Bitumen Additives Market Size Report, Trends and Forecast 2030

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)

  • Report Code : TIPRE00014345
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 191
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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.

Market Insights and Analyst View:

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.

Growth Drivers and Challenges:

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.

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Bitumen Additives Market: Strategic Insights

Market Size Value inUS$ 5,237.07 million in 2022
Market Size Value byUS$ 8,275.37 million by 2030
Growth rateCAGR of 5.9% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Report Segmentation and Scope:

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)

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Segmental Analysis:

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).

Segmental Analysis:
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Regional Analysis: 

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.

Industry Developments and Future Opportunities:

The following are initiatives taken by the key players operating in the bitumen additives market:

  • 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. NEWTLAC 5000 pavement is less susceptible to damage from heavy vehicles and is highly resistant to oil and other liquids.
  • In April 2019, Nouryon expanded its offering for the asphalt market with Wetfix G400, a versatile non-amine adhesion promoter derived from renewable resources. Wetfix G400 meets customers’ needs for a sustainable alternative that maintains asphalt mixture performance and durability.
  • In June 2020, BASF SE launched a bitumen additive designed to make roads more durable. BASF SE has spent several years developing the additive together with the Institute of Highway Engineering in Aachen, and the product is available under the name B2Last.

COVID-19 Pandemic Impact:

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

Competitive Landscape and Key Companies:

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.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions

Which region held the fastest CAGR in the global 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.

Can you list some of the major players operating in the global bitumen additives market?

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.

Which region held the largest share of the global bitumen additives market?

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.

Based on type, which segment held the largest share of the global bitumen additives market?

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.

Based on application, which segment held the largest share of the global bitumen additives market?

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.

What are the key factors influencing market growth?

The projected growth of the market is attributed to the growing construction and rehabilitation activities and rising government initiatives for infrastructure development.

The List of Companies - Bitumen Additives Market

  1. Nouryon Chemicals Holding BV  
  2. Ingevity Corp
  3. Kraton Corp
  4. Arkema SA
  5. Dow Inc
  6. Honeywell International Inc
  7. Huntsman International LLC
  8. Sasol Ltd
  9. BASF SE
  10. Kao Corp

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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