The aging behavior of thermoplastic polyurethane-modified asphalt (TPUMA) is intricate and the mechanisms of its thermal degradation are not well understood. This study examines the viscoelastic, chemical and morphological characteristics of thermoplastic polyurethane modified asphalt (TPUMA) under different aging conditions (RTFOT/PAV). The rheological master curve model of the S parameter was used to analyze the fitting effect on TPUMA, with SBS (styrene–butadiene–styrene) modified asphalt serving as the control group. The relationship between the phase angle plateau area and polymer aging degradation was elucidated. This study investigates the impact of polymer degradation on the high-temperature rheological behavior and medium-temperature fatigue properties of asphalt through temperature sweep, multiple stress creep recovery (MSCR), and linear amplitude sweep (LAS) tests. Fourier transform infrared spectrometer (FTIR) and confocal laser scanning microscopy (CLSM) are used to qualitatively and quantitatively analyze the chemical composition and morphological evolution of TPUMA during thermal-oxidative degradation. The findings suggest that TPUMA's performance changes in the aging environment is result from the dual coupling effect of polymer degradation and asphalt oxidative hardening. The closely arranged isocyanate (-NCO) and polar component molecular chains in asphalt slow down its oxidation speed, which enhances the aging and deformation resistance of TPUMA. The successful blending of TPU and asphalt was confirmed, and the degradation degree of the polymer was quantitatively characterized by the percentage of the degraded area. The results provide insights to better understand the interplay between TPU degradation and asphalt oxidation.
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