Asia Pacific Bitumen Additives Market Forecast to 2030 - Regional Analysis - by Type [Polymeric Modifiers, Anti-Strip Agents (Ethyleneamines, Polyamines, Amidoamines, and Others), Adhesion Promoters (Silanes, Maleic Anhydride, and Others), Emulsifiers (Anionic and Cationic), Surfactants, and Others], and Application (Road Construction, Roofing, Paints & Coatings, and Others)
The Asia Pacific bitumen additives market is expected to grow from US$ 1,798.04 million in 2022 to US$ 2,935.64 million by 2030. It is estimated to grow at a CAGR of 6.3% from 2022 to 2030.
Development of Sustainable Bitumen Additives Drives Asia Pacific Bitumen Additives MarketRising 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 bio-materials and recycled materials. In 2021, the National Development and Reform Commission, China, published the Development Plan for the Circular Economy in the 14th Five-Year Plan Period (2021–2025), penning various initiatives for promoting recycling, remanufacturing, green product designing, and renewable resource utilization. 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 Asia Pacific bitumen additives market during the forecast period.
Asia Pacific Bitumen Additives Market OverviewAs 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.
Asia Pacific Bitumen Additives Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Bitumen Additives Market SegmentationThe Asia Pacific bitumen additives market is segmented into type, adhesion promoters, emulsifiers, application, and country.
Based on type, the Asia Pacific bitumen additives market is segmented into polymeric modifiers, anti-strip agents, adhesion promoters, emulsifiers. In 2022, the polymeric modifiers segment registered the largest share in the Asia Pacific bitumen additives market. The adhesion promoters segment is further segmented into silanes, maleic anhydride, and others. The anti-strip agents segment is further segmented into ethyleneamines, polyamines, amidoamines, and others. The emulsifiers segment is further segmented into anionic and cationic.
Based on Application, the Asia Pacific bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. In 2022, the road construction segment registered the largest share in the Asia Pacific bitumen additives market.
Based on country, the Asia Pacific bitumen additives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, China registered the largest share in the Asia Pacific bitumen additives market.
Nouryon Chemicals Holding BV, Ingevity Corp, Kraton Corp, Arkema SA, Dow Inc, Honeywell International Inc, Huntsman International LLC, Sasol Ltd, BASF SE, and Kao Corp are some of the leading companies operating in the Asia Pacific bitumen additives market.
Reasons to BuySave and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific 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 Asia Pacific 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 Asia Pacific market trends and outlook coupled with the factors driving the 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