Modified Asphalt Emulsion Market Size, Share, Growth, And Industry Analysis, By Type (SBS Modified Asphalt Emulsion, SBR Modified Asphalt Emulsion, Chloroprene Rubber Modified Asphalt Emulsion, Natural Rubber Modified Asphalt Emulsion, Others), By Application (Road Construction & Paving, Roofing, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Modified Asphalt Emulsion Market Report Overview

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The global modified asphalt emulsion market size was 359.1 million in 2022 & the market is expected to reach USD 606 million by 2031, exhibiting a CAGR of 6.0% during the forecast period.

Road construction has seen a significant increase in the usage of asphalt emulsion, and the material is also used in the manufacture of waterproofing goods for flat roof sealing and roofing. It is a filler and binder made from specific petroleum crude oils that have been refined. The market is anticipated to expand sustainably over the anticipated period because to the steady rise in its utilisation for road building, paving, and roofing.

In roofing applications, asphalt is generally utilised as a waterproofing material. Additionally, it serves as a saturate in roll roofing, asphalt saturated felts, and shingles. One of the most affordable roofing materials is asphalt shingles, which are in considerable demand in North America and Europe. Since a result, since they extend the useful life and durability of asphalt in roofing applications, the demand for asphalt emulsions is anticipated to grow. The market's optimistic future is also influenced by factors including the growing demand for industrial modernisation, increased urbanisation, and the growing use of emulsified asphalt and polymer modified asphalt. Because of the expanding population, asphalt shingles, which are used to waterproof roofs, are in great demand.

COVID-19 Impact: COVID-19 Pandemic resulting in Lack of Labour hence leading Construction Projects Halt

The COVID-19 epidemic had a particularly negative impact on the building industry. Initial pandemic consequences included a complete halt to all business operations, including supply and production. Travel limitations and following government laws caused a significant disruption to the company's operations. Contractors were unable to organise the labour force during the early stages of the epidemic, while suppliers were unable to locate basic supplies. The building industry has been in a state of turmoil for the past few months, but a recovery is anticipated. Indicators of the market's recovery, such as reducing unemployment, are becoming more apparent in the post-COVID environment. Despite the resuming of projects, the rising costs of goods and raw materials point to a robust economic recovery.

Latest Trends

"Growing Use of Bio-asphalt Will Impact Market Development"

Asphalt is a petroleum-based substance typically used in the construction sector as a pavement binder. However, items made from petroleum cannot be regenerated and are not sustainable. There has been extensive study towards developing a sustainable substitute for asphalt as a result of consumers' growing awareness of the detrimental impact that some petroleum products have on the environment and human health. A non-petroleum-based binder called bioasphalt is created by using biomass, which includes things like molasses, starch, trees, cellulose, lignin, and natural latex. The market demand for bio-asphalt is being driven by its comparable behaviour and improved features.

Modified Asphalt Emulsion Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into SBS Modified asphalt emulsion, sbr modified asphalt emulsion, chloroprene rubber modified asphalt emulsion, natural rubber modified asphalt emulsion, others. SBS modified asphalt emulsion is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into road construction & paving, roofing, others. Road construction & paving will be the dominating segment.

Driving Factors

"Growing Demand for Asphalt Products from Waterproofing Applications to drive market expansion"

Reclaimed asphalt pavements (RAP) are being used more often in business and residential parking lots, playground and school blacktops, and driveways. It is additionally employed as an emulsion to resurface worn pavement and roadways. Additionally, the market is being driven ahead by an increase in industrial demand for low-slope roofing materials such roll roofing, modified Asphalt membranes, and mopping asphalts. Another factor propelling market expansion is the rising demand from the oil and gas sector. Due to their remarkable qualities, products including roofs, primer, paint, coatings, sealants & adhesives, and others are in great demand.

"Road construction activity and increase in projects and investments should be increased to drive market expansion"

Due to its excellent qualities and benefits over other materials used to make pavement, Asphalt is a substance that is frequently utilised in paving and road construction. They may be utilised as raw materials for paving and building roads because to their special natural qualities. The Ministry of Road Transport and Highways has authorised the construction of 34800 km of national highways over the next five years as part of this initiative. This programme calls for the construction of 22 Greenfield projects. This should increase Modified Asphalt Emulsion market share. From 2022 through 2029, the government's emphasis on recycling programmes and investments in recycled asphalt (RAP) will present lucrative prospects for market participants. RAP may be utilised to rebuild old roadway surfaces and repair damaged roads. Additionally, the market for asphalt emulsion will continue to rise as a result of rising infrastructure spending.

Restraining Factors

"Volatility of Asphalt Supply and Price may hinder the market"

Due to the fact that asphalt is a petrochemical, price changes in the price of petroleum have a significant impact on asphalt pricing. Shifting petrochemical prices lead to an inconsistent supply of asphalt, which has an effect on the building projects carried out by governments and road contractors. Asphalt is a crucial component of the construction of road surface. Because of this, employing substitutes for conventional road paving materials like concrete, gypsum, and bio asphalt is gaining popularity. The markets for asphalt and asphalt emulsion are inextricably linked. As a result, adjustments in the cost and accessibility of asphalt will have an effect on the global market for asphalt emulsion during the course of the projected period.

Modified Asphalt Emulsion Market Regional Insights

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"Asia Pacific region will lead the market during forecast period"

Due to the numerous efforts and programmes put in place by governments to develop public infrastructure, the Asia Pacific region led the worldwide market in 2020 and is predicted to maintain its dominance going forward. For instance, the Indian government proposed $13.8 billion in road projects in September 2021 to improve the road infrastructure in Jammu & Kashmir. The growing building industry and the worsening socio-economic conditions are the primary forces behind market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Total (France)
• ExxonMobil (U.S.)
• Sinopec (China)
• BPCL (India)
• Gazprom Neft (Russia)
• Shell (U.K.)
• Tipco Asphalt (Thailand)
• Colas (France)
• Nynas (Sweden)
• Baolirus (Russia)
• Guochuang Hi-Tech (China)
• Nichireki

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.