Bitumen Additives Market
Bitumen Additives Market Forecasts to 2030 - Global Analysis By Product (Adhesion Promoters, Emulsifiers, Polymeric Modifiers, Anti-strip, Emulsifiers, Rejuvenators and Other Products), Formulation, Mixing Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Bitumen Additives Market is accounted for $4.0 billion in 2023 and is expected to reach $7.6 billion by 2030 growing at a CAGR of 9.7% during the forecast period. Bitumen additives are substances or compounds that are added to bitumen, a viscous and sticky form of petroleum, to enhance its performance and properties. Bitumen is commonly used in the construction industry for various applications, such as road paving, roofing, and waterproofing. The addition of specific additives can modify the characteristics of bitumen to meet specific requirements and improve its overall performance.
According to a report published by the US Census Bureau in 2022, the spending on residential construction in the US increased from US$ 815.48 billion in 2021 to US$ 929.67 billion in 2022.
Market Dynamics:
Driver:
Rising road construction activities
Increased infrastructure development projects globally, especially in emerging economies, are fueling the demand for bitumen additives. These additives enhance the durability, flexibility, and overall performance of asphalt in road construction. As the construction sector continues to expand, the market is expected to experience sustained momentum, presenting lucrative opportunities for stakeholders and contributing to the overall growth of the construction industry.
Restraint:
Environmental and regulatory challenges
The market faces significant environmental and regulatory challenges due to the potential environmental impact of additives used in bitumen. Stringent regulations aimed at controlling emissions, waste disposal, and chemical usage pose hurdles for manufacturers. Compliance with evolving environmental standards and navigating complex regulatory frameworks require continuous adaptation.
Opportunity:
Technological advancements
Innovations include the development of polymer-modified additives, rejuvenators, and nanotechnology-based solutions. These advancements aim to improve resistance to aging, cracking, and deformation, resulting in longer-lasting and more resilient road surfaces. Additionally, smart additives incorporating sensors for real-time monitoring of pavement conditions have emerged, enabling proactive maintenance strategies. Overall, these technologies contribute to sustainable and efficient infrastructure solutions in the industry.
Threat:
High initial costs
Investments in advanced technologies for enhancing bitumen properties, such as polymer-modified bitumen and performance-boosting additives, contribute to elevated upfront expenses. Additionally, rigorous quality control measures and compliance with industry standards add to the financial burden. The market faces significant challenges due to high initial costs associated with research, development, and production.
Covid-19 Impact:
The COVID-19 pandemic has significantly impacted the Bitumen Additives market, causing disruptions in the supply chain and construction activities. Lockdowns and restrictions led to project delays, affecting bitumen demand. Fluctuating oil prices and economic uncertainties further contributed to market challenges. Adaptation to new norms in construction practices and increased government investments in public projects are expected to reshape the market dynamics positively.
The emulsifiers segment is expected to be the largest during the forecast period
The emulsifiers segment is expected to be the largest during the forecast period. Emulsifiers play a crucial role in the market, facilitating the effective mixing of bitumen with water to create stable emulsions. These additives enhance the versatility and application of bitumen by improving its ability to bond with various materials. The emulsification process, driven by emulsifiers, enables the creation of bitumen emulsions used in diverse applications such as road construction and maintenance.
The waterproofing segment is expected to have the highest CAGR during the forecast period
The waterproofing segment is expected to have the highest CAGR during the forecast period. Enhanced formulations with advanced additives are proving crucial in augmenting bitumen's waterproofing capabilities. The market's focus on developing innovative solutions aligns with the rising demand for effective waterproofing solutions, positioning bitumen additives as integral components in the construction industry's quest for durable and sustainable infrastructure.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. Increasing demand for high-performance roads, coupled with a focus on sustainable solutions, is driving the adoption of innovative additives. Enhanced road durability, reduced maintenance costs, and improved performance in extreme weather conditions are key factors fueling market expansion. Major players are actively investing in research and development to introduce advanced additives, contributing to the markets.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. Increasing road construction activities and the demand for high-performance road surfaces contribute to the market expansion. Key players are focusing on product innovations and strategic collaborations to gain a competitive edge in this burgeoning market. The rising awareness regarding sustainable and eco-friendly additives further propels market growth, indicating a promising outlook for the sector in the region.
Key players in the market
Some of the key players in Bitumen Additives market include Croda International Plc, Evonik Industries AG, Kao Corporation, Kraton Corporation, AkzoNobel N.V, DowDuPont Inc., Berkshire Engineering, Huntsman International LLC, Honeywell International, BASF SE, Arkema SA, Evonik, Sasol Limited, Croda International and Ingevity.
Key Developments:
In April 2023, Sasol Chemicals, a division of Sasol Ltd, and Mission Possible Partnership (MPP) established a partnership to examine possible projects for Sasol's sustainability hub in Lake Charles, Louisiana.
