group Inc., Allianz Global Corporate & Specialty, Zurich Insurance Co. Ltd, Lockton Companies Inc., Bin Insurer Holding LLC and SecurityScorecard Inc.
Increasing government spending on infrastructural development projects creates significant opportunities for Asphalt Additives Market Demand Additionally, growing asphalt pavement usage in non-residential construction activities such as warehouses and factories would aid the market expansion. With rapid urbanization in developing economies of Asia Pacific and Latin America, there exists large potential for global expansion of the asphalt additives market.
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