At 5.8% CAGR, Europe Bitumen Additives Market is Projected to be Worth US$ 2,298.96 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe bitumen additives market was valued at US$ 1,465.11 million in 2022 and is projected to reach US$ 2,298.96 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. Sustainability offered by bitumen additives and strategic product innovations and research are among the critical factors attributed to drive the Europe bitumen additives market growth.

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.

On the contrary, fluctuations in raw material prices hamper the growth of the Europe bitumen additives market.

Based on type, the Europe 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 51.6% market share in 2022, amassing US$ 755.92 million. It is projected to garner US$ 1,224.45 million by 2030 to register 6.2% CAGR during 2022–2030.

In terms of application, the Europe bitumen additives market is segmented into road construction, roofing, paints & coatings, and others. The road construction segment held 87.5% share of Europe bitumen additives market in 2022, amassing US$ 1,282.17 million. It is anticipated to garner US$ 2,039.45 million by 2030 to expand at 6.0% CAGR during 2022–2030.

Based on country, the Europe bitumen additives market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 34.5% share of Europe bitumen additives market in 2022. It was assessed at US$ 504.95 million in 2022 and is likely to hit US$ 766.95 million by 2030, registering a CAGR of 5.4% during 2022–2030.

Key players operating in the Europe 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 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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