Canada Asphalt Additive Market Outlook

canada’s asphalt additive market is expected to witness steady growth over the forecast period from 2018 to 2032. the growth is attributed to the populirement of asphalt additives among road infrastructure developers in both public and private sector. moreover, the sudden influx of new asphalt additives with specific characteristics such as durability and pliability also promised better efficiency and practical utility of roads and the rising demand for the same for the same purposes has further sustained the overall market growth. repair and maintenance activities to be the primary driver for the growth of asphalt additive industry over the forecast period. repair and maintenance activities to deal with ever-increasing traffic volume and prevalence of aged roads has become a priority for the government of canada and the same needs to be supplemented by additives with specific characteristics to better their utility and durability. moreover, asphalt additives are also used for binding purposes for soil stabilization and the promises set forth from the same has become a driving force for the industry development. moreover, the introduction of advanced technologies such as polymer modified asphalt has also opened up a wealth of possibilities for the asphalt additive market. companies in the market have also found new ways to upgrade their current product portfolio to meet the increasing demand for premium asphalt additives. in addition to this companies are also investing into technological advancements to produce more cost effective and eco-friendly asphalt additives. though, the growth of the asphalt additive industry is hampered by the high cost of production and transportation. earmarked with high production cost, asphalt additives catering to a high-end market are cost-prohibitive for most of the infrastructural projects. moreover, the long cycle of production of asphalt additives and infrastructural projects have left many asphalt companies out of pocket during the process delaying the projects. the asphalt additive market in canada is competitive and companies often emphasize on product innovation and customization. also, new product launch have become a common practice for companies aiming to gain a competitive edge in the industry. visible market players present in the canadian asphalt additive market include cargill, upm-kymmene corporation, sice, and morton international, among others.