At 5.7% CAGR, North America Bitumen Additives Market is Projected to be Worth US$ 1,840.03 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America bitumen additives market was valued at US$ 1,181.79 million in 2022 and is projected to reach US$ 1,840.03 million by 2030, registering a CAGR of 5.7% from 2022 to 2030. Sustainability offered by bitumen additives and development of sustainable bitumen additives are among the critical factors attributed to drive the North America bitumen additives market growth.

Rising awareness regarding greenhouse gas (GHG) emissions can upsurge the demand for bio-based and sustainable polymer products. Governments of various countries are adopting several initiatives to increase the awareness and development of biomaterials and recycled materials. In 2019, Nouryon launched sustainable ingredients for the asphalt market. The company launched Wetfix G400, a non-amine adhesion promoter derived from renewable resources. Wetfix G400 is aimed at meeting customers’ needs for a sustainable alternative that maintains asphalt mixture performance and durability. Adhesion promoters are added to asphalt used in road construction and maintenance to protect from damage caused by moisture and extend the service life of asphalt pavement. However, conventional adhesion promoters are incompatible with polyphosphoric acid (PPA), which is growing in popularity as an economical way to modify asphalt binders to the desired performance level. In 2021, Kao Performance Chemicals launched an asphalt additive made from recycled plastic (Polyethylene Terephthalate) bottles. The product NEWTLAC 5000 is an additive with high durability and oil resistance. Moreover, NEWTLAC 5000 pavement is less susceptible to damage from heavy vehicles. Therefore, the development of sustainable bitumen additives is expected to drive the bitumen additives market during the forecast period.

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

Based on type, the North 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 51.8% market share in 2022, amassing US$ 612.67 million. It is projected to garner US$ 986.03 million by 2030 to register 6.1% CAGR during 2022–2030.

In terms of application, the North America bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. The road construction segment held 86.2% share of North America bitumen additives market in 2022, amassing US$ 1,019.07 million. It is anticipated to garner US$ 1,612.11 million by 2030 to expand at 5.9% CAGR during 2022–2030.

Based on country, the North America bitumen additives market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.7% share of North America bitumen additives market in 2022. It was assessed at US$ 941.53 million in 2022 and is likely to hit US$ 1,482.65 million by 2030, registering a CAGR of 5.8% during 2022–2030.

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

• In January 2022, Company acquired 100% of the issued shares of US Digital Designs, Inc., a provider of technologies for first responders, for total consideration of $186 million. The business is included within the Honeywell Building Technologies reportable business segment.

• 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.

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