Rising Government Initiatives for Infrastructure Development Bolster Bitumen Additives Market Growth
According to our latest study on “Bitumen Additives Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Application,” the bitumen additives market size is expected to grow from US$ 5,237.07 million in 2022 to US$ 8,275.37 million by 2030; it is estimated to register a CAGR of 5.9% from 2022 to 2030. The report highlights key factors driving the bitumen additives market growth and prominent players along with their developments in the market.
Bitumen additives are precisely blended with asphalt to impart desired characteristics to the asphalt mixture. Asphalt overlays with bitumen additives are used to provide smooth and durable driving surfaces on bridges and bridge decks. Bitumen additives are used to construct racing tracks to create a durable surface that withstands the stress of high-speed racing. The additives are used in applications such as road infrastructure, waterproofing, and roofing.
Bitumen Additives Market Breakdown – by Region
Bitumen Additives Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Polymeric Modifiers, Adhesion Promoters / Anti-Strip Agents, Chemical Modifiers, Antioxidants, Fibers, Fillers, Emulsifiers, and Others) and Application (Road Construction, Roofing, Paints & Coatings, and Others)
Bitumen Additives Market Size Report, Trends and Forecast 2030
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The government-supported infrastructure projects generally include roads, dams, bridges, tunnels, ports, airport pavements, and highways. The growing investments from government organizations lead to a rise in infrastructure construction. In 2022, the Department for Transport of the UK announced the funding of US$ 34.83 million to develop net zero highways. In 2022, the Roads and Transport Authority of the UAE commenced phase 1 of the Sheikh Rashid bin Saeed Corridor Improvement Scheme, building four bridges and a four-lane road. The project aimed to improve traffic safety and flow and eliminate overlapping traffic spots. The Department of Water Resources, River Development and Ganga Rejuvenation of India launched a scheme with a financial outlay of US$ 322.5 million for the rehabilitation of 223 dams in seven states in India. Such initiatives generate demand for construction services, equipment, and materials. The rising investments and efforts in infrastructure development by governments of various countries across the world are driving 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 global bitumen additives market focus on providing high-quality products to fulfil customer demand.
Impact of COVID-19 Pandemic on Bitumen Additives Market
The COVID-19 pandemic has adversely altered the status of the chemicals & materials sector and negatively affected the bitumen additives market growth. The implementation of measures to combat the spread of the virus has aggravated the situation and restrained the growth of various industries. Many industries have been adversely affected by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The pandemic hindered the construction industry in the different regions during its initial days, which reduced the demand for bitumen additives. As several countries have resumed their operations and companies from the manufacturing industries are regaining their operations to normalcy, the demand for bitumen additives is raising globally, with the growth in construction activities.
The report includes the segmentation of the bitumen additives market as follows:
The global bitumen additives market is bifurcated on the basis of type and application. 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. By geography, the bitumen additives market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America bitumen additives market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific bitumen additives market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The bitumen additives market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America bitumen additives market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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