At 6.5% CAGR, Asia Pacific Bitumen Additives Market is Projected to be worth US$ 2,931.04 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific bitumen additives market was valued at US$ 1,767.58 million in 2022 and is projected to reach US$ 2,931.04 million by 2030, registering a CAGR of 6.5% from 2022 to 2030. Sustainability offered by bitumen additives and rising government initiatives for infrastructure development are among the critical factors attributed to drive the Asia Pacific bitumen additives market growth.

The government-supported infrastructure projects generally include roads, dams, bridges, tunnels, ports, airport pavements, and highways. The growing investments from government organizations lead to a rise in infrastructure construction. The Department of Water Resources, River Development and Ganga Rejuvenation of India launched a scheme with a financial outlay of US$ 322.5 million for the rehabilitation of 223 dams in seven states in India. Additionally, in February 2024, the Thai government announced that it intends to invest US$ 33 billion in public-private partnership projects between 2020 and 2027 in an effort to support long-term economic growth. Also, the Thailand Board of Investment (BOI) has announced that, in 2023, the total value of applications for investment promotion reached a five-year high of 848.3 billion baht (roughly USD 24 billion). This represents a 43% increase over the adjusted number from the previous year. The majority of the combined pledges were made up of large foreign investments in the five priority sectors identified in the BOI's new Investment Promotion Strategy. Such initiatives generate demand for construction services, equipment, and materials. The rising investments and efforts in infrastructure development by governments of various countries across the world drive the growth of the bitumen additives market.

On the contrary, strategic product innovations and research by key market players hamper the growth of Asia Pacific bitumen additives market.

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$ 1,550.15 million 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$ 1,555.54 million. It is anticipated to garner US$ 2,617.34 million by 2030 to expand at 6.7% CAGR during 2022–2030.

Based on country, the Asia Pacific bitumen additives market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional 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$ 1,559.73 million by 2030, registering a CAGR of 7.0% during 2022–2030.

Key players operating in the Asia Pacific bitumen additives market are Arkema SA, BASF SE, Dow Inc, Honeywell International Inc, Huntsman International LLC, Ingevity Corp, Kao Corp, Kraton Corp, and Nouryon Chemicals Holding BV, among others.

• 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com