North America Bitumen Additives Market Forecast to 2030 - Regional Analysis - by Type (Polymeric Modifiers, Adhesion Promoters / Anti-Strip Agents, Chemical Modifiers, Antioxidants, Fibers, Fillers, Emulsifiers, and Others) and Application (Road Construct

North America Bitumen Additives Market Forecast to 2030 - Regional Analysis - by Type (Polymeric Modifiers, Adhesion Promoters / Anti-Strip Agents, Chemical Modifiers, Antioxidants, Fibers, Fillers, Emulsifiers, and Others) and Application (Road Construction, Roofing, Paints & Coatings, and Others)

The North America bitumen additives market was valued at US$ 1,181.79 million in 2022 and is expected to reach US$ 1,840.03 million by 2030; it is estimated to register a CAGR of 5.7% from 2022 to 2030 .

Growing Construction and Rehabilitation Activities Fuels North America Bitumen Additives Market

According to the US Census Bureau, the total construction spending in the US accounted for US$ 740.8 billion during the first five months of 2023. The investment was spent on the development of offices, commercial spaces, transportation, highways, and streets. The spending on private and public construction was US$ 585.7 billion and US$ 133.8 billion, respectively, during the first five months of 2023. In 2023, DEEM Enterprises LLC planned to spend US$ 2.7 billion to build a Formula 1-style racetrack, housing, and shopping complex on the site of a former airport in New Jersey, US. Elsewhere in 2022, Webuild, in partnership with IHI Infrastructure Systems Co, built one of the longest suspension bridges, Braila Bridge, measuring 2,277 km, in Romania. In 2022, China began the construction of second bridge across the Pangong Lake. The bridge can accommodate heavy armored vehicles.

The requirement for repair and rehabilitation of aging infrastructure creates a constant demand for bitumen additives. Bitumen additives enhance the performance of asphalt pavements and extend the service life of roads. In 2022, Haskell Lemon Construction Co was awarded US$ 9 million contract by the Oklahoma Transportation Commission of the US for resurfacing roads to extend the pavement life and upgrade driving conditions. In 2023, the Colorado Department of Transportation in the US invested US$ 17.6 million in addressing road conditions and repairing 12 stretches of roadways. High-quality asphalt pavements can readily support high traffic volume in urban areas and cities, major transportation corridors. Bitumen additives enhance the strength and resistance of pavements, reducing the need for repair. Therefore, growing construction and rehabilitation activities across the world drive the bitumen additives market growth.

North America Bitumen Additives Market Overview

The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures in the region. According to a report published by the US Census Bureau in 2022, the spending on residential construction in the US increased from US$ 815.48 billion in 2021 to US$ 929.67 billion in 2022. In the construction industry, bitumen additives are utilized in various building & construction applications such as waterproofing, roofing, and road & pavement construction. The demand for bitumen additives is increasing due to growing construction activities and rising government support for new infrastructure rehabilitation projects in the region. According to the US Department of Transportation Federal Highway Administration, the US government signed Infrastructure Investment and Jobs Act in 2021, encompassing long-term infrastructure investment, providing US$ 550 billion over fiscal years 2022–2026 for the construction of roads, bridges, and mass transit, water infrastructure, resilience, and broadband.

North America Bitumen Additives Market Revenue and Forecast to 2030 (US$ Million)

North America Bitumen Additives Market Segmentation

The North America bitumen additives market is categorized into type, application, and country.

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 the largest market share in 2022.

In terms of application, the North America 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 North America bitumen additives market is segmented into the US, Canada, and Mexico. The US dominated the North America bitumen additives market share in 2022.

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 are some of the leading companies operating in the North America bitumen additives market.

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