The Asia Pacific bitumen additives market was valued at US$ 1.76 billion in 2022 and is expected to reach US$ 2.93 billion by 2030; it is estimated to register a CAGR of 6.5% from 2022 to 2030.
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 over the coming years.
According to the National Bureau of Statistics, China increased its fixed asset investment to US$ 8.5 trillion in 2022, driving investment in infrastructure development. In 2021, Shell Singapore and United E&P Pte Ltd signed a non-binding Memorandum of Understanding (MOU) for the development of a strategic alliance to construct sustainable roads in Singapore.
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 during the forecast period.
Strategic Product Innovations and Research by Key Market Players Boost Asia Pacific Bitumen Additives Market
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. In 2020, BASF SE launched a bitumen additive, B2Last, that provides service life extension by up to 50%. B2Last binds constituents in the bitumen to form a strong and elastic polymer grid. 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 over the coming years.
Asia Pacific Bitumen Additives Market Overview
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, aimed at the construction of a functional, efficient, green, intelligent, and safe modern highway network by 2035. The plan also encompassed the construction of a 461,000 km highway, which includes 162,000 km of expressways.According to the National Bureau of Statistics, China increased its fixed asset investment to US$ 8.5 trillion in 2022, driving investment in infrastructure development. In 2021, Shell Singapore and United E&P Pte Ltd signed a non-binding Memorandum of Understanding (MOU) for the development of a strategic alliance to construct sustainable roads in Singapore.
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 during the forecast period.
Asia Pacific Bitumen Additives Market Segmentation
- The Asia Pacific bitumen additives market is categorized into type, application, and country.
- Based on type, the Asia Pacific 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 largest market share in 2022.
- In terms of application, the Asia Pacific bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. The road construction held the largest market share in 2022.
- By country, the Asia Pacific bitumen additives market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Asia Pacific. The Rest of Asia Pacific dominated the Asia Pacific bitumen additives market share in 2022.
- Arkema SA, BASF SE, Dow Inc, Honeywell International Inc, Huntsman International LLC, Ingevity Corp, Kao Corp, Kraton Corp, and Nouryon Chemicals Holding BV are some of the leading companies operating in the Asia Pacific bitumen additives market.
Market Highlights
- Based on type, the Asia Pacific 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 51.3% market share in 2022, amassing US$ 906.31 million. It is projected to garner US$ 1.55 billion by 2030 to register 6.9% CAGR during 2022-2030.
- In terms of application, the Asia Pacific bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. The road construction segment held 88.0% share of Asia Pacific bitumen additives market in 2022, amassing US$ 1.55 billion. It is anticipated to garner US$ 2.61 billion by 2030 to expand at 6.7% CAGR during 2022-2030.
- This analysis states that China captured 51.5% share of Asia Pacific bitumen additives market in 2022. It was assessed at US$ 910.60 million in 2022 and is likely to hit US$ 1.55 billion by 2030, registering a CAGR of 7.0% during 2022-2030.
- In June 2019, Arkema expands its portfolio of reactive terpolymers with the new Lotader AX8670T ethylene-vinyl acetate-glycidyl methacrylate terpolymer, opening up new opportunities with long-lasting performance. Lotader AX8670T reactive terpolymer is the most reactive terpolymers manufactured by Arkema and is suitable for a broad range of applications thanks to its unique properties. Lotader AX8670T terpolymer is suitable as adhesion promoter in thermo-adhesive films and hot melt formulations in automotive and industrial applications. Lotader AX8670T can also be used to modify the properties of bitumen used in road paving and roofing membranes applications and will provide exceptional performance. Lotader AX8670T is commercially available worldwide through Arkema’s local subsidiary and distribution network.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific bitumen additives market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific bitumen additives market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the bitumen additives market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Bitumen Additives Market Landscape
5. Asia Pacific Bitumen Additives Market - Key Industry Dynamics
6. Bitumen Additives Market - Asia Pacific Analysis
7. Asia Pacific Bitumen Additives Market Analysis - Type
8. Asia Pacific Bitumen Additives Market Analysis - Application
9. Asia Pacific Bitumen Additives Market - Country Analysis
10. Competitive Landscape
11. Bitumen Market Industry Landscape
12. Company Profiles
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Asia Pacific Bitumen Additives market include:- Arkema SA
- BASF SE
- Dow Inc
- Honeywell International Inc
- Huntsman International LLC
- Ingevity Corp
- Kao Corp
- Kraton Corp
- Nouryon Chemicals Holding BV
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 99 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 1.76 Billion |
| Forecasted Market Value ( USD | $ 2.93 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
