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Global Asphalt Additives Market 2016 registering a CAGR of 6.6% during by 2022
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The world asphalt additives market is expected to reach $2,302 million through 2022, from 2015 market value of $1,433 registering a CAGR of 6.6% during the analysis period. Increasing demand for asphalt from construction industry, growing conformity with latest manufacturing standards, and rapid urbanization are the key factors driving the growth of the asphalt additives market growth. However, changing regulatory environment coupled with the low consumer awareness may hamper the market growth during the analysis period.
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The market has been segmented on the basis of type, application, and geography. On the basis of type, the market is segmented into polymerized asphalt cement, novophalt, multigrade asphalt cement, polyester modifier, and others. In 2015, the polymerized asphalt cement (PAC) segment occupied around half of the overall asphalt additives market, in volume terms as PAC enhances the ability of asphalt to combat fatigue and cracks. Based on end user of asphalt additives, the market is segmented into road construction, road paving, airport runaway, parking lots, roofing, and others. In 2015, the road construction application segment accounted for more than half of the world asphalt additives market owing to rising urban migration and demographic shifts across the globe.
Furthermore, the market has been segmented on the basis of geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA. In addition, the consumption of asphalt additives in different countries has also been included in the report. In 2015, Asia-Pacific occupied two-fifths of the total asphalt additives market, in volume terms. In addition, Asia-Pacific is expected to be the fastest growing region during the analysis period.
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