Asphalt additives market to see a growth in the coming years

The Asphalt additives’ market is reported to see an increase in the market, thanks to the growing rate of urbanisation. Also responsible for this increment is the growing demand of asphalt in the construction industry alongside conforming with the manufacturing standards. With awareness about the positives of energy conservation and sustainable infrastructure around the world getting noticed and practiced by design and construction firms around the world, the usage of asphalt is to only see an upward momentum. The global asphalt additives market will grow steadily during the next four years. Asphalt additives are added to asphalt binders to enhance the performance of asphalt in fields like roadways and waterproofing in structures. These additives also improve the thickness of asphalt which further prevents cracking, ravelling, and deformation. This cuts down the maintenance cost required for the structures over longer periods. At present, residential construction studios and firms are using asphalt roofs to provide durability, algae resistance, fire resistance, and cost-effectiveness. The world roofing asphalt additives market volume is expected to grow at a Compound annual growth rate, CAGR, of 6.8% and reach 399 kilotons by 2022.

(CAGR refers to the geometric progression ratio that provides a constant rate of return over the time period)