Growing Construction and Rehabilitation Activities Drives North America Bitumen Additives Market
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 2023, DEEM Enterprises LLC planned to spend US$ 2.7 billion to build a Formula 1-style racetrack, housing, and shopping complex on the site of a former airport in New Jersey, US. In 2022, Haskell Lemon Construction Co was awarded US$ 9 million contract by the Oklahoma Transportation Commission of the US for resurfacing roads to extend the pavement life and upgrade driving conditions. In 2023, the Colorado Department of Transportation in the US invested US$ 17.6 million in addressing road conditions and repairing 12 stretches of roadways. High-quality asphalt pavements can readily support high traffic volume in urban areas and cities, major transportation corridors. Bitumen additives enhance the strength and resistance of pavements, reducing the need for repair. Therefore, growing construction and rehabilitation activities across the world drive the North America bitumen additives market growth.North America Bitumen Additives Market Overview
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. According to the US Department of Transportation Federal Highway Administration, the US government signed Infrastructure Investment and Jobs Act in 2021, encompassing long-term infrastructure investment, providing US$ 550 billion over fiscal years 2022-2026 for the construction of roads, bridges, and mass transit, water infrastructure, resilience, and broadband.North America Bitumen Additives Market Revenue and Forecast to 2030 (US$ Million)
North America Bitumen Additives Market Segmentation
The North America bitumen additives market is segmented into type, adhesion promoters, emulsifiers, application, and country.Based on type, the North America bitumen additives market is segmented into polymeric modifiers, anti-strip agents, adhesion promoters, emulsifiers. In 2022, the polymeric modifiers segment registered the largest share in the North America bitumen additives market. The adhesion promoters segment is further segmented into silanes, maleic anhydride, and others. The anti-strip agents segment is further segmented into ethyleneamines, polyamines, amidoamines, and others. the emulsifiers segment is further segmented into anionic and cationic.
Based on Application, the North America bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. In 2022, the road construction segment registered the largest share in the North America bitumen additives market.
Based on country, the North America bitumen additives market is segmented into the US, Canada, Mexico. In 2022, the US registered the largest share in the North America bitumen additives market.
Nouryon Chemicals Holding BV, Ingevity Corp, Kraton Corp, Arkema SA, Dow Inc, Honeywell International Inc, Huntsman International LLC, Sasol Ltd, BASF SE, and Kao Corp are some of the leading companies operating in the North America bitumen additives market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America bitumen additives market.
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- Scrutinize in-depth North America 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
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Nouryon Chemicals Holding BV
- Ingevity Corp
- Kraton Corp
- Arkema SA
- Dow Inc
- Honeywell International Inc
- Huntsman International LLC
- Sasol Ltd
- BASF SE
- Kao Corp
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 110 |
Published | November 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value in 2022 | 1.06 Billion |
Forecasted Market Value by 2030 | 1.61 Billion |
Compound Annual Growth Rate | 5.3% |
Regions Covered | North America |