In March 2023, Kraton Corporation announced the expansion of itsproduction capabilityof styrene-butadiene-styrene block copolymers (SBS) at the Belpre, Ohio facility beginning in 2024. By 2025, manufacturing capacity is predicted toexpand by 24 kilotons per year.
In August 2022, Kao Corporation developed the first-ever asphalt additive made from recycled plastic bottles. It features NEWTLAC 5000, a new additive with exceptionally high durability, oil resistance, and environmental features. NEWTLAC 5000 is made by chemical recycling of waste PET (polyethylene terephthalate) plastics.
Products Covered:
• Adhesion Promoters
• Emulsifiers
• Polymeric Modifiers
• Anti-strip
• Emulsifiers
• Rejuvenators
• Other Products
Formulations Covered:
• Liquid Additives
• Powder Additives
Mixing Technologies Covered:
• Hot Mix
• Cold Mix
• Warm Mix
Applications Covered:
• Road construction
• Paving
• Roofing
• Waterproofing
• Other Applications
End Users Covered:
• Infrastructure
• Residential
• Commercial
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Bitumen Additives Market, By Product
5.1 Introduction
5.2 Adhesion Promoters
5.3 Emulsifiers
5.4 Polymeric Modifiers
5.5 Anti-strip
5.6 Emulsifiers
5.7 Rejuvenators
5.8 Other Products
6 Global Bitumen Additives Market, By Formulation
6.1 Introduction
6.2 Liquid Additives
6.3 Powder Additives
7 Global Bitumen Additives Market, By Mixing Technology
7.1 Introduction
7.2 Hot Mix
7.3 Cold Mix
7.4 Warm Mix
8 Global Bitumen Additives Market, By Application
8.1 Introduction
8.2 Road construction
8.3 Paving
8.4 Roofing
8.5 Waterproofing
8.6 Other Applications
9 Global Bitumen Additives Market, By End User
9.1 Introduction
9.2 Infrastructure
9.3 Residential
9.4 Commercial
9.5 Other End Users
10 Global Bitumen Additives Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Croda International Plc
12.2 Evonik Industries AG
12.3 Kao Corporation
12.4 Kraton Corporation
12.5 AkzoNobel N.V
12.6 DowDuPont Inc.
12.7 Berkshire Engineering
12.8 Huntsman International LLC
12.9 Honeywell International
12.10 BASF SE
12.11 Arkema SA
12.12 Evonik
12.13 Sasol Limited
12.14 Croda International
12.15 Ingevity
List of Tables
1 Global Bitumen Additives Market Outlook, By Region (2021-2030) ($MN)
2 Global Bitumen Additives Market Outlook, By Product (2021-2030) ($MN)
3 Global Bitumen Additives Market Outlook, By Adhesion Promoters (2021-2030) ($MN)
4 Global Bitumen Additives Market Outlook, By Emulsifiers (2021-2030) ($MN)
5 Global Bitumen Additives Market Outlook, By Polymeric Modifiers (2021-2030) ($MN)
6 Global Bitumen Additives Market Outlook, By Anti-strip (2021-2030) ($MN)
7 Global Bitumen Additives Market Outlook, By Emulsifiers (2021-2030) ($MN)
8 Global Bitumen Additives Market Outlook, By Rejuvenators (2021-2030) ($MN)
9 Global Bitumen Additives Market Outlook, By Other Products (2021-2030) ($MN)
10 Global Bitumen Additives Market Outlook, By Formulation (2021-2030) ($MN)
11 Global Bitumen Additives Market Outlook, By Liquid Additives (2021-2030) ($MN)
12 Global Bitumen Additives Market Outlook, By Powder Additives (2021-2030) ($MN)
13 Global Bitumen Additives Market Outlook, By Mixing Technology (2021-2030) ($MN)
14 Global Bitumen Additives Market Outlook, By Hot Mix (2021-2030) ($MN)
15 Global Bitumen Additives Market Outlook, By Cold Mix (2021-2030) ($MN)
16 Global Bitumen Additives Market Outlook, By Warm Mix (2021-2030) ($MN)
17 Global Bitumen Additives Market Outlook, By Application (2021-2030) ($MN)
18 Global Bitumen Additives Market Outlook, By Road construction (2021-2030) ($MN)
19 Global Bitumen Additives Market Outlook, By Paving (2021-2030) ($MN)
20 Global Bitumen Additives Market Outlook, By Roofing (2021-2030) ($MN)
21 Global Bitumen Additives Market Outlook, By Waterproofing (2021-2030) ($MN)
22 Global Bitumen Additives Market Outlook, By Other Applications (2021-2030) ($MN)
23 Global Bitumen Additives Market Outlook, By End User (2021-2030) ($MN)
24 Global Bitumen Additives Market Outlook, By Infrastructure (2021-2030) ($MN)
25 Global Bitumen Additives Market Outlook, By Residential (2021-2030) ($MN)
26 Global Bitumen Additives Market Outlook, By Commercial (2021-2030) ($MN)
27 Global Bitumen Additives Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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