Bitumen Additives Market worth $7.8 Billion by 2030 – Exclusive Report by The Insight Partners
Bitumen Additives Market is estimated to register a CAGR of 5.8% from 2022 to 2030
Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) — According to our new research study on “Bitumen Additives Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the bitumen additives market is expected to grow from US$ 4.98 Billion in 2022 to US$ 7.8 Billion by 2030; it is estimated to register a CAGR of 5.8% from 2022 to 2030. The bitumen additives market growth is attributed to the growing construction and rehabilitation activities and rising government initiatives for infrastructure development.
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Global Bitumen Additives Market: Competitive Landscape and Key Developments
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. The market players focus on providing high-quality products to fulfill customer demand.
Bitumen Additives Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||US$ 4.98 Billion in 2022|
|Market Size Value by||US$ 7.8 Billion by 2030|
|Growth rate||CAGR of 5.8% from 2022 to 2030|
|No. of Pages||203|
|No. of Tables||87|
|No. of Charts & Figures||115|
|Historical data available||Yes|
|Segments covered||by Type, Application, and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||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 global bitumen additives market share. The Asia Pacific bitumen additives market, by country, is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is one of the major contributors to the bitumen additives market growth in Asia Pacific. As per International Trade Administration, total investment in China’s infrastructure during the 14th Five-Year Plan period (2021–2025) is estimated to reach ~US$ 4.2 trillion. In 2022, the National Development and Reform Commission (NDRC) and the Ministry of Transport (China) unveiled the National Highway Network Planning document showing their aim to construct a functional, efficient, green, intelligent, and safe modern highway network by 2035. In 2022, Obayashi Corporation, a Japanese construction company, began testing the new system of road infrastructure at the Technical Research Center (Tokyo) in collaboration with various partners from the construction industry. Therefore, the growing construction industry and research and development pertaining to road infrastructure in Asia Pacific are projected to boost the demand for bitumen additives.
Strategic Product Innovations and Research by Key Market Players
Bitumen additives manufacturers are investing significantly in strategic development initiatives such as product innovation, mergers & acquisitions, and business expansion to attract a wide customer base and enhance their market position. Major manufacturers and researchers are adopting strategies such as research and development to serve the customer demand and satisfy their growing demands. In 2023, a researcher from Sarsam and Associates Consult Bureau (Iraq) reviewed the utilization of micro-sized fly ash and nano-sized silica fumes to extend the fatigue life of the pavement. In 2022, SoyLei Innovations aimed at developing a rejuvenator product, a compound made of soybean oil that can be mixed with recycled asphalt. In 2022, Aggregate Industries launched Foamix, a cold-mix asphalt containing 92% recycled materials and 85% reclaimed asphalt pavement. Thus, rising strategic product innovations and research by key market players are expected to create lucrative opportunities for the bitumen additives market growth in the coming years.
Growing Demand from Various End-Use Industries
Bitumen Additives is an essential material in the manufacture of many polymers and resins. Bitumen Additives is the key raw material used for the production of polyvinyl acetate (PVA), polyvinyl alcohol (PVOH), ethylene-vinyl acetate (EVA), etc. Polyvinyl acetate has strong adhesion properties for various materials, including paper, wood, plastic films, and metals. It is also an important ingredient in wood glue, white glue, carpenter’s glue, and school glue. Polyvinyl alcohol is used for adhesive packaging films. The increasing demand for adhesives from various industries such as construction, furniture, etc., is driving the market growth. For the production of many interior latex paints, Bitumen Additives-based polymers are used to provide adhesion of all the ingredients. Additionally, many Bitumen Additives-based derivatives are used as a coating in plastic films for food packaging. Polyvinyl alcohol is used in photosensitive coatings. Hence, increasing demand for paints & coatings across the globe is further boosting Bitumen Additives market growth. In textile manufacturing, polyvinyl alcohol is used for warp sizing, a process by which textiles are coated with a protective film so as to reduce breakage during weaving.
Global Bitumen Additives Market: Segmental Overview
Based on application, the global Bitumen Additives market is segmented into polyvinyl acetate (PVA), polyvinyl alcohol (PVOH), ethylene-vinyl acetate (EVA), and others. The polyvinyl acetate (PVA) segment held the significant share in the global Bitumen Additives market and is expected to register the significant growth over the forecast period. Bitumen Additives is the key raw material used for the production of polyvinyl acetate (PVA). Polyvinyl acetate has good adhesive characteristics for a number of materials, including paper, wood, plastic films, and metals. Polyvinyl acetate is a significant ingredient in wood glue, white glue, carpenter’s glue, and school glue. Polyvinyl acetate homopolymers can also be used in paper and paperboard coatings, construction products, carpet backing, paints and industrial coatings, and engineered fabrics.
Based on end-use industry, the global Bitumen Additives market is segmented into construction, packaging, textile, and others. The construction segment held the significant share in the global Bitumen Additives market and is expected to register the significant growth over the forecast period. Bitumen Additives is an important intermediate used in the manufacture of various construction materials. Polyvinyl acetate, vinyl acetate ethylene, etc. are used in various building and construction products. Polyvinyl acetate is used in the construction sector as a woodworking glue. There is a high demand for laminated safety glass made by using polyvinyl butyral from the construction industry.
- 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.
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Impact of COVID-19 Pandemic on Bitumen Additives Market
Before the COVID-19 pandemic, the bitumen additives market was mainly driven by their increasing use in road construction, paints and coatings, and other applications. However, due to the pandemic, governments of various countries across the globe imposed country-wide lockdowns that directly impacted the growth of the industrial sector. The shutdown of production facilities negatively impacted the bitumen additives market growth in 2020. Also, the negative impact of the pandemic on the construction sector has hampered the bitumen additives market growth.
Various industries regained momentum with the ease of lockdown measures, which increased the demand for bitumen additives. Further, various economies began reviving with the resumption of operations in different sectors in 2021. The bitumen additives market is growing with its increasing demand from various sectors, such as road construction, roofing and others
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