North America Bitumen Additives Market
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.
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.
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.
Strategic insights for the North America Bitumen Additives provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,181.79 Million |
| Market Size by 2030 | US$ 1,840.03 Million |
| Global CAGR (2022 - 2030) | 5.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Bitumen Additives refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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.
The North America Bitumen Additives Market is valued at US$ 1,181.79 Million in 2022, it is projected to reach US$ 1,840.03 Million by 2030.
As per our report North America Bitumen Additives Market, the market size is valued at US$ 1,181.79 Million in 2022, projecting it to reach US$ 1,840.03 Million by 2030. This translates to a CAGR of approximately 5.7% during the forecast period.
The North America 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 North America Bitumen Additives Market report:
The North America Bitumen Additives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Bitumen Additives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Bitumen Additives Market value chain can benefit from the information contained in a comprehensive market report.
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