Bitumen additives are substances that are added to the bitumen binder to alter the characteristics of final mixture, to make them resistant to the detrimental effects of the load from traffic and the environment. Additives used for bitumen are polymeric modifiers, anti-strip agents, adhesion promoters, emulsifiers, surfactants, rejuvenators, fibers, organic materials, and rubber modifiers. The additives mainly affect thermos viscous and viscoelastic properties of original binder. The polymer can form a three-dimensional network structure within the modified bitumen. Polymer modification improves the temperature susceptibility of bitumen and its resistance to permanent deformation, thermal and fatigue cracking. Technologies used for mixing additives with asphalt include hot mix, cold mix, and warm mix.
The major factor driving the bitumen additives market growth is growing construction and rehabilitation activities in various countries across the world. According to the US Census Bureau, the total construction spending in the US accounted for US$ 740.8 billion during the first five months of 2023. The investment was spent on the development of offices, commercial spaces, transportation, highways, and streets. The spending on private and public construction was US$ 585.7 billion and US$ 133.8 billion, respectively, during the first five months of 2023. In 2022, Webuild, in partnership with IHI Infrastructure Systems Co, built one of the longest suspension bridges, Braila Bridge, measuring 2,277 km, in Romania. In 2022, China began the construction of second bridge across the Pangong Lake. The bridge can accommodate heavy armored vehicles. Further, the requirement for repair and rehabilitation of aging infrastructure creates a constant demand for bitumen additives. Bitumen additives enhance the performance of asphalt pavements and extend the service life of roads. However, fluctuation in raw material prices is hampering the bitumen additives market growth. Polymer additives and other chemical additives are derived from various sources, including petrochemical feedstocks or renewable resources. Other bitumen additives such as emulsifiers, rejuvenators, and anti-strip agents are indirectly derived from crude oil. Disruption in transportation and supply chain, rise in demand for crude oil, inflation in raw material prices, and limited supply of raw materials caused due to the COVID-19 pandemic raised petroleum product prices. The rising crude oil prices due to fluctuating global economic conditions are increasing the resin prices. The rise in raw material prices leads to strain on product profitability and margins. Thus, fluctuations in the prices of raw materials restrain the bitumen additives market.
The “Global Bitumen Additives Market” is segmented on the basis of type, application, and geography. Based on type, the bitumen additives market is segmented into polymeric modifiers, adhesion promoters / anti-strip agents, chemical modifiers, antioxidants, fibers, fillers, emulsifiers, and others. The bitumen additives market, based on application, is segmented into road construction, roofing, paints & coatings, and others. The bitumen additives market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)
Based on type, the bitumen additives market is segmented into polymeric modifiers, adhesion promoters / anti-strip agents, chemical modifiers, antioxidants, fibers, fillers, emulsifiers, and others. The polymeric modifiers segment held the significant bitumen additives market share in 2022, and the market for the segment is expected to grow significantly from 2022 to 2030. Polymers help to improve the mechanical properties and performance of the asphalt and significantly reduce surface deformations under high temperatures. This results in increasing the road surface life.Polymer-modified binders are used to enhance the performance of binders on heavily trafficked or distressed pavement surfaces, often in adverse climatic conditions. Polymer-modified bitumen is made by the mechanical mixing or chemical reactions of bitumen and polymer in a certain percentage. Polymers include various modifiers with elastomers, and plastomers are the most commonly used types. Corresponding elastomers are styrene butadiene styrene (SBS), styrene isoprene styrene (SIS), and styrene-ethylene/butylene-styrene (SEBS).
Based on geography, the bitumen additives market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific dominated the global bitumen additives market, and the regional market accounted for approx. US$ 1,798 million in 2022. Europe is a second major contributor holding more than 26% global bitumen additives market share. North America is expected to register a considerable CAGR of around 5.3% from 2022 to 2030. The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures in the region. 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. In the construction industry, bitumen additives are utilized in various building & construction applications such as waterproofing, roofing, and road & pavement construction. The demand for bitumen additives is increasing due to growing construction activities and rising government support for new infrastructure rehabilitation projects in the region.
The following are initiatives taken by the key players operating in the bitumen additives market:
The regional trends and factors influencing the Bitumen Additives Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Bitumen Additives Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 5.24 Billion |
| Market Size by 2030 | US$ 8.28 Billion |
| Global CAGR (2022 - 2030) | 5.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Bitumen Additives Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Bitumen Additives Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals & materials industry. The shutdown of manufacturing units of bitumen additives companies disturbed global supply chains, manufacturing activities, and delivery schedules. Various companies reported delays in product deliveries and a slump in their product sales in 2020. Most of the construction projects were closed during the pandemic, negatively impacting the bitumen additives market growth.
Various industries are coming on track after supply constraints affecting these industries are resolving gradually. Moreover, the rising demand for bitumen additives from the industrial and residential construction sectors substantially promotes the bitumen additives market growth
A few players operating in the global bitumen additives market are KRATON CORPORATION, BASF SE, Ingevity, Nouryon, Arkema, Kao Chemicals Europe, Dow, Honeywell International Inc, Huntsman International LLC, and Sasol Limited. Players operating in the bitumen additives market focus on providing high-quality products to fulfill customer demand.
The List of Companies - Bitumen Additives Market
Asia Pacific is estimated to register the fastest CAGR in the global bitumen additives market from 2022 to 2030. The growing construction industry and research and development pertaining to road infrastructure in the Asia Pacific are projected to boost the demand for bitumen additives.
The road construction segment held the largest share of the global bitumen additives market in 2022. There is an increasing use of bitumen for surfacing roads, airport pavements, runways, taxiways, and platforms.
The polymeric modifiers segment held the largest share of the global bitumen additives market in 2022. Polymeric modifiers are one of the major bitumen additives. Polymers help to improve the mechanical properties and performance of the asphalt and significantly reduce surface deformations under high temperatures.
A few players operating in the global bitumen additives market include KRATON CORPORATION, BASF SE, Ingevity, Nouryon, Arkema, Kao Chemicals Europe, Dow, Honeywell International Inc, Huntsman International LLC, and Sasol Limited.
In 2022, Asia Pacific held the largest share of the global bitumen additives market. The strong growth of the construction industry in countries such as India, China, Japan, Australia, and others is driving the bitumen additives market growth in the region.
The projected growth of the market is attributed to the growing construction and rehabilitation activities and rising government initiatives for infrastructure development.