The Asia Pacific bitumen additives market was valued at US$ 1,767.58 million in 2022 and is expected to reach US$ 2,931.04 million by 2030; it is estimated to register a CAGR of 6.5% from 2022 to 2030.
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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,767.58 Million |
| Market Size by 2030 | US$ 2,931.04 Million |
| CAGR (2022 - 2030) | 6.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Bitumen Additives Market is valued at US$ 1,767.58 Million in 2022, it is projected to reach US$ 2,931.04 Million by 2030.
As per our report Asia Pacific Bitumen Additives Market, the market size is valued at US$ 1,767.58 Million in 2022, projecting it to reach US$ 2,931.04 Million by 2030. This translates to a CAGR of approximately 6.5% during the forecast period.
The Asia Pacific Bitumen Additives Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Bitumen Additives Market report:
The Asia Pacific Bitumen Additives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Bitumen Additives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Bitumen Additives Market value chain can benefit from the information contained in a comprehensive market report.
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