Aromatic Oil for Modified Asphalt Market size was valued at USD 1.2 Billion in 2024 and is projected to reach USD 2.5 Billion by 2033, exhibiting a CAGR of 9.1% from 2026 to 2033.
The global Aromatic Oil for Modified Asphalt Market was valued at USD 3.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. The markets growth is driven by the increasing demand for modified asphalt in road construction and maintenance projects worldwide. The rising adoption of aromatic oils in asphalt to improve its durability and resistance to environmental factors has significantly influenced market dynamics. The North American region held a major market share of 30% in 2022, with growth fueled by infrastructure development and heavy investments in road networks, while the European market followed closely with a share of 27%, driven by advanced construction technologies and regulatory support for sustainable infrastructure. The Asia Pacific region is expected to witness the highest CAGR of 6.2% during the forecast period, owing to rapid urbanization, infrastructure projects, and government initiatives aimed at improving road networks in emerging economies like India and China.
In terms of regional opportunities, North America and Europe remain key markets due to their well established infrastructure and demand for high performance road materials. However, the Asia Pacific region presents significant growth potential, with the construction sector booming in countries such as China, India, and Japan. As governments across the region focus on improving road quality and sustainability, the demand for modified asphalt, driven by aromatic oils, is expected to surge. The Latin American market is also expected to grow steadily, primarily due to the increasing demand for road maintenance and the need for more durable, long lasting asphalt mixtures. The Middle East and Africa are anticipated to witness moderate growth, driven by rising investments in infrastructure, particularly in oil rich nations focusing on enhancing their road infrastructure.
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ArrMaz
Croda International
AkzoNobel
Kraton Corporation
Kao Corporation
Honeywell International
Dow
DuPont
Berkshire Engineering
Huntsman International
Arkema Group
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Aromatic Oil for Modified Asphalt Market
Essential Oils
Synthetic Oils
Blended Oils
Road Construction
Roofing
Waterproofing
Adhesives
Viscosity Modifier
Anti-oxidants
Stabilizers
Liquid
Solid
Construction Industry
Automotive Industry
Oil & Gas Industry
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Aromatic Oil for Modified Asphalt Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Aromatic Oil for Modified Asphalt Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Aromatic Oil for Modified Asphalt Market, By Type
6. Global Aromatic Oil for Modified Asphalt Market, By Application
7. Global Aromatic Oil for Modified Asphalt Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Aromatic Oil for Modified Asphalt Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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