Asphalt is a black or brown petroleum-like material that has a density varying from viscous liquid to glassy solid. It is collected either as a deposit from the distillation of petroleum or natural deposits. Asphalt consists of compounds of hydrogen and carbon with minor proportions of nitrogen, sulfur, and oxygen. The mechanical features of asphalt are insignificant except when it utilized as a binder or adhesive. The primary application of asphalt is in road surfacing, which may be performed in several ways. The commonly used light oil dust layer treatments are built up by the repetition to form a hard surface. Moreover, a granular aggregate may be combined with an asphalt coat, or earth materials from the road surface itself may be mixed with the asphalt. Various distinct additives are added to asphalt depending on the production technology and the end-use application. The growing use of asphalt additives is expecting further growth in the global asphalt additives market during the forecast period.
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The important applications of asphalt additives include canal and reservoir linings, dam facings, and other harbor and sea works. Asphalt additives are also used as a thin, sprayed membrane, coated with earth for protection against weathering and production damage, or thicker surfaces, often including crushed rock. Asphalt additives are increasing in the use of roofs, coatings, floor tiling, soundproofing, waterproofing, and other building-construction elements and several manufacturing products, such as batteries. Waterproofing is an essential element of roofing in domestic and non-residential construction. The addition of polymer additive to asphalt improves the quality and performance of roofing materials, growing its demand in the construction industry. This is expected to drive the asphalt additives market during the forecast period.
Slowdown in Construction Activities Impacts Demand for Asphalt Additives
COVID-19 is an incomparable global pandemic that has transformed almost every industry and the long-term effects predicted to reshape industry growth during the forecast period. Almost every commercial project is experiencing a halt or cancellation at the hands of the vicious coronavirus. Due to the integrated nature of the business activity, some industries may unwittingly advance under the pandemic, but of the hardest struck, construction and engineering sectors are definitely suffering. The stringent regulations around the world for supply chain, production, and construction industries to restrict the spread of COVID-19 have limited the growth of several industries, which will desperately try to recover with increasing workload and rapid production.
The asphalt additives market majorly depends on the construction industry, which is sensitive to economic cycles. The construction sector projects include construction, renovation, maintenance, as well as work conducted in civil engineering projects such as roads and utility systems. Asphalt additives are widely being used in such projects have lost their demand as all the construction activity came to a halt amidst the pandemic. On the upside, the construction industry endures much potential to stimulate recovery by creating new jobs in several markets, and, in turn, recovery measures can support the asphalt additives transformation toward sustainability and growth.
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