PUBLISHER: The Insight Partners | PRODUCT CODE: 1402741
PUBLISHER: The Insight Partners | PRODUCT CODE: 1402741
The Middle East & Africa bitumen additives market is expected to grow from US$ 306.74 million in 2022 to US$ 457.86 million by 2030. It is estimated to grow at a CAGR of 5.1% from 2022 to 2030.
Strategic Product Innovations and Research by Key Market Players Drives Middle East & Africa Bitumen Additives Market
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 Middle East & Africa bitumen additives market over the coming years.
Middle East & Africa Bitumen Additives Market Overview
A rise in demand for construction materials due to a surge in infrastructural projects, sustainable construction, and industrialization in the Middle East & Africa are driving the demand for construction and building materials. The construction of commercial infrastructure has upsurged in the region due to the growing tourism industry and the rising immigrant population. The rising urban population has increased the construction of private residential buildings in semi-urban and urban cities, prompting governments to invest in the building & construction industry. Over the last ten years, the UAE government has invested extensively in airport developments and expansion projects, namely US$ 8.1 billion in Al Maktoum International Airport in Dubai, US$ 7.6 billion in the Dubai International Airport Expansion Phase 4, US$ 6.8 billion in Abu Dhabi Airport development and expansion plans, and ~US$ 400 million in Sharjah's International Airport terminal expansion. In 2021, the construction of the Jeddah Corniche Circuit (Saudi Arabia) was finished, which involved the utilization of 37 thousand tons of asphalt, 600 thousand tons of cement, 30 thousand square meters of bricks, and 1.4 thousand tons of glass. The growing need for residential and commercial buildings in the Middle East & Africa is expected to create lucrative opportunities for bitumen, bitumen additives, and other building materials in the Middle East & Africa. Rising construction activities across the region and increasing government spending on infrastructure development through programs such as Saudi Vision 2030 and Abu Dhabi Economic Vision 2030 are expected to positively impact the Middle East & Africa bitumen additives market during the forecast period.
Middle East & Africa Bitumen Additives Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa Bitumen Additives Market Segmentation
The Middle East & Africa bitumen additives market is segmented into type, adhesion promoters, emulsifiers, application, and country.
Based on type, the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa bitumen additives market.
Based on country, the Middle East & Africa bitumen additives market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. In 2022, Saudi Arabia segment registered the largest share in the Middle East & Africa bitumen additives market.
Nouryon Chemicals Holding BV, Ingevity Corp, Arkema SA, Dow Inc, Honeywell International Inc, Huntsman International LLC, BASF SE, and Kao Corp are some of the leading companies operating in the Middle East & Africa bitumen additives market.