The South & Central America bitumen additives market was valued at US$ 494.72 million in 2022 and is expected to reach US$ 721.10 million by 2030; it is estimated to register a CAGR of 4.8% 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.
In 2021, the Ministry of Public Works (Chile) announced the final concession for 2021 for the development of Route 68 infrastructure with a total investment of US$ 4.67 billion, a part of a 12-project agenda; the project includes six hospitals, the third concession of the El Loa Airport, and five road works, including Route 5, Chacao-Chonchi section, and the second concession for Route 5 Chillán-Collipulli section. Therefore, rising investment in construction activities in the region is expected to fuel the bitumen additives market during the forecast period.
Strategic Product Innovations and Research by Key Market Players Fuels South & Central America 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.
South & Central America Bitumen Additives Market Overview
South & Central America is significantly investing in green and sustainable construction. According to the US and the Brazilian Green Building Councils, Brazil accounted for more than 1.2 million square meters of certified buildings, ranking seventh in Leadership in Energy and Environmental Design (LEED) registrations worldwide in 2021. According to the International Trade Administration, the Argentine government is focused on infrastructure projects worth US$ 20 million. The rising focus on construction activities and infrastructure development is driving the demand for construction materials such as bitumen, asphalt, bitumen additives, and sustainable building materials.In 2021, the Ministry of Public Works (Chile) announced the final concession for 2021 for the development of Route 68 infrastructure with a total investment of US$ 4.67 billion, a part of a 12-project agenda; the project includes six hospitals, the third concession of the El Loa Airport, and five road works, including Route 5, Chacao-Chonchi section, and the second concession for Route 5 Chillán-Collipulli section. Therefore, rising investment in construction activities in the region is expected to fuel the bitumen additives market during the forecast period.
South & Central America Bitumen Additives Market Segmentation
- The South & Central America bitumen additives market is categorized into type, application, and country.
- Based on type, the South & Central America 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 South & Central America 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 South & Central America bitumen additives market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America bitumen additives market share in 2022.
- Arkema SA, BASF SE, Dow Inc, Honeywell International Inc, Huntsman International LLC, Ingevity Corp, Kao Corp, and Nouryon Chemicals Holding BV are some of the leading companies operating in the South & Central America bitumen additives market.
Market Highlights
- Based on type, the South & Central America 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 52.9% market share in 2022, amassing US$ 261.50 million. It is projected to garner US$ 393.40 million by 2030 to register 5.2% CAGR during 2022-2030.
- In terms of application, the South & Central America bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. The road construction segment held 85.9% share of South & Central America bitumen additives market in 2022, amassing US$ 425.16 million. It is anticipated to garner US$ 629.16 million by 2030 to expand at 5.0% CAGR during 2022-2030.
- This analysis states that Brazil captured 56.7% share of South & Central America bitumen additives market in 2022. It was assessed at US$ 280.48 million in 2022 and is likely to hit US$ 417.04 million by 2030, registering a CAGR of 5.1% during 2022-2030.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America 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 South & Central America 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 South & Central America market trends and outlook coupled with the factors driving the South & Central America 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. South & Central America Bitumen Additives Market Landscape
5. South & Central America Bitumen Additives Market - Key Industry Dynamics
6. Bitumen Additives Market - South & Central America Analysis
7. South & Central America Bitumen Additives Market Analysis - Type
8. South & Central America Bitumen Additives Market Analysis - Application
9. South & Central America 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 South and Central America Bitumen Additives market include:- Arkema SA
- BASF SE
- Dow Inc
- Honeywell International Inc
- Huntsman International LLC
- Ingevity Corp
- Kao Corp
- Nouryon Chemicals Holding BV
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 95 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 494.72 Million |
| Forecasted Market Value ( USD | $ 721.1 Million |
| Compound Annual Growth Rate | 4.8% |
| No. of Companies Mentioned | 9 |
