Development of Sustainable Bitumen Additives Drives Europe Bitumen Additives Market
Governments of various European countries have imposed a few regulations on using chemicals to manufacture products in many processing industries, including chemicals & materials and paints & coatings, to ensure better protection of human health and the environment. These regulations are set to reduce greenhouse emissions and have compelled polymer manufacturing companies to increase investments in developing naturally derived raw materials. Rising 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 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 Europe bitumen additives market during the forecast period.
Europe Bitumen Additives Market Overview
Europe is a prominent region, encompassing economies such as Germany, Italy, Denmark, and Poland, contributing to the growth of the Europe bitumen additives market. Europe is one of the largest producers of construction materials, operated by small and medium-sized businesses (SMEs) that supply construction materials to local and regional markets. According to the European Commission, the construction industry is one of the major industries in Europe, contributing ~9% to the region’s GDP. The Europe invested ~US$ 6 billion for the construction of sustainable, safe, and efficient transport infrastructure, including 107 transport infrastructure projects in June 2023. A few bitumen additives are manufactured from recycled materials, which support the government’s efforts for a circular economy and resource efficiency. Therefore, the increasing utilization of bitumen additives for infrastructure development in Europe is projected to fuel the growth of the Europe bitumen additives market .Europe Bitumen Additives Market Revenue and Forecast to 2030 (US$ Million)
Europe Bitumen Additives Market Segmentation
The Europe bitumen additives market is segmented into type, adhesion promoters, emulsifiers, application, and country.Based on type, the Europe 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 Europe 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 Europe 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 Europe bitumen additives market.
Based on country, the Europe bitumen additives market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. In 2022, the Rest of Europe segment registered the largest share in the Europe 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 Europe bitumen additives market.
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- Scrutinize in-depth Europe 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
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Arkema SA
- BASF SE
- Dow Inc
- Honeywell International Inc
- Huntsman International LLC
- Ingevity Corp
- Kao Corp
- Kraton Corp
- Nouryon Chemicals Holding BV
- Sasol Ltd
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 114 |
Published | November 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value in 2022 | 1.36 Billion |
Forecasted Market Value by 2030 | 2.16 Billion |
Compound Annual Growth Rate | 5.9% |
Regions Covered | Europe |