U.K. Asphalt Additive Market Outlook

the uk asphalt additive market is highly dominated by a few major chemical conglomerates, which present a unique opportunity for new entrants seeking market penetration. the rising demand for road improvement and maintenance projects in the uk has fuelled a demand for asphalt additives. lately, a large number of research and development initiatives have been conducted to develop advanced asphalt additives with improved durability and weather-resistance characteristics. moreover, a number of raw materials manufacturers are also expected to enter the market, which is expected to create new growth avenues for asphalt additive producers. in terms of technology, the uk market for asphalt additives is expected to witness the development of bio-based asphalt additives, in line with the country’s policy to promote sustainable construction practices. additionally, the government of the uk is expected to promote the use of recycled asphalt pavement in the coming five to six years, which in turn is expected to become a major factor for augmenting the demand for asphalt additives. the uk asphalt additive industry is characterized by a highly competitive environment where new products are continuously being developed to meet customer needs. in terms of pricing, the cost of asphalt additives is expected to remain comparatively higher as compared to the prices for traditional road surfacing materials. moreover, the increasing emphasis on reducing emissions and improving fuel efficiency is expected to create an upsurge in the adoption of asphalt additives over the next few years. in terms of product trends, cold mix asphalt is expected to witness a surge in its use over traditional hot mix asphalt, owing to its benefits in terms of energy conservation. additionally, cold mix asphalt requires a smaller amount of asphalt additive as compared to hot mix asphalt, which is expected to enable a greater level of cost-effectiveness. overall, the uk asphalt additive market is expected to witness an upward trend in terms of growth rate and market size during the forecast period of 2018-2032. the growing emphasis on infrastructure development and sustainability is anticipated to create a huge growth opportunity for the market during this period. moreover, the product price is also expected to remain steady, owing to the cost-effectiveness of asphalt additives in comparison with traditional road surfacing products.