In 2022, Asia Pacific held the largest global bitumen additives market share. The Asia Pacific bitumen additives market, by country, is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is one of the major contributors to the bitumen additives market growth in Asia Pacific. 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 showing their aim to construct a functional, efficient, green, intelligent, and safe modern highway network by 2035. 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.
Strategic Product Innovations and Research by Key Market Players
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. 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 growth in the coming years.
Bitumen Additives Market: Segmental Overview
Based on type, the bitumen additives market is segmented into polymeric modifiers, anti-strip agents (ethyleneamines, polyamines, amidoamines, and others), adhesion promoters (silanes, maleic anhydride, and others), emulsifiers (anionic and cationic), surfactants, and others. The polymeric modifiers segment held the largest share of the market in 2022 and is expected to register the highest CAGR from 2022 to 2030. Polymers include various modifiers with elastomers, and plastomers are the most commonly used types. Plastomeric polymers include ethylene vinyl acetate (EVA), ethylene methacrylate (EMA), atactic polypropylene (APP), and polypropylene (PE). Binders modified with plastomeric polymer have increased stiffness and may be used in high-stress seals.
The bitumen additives market, based on application, is segmented into road construction, roofing, paints & coatings, and others. The road construction segment held the largest share of the bitumen additives market in 2022. There is an increasing use of bitumen for surfacing roads, airport pavements, runways, taxiways, and platforms. The strong growth of the construction industry and increased investments in road construction across the world drive the demand for bitumen additives.
Impact of COVID-19 Pandemic on Bitumen Additives Market
Before the COVID-19 pandemic, the bitumen additives market was mainly driven by their increasing use in road construction, paints and coatings, and other applications. However, due to the pandemic, governments of various countries across the globe imposed country-wide lockdowns that directly impacted the growth of the industrial sector. The shutdown of production facilities negatively impacted the bitumen additives market growth in 2020. Also, the negative impact of the pandemic on the construction sector has hampered the bitumen additives market growth.
Various industries regained momentum with the ease of lockdown measures, which increased the demand for bitumen additives. Further, various economies began reviving with the resumption of operations in different sectors in 2021. The bitumen additives market is growing with its increasing demand from various sectors, such as road construction, roofing and others.
Bitumen Additives Market: Competitive Landscape and Key Developments
A few players operating in the global bitumen additives market are KRATON CORPORATION, BASF SE, Ingevity, Nouryon, Arkema, Kao Chemicals Europe, Dow, Honeywell International Inc, Huntsman International LLC, and Sasol Limited. The market players focus on providing high-quality products to fulfill customer demand.
Key Developments
- In August 2022, Kao Corporation developed the first-ever asphalt additive made from recycled plastic bottles. It features NEWTLAC 5000, a new additive with exceptionally high durability, oil resistance, and environmental features. NEWTLAC 5000 is made by chemical recycling of waste PET (polyethylene terephthalate) plastics. NEWTLAC 5000 pavement is less susceptible to damage from heavy vehicles and is highly resistant to oil and other liquids.
- In April 2019, Nouryon expanded its offering for the asphalt market with Wetfix G400, a versatile non-amine adhesion promoter derived from renewable resources. Wetfix G400 meets customers’ needs for a sustainable alternative that maintains asphalt mixture performance and durability.
- In June 2020, BASF SE launched a bitumen additive designed to make roads more durable. BASF SE has spent several years developing the additive together with the Institute of Highway Engineering in Aachen, and the product is available under the name B2Last.