Asphalt Additives Market Size, Impacted by COVID-19, to Reach US$ 3.7 Billion in 2026, Says Stratview Research
DETROIT, Feb. 23, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Asphalt Additives Market by Product Type (Anti-Stripping Agent/Adhesion Promoter, Rejuvenators, Emulsifiers, Polymer, and Others), by Application Type (Road Construction, Parking Lots, Roofing, and Others), by Technology Type (Hot Mix, Warm Mix, and Cold Mix), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Share, Trend, Forecast, & Industry Analysis: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's asphalt additives market realities and future market possibilities for the forecast period of 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for asphalt additives at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Asphalt Additives Market: Highlights from the Report
Additives gained huge momentum in the asphalt pavement industry in the wake of the requirements for high temperature and aging resistance, improvement in thermal cracking and stripping, and reduced maintenance cost of pavements. More than 90% of the road pavements performed today are being done with asphalt. There is also an increase in the penetration of asphalt with additives as compared to unmodified asphalt. The COVID-19 pandemic brought in slight disruption in the growth of the asphalt paving industry as well as the asphalt additives market with lockdown, shortage of labor, postponement of infrastructural development programs, and disruption in the supply chain across the globe being the major restraining factors.
The possible impact of the pandemic on the asphalt additives market is likely to be graver in 2021 than its impact in 2020. The asphalt pavements industry is having a minimal impact of the pandemic as road construction/maintenance has been in operation considering an essential activity in various regions. Also, most of the road construction funds for 2020 were already allocated, which led to an insignificant slowdown in the market growth in 2020. However, the year 2021 is likely to see slower growth with a shrinking economy, lower tax collections in 2020, and a reduction in federal and state govt. budgets. After a slowdown in growth in 2021, the market is likely to regain its growth momentum from 2022, ultimately reaching US$ 3.7 billion in 2026.