Bitumen Modifier Market Size, Trends and Insights By Type (Styrene-Butadiene-Styrene, Atactic Polypropylene, Crumb Rubber, Natural Rubber, Others), By End User (Road Construction, Building Construction, Others), By Application (Hot Asphalt, Cold Asphalt, Torch Applied, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Kraton Corporation
- DuPont
- Sika AG
- BASF SE
- ExxonMobil Corporation
- Arkema Group
- Others
Reports Description
Global Bitumen Modifier Market was valued at USD 21.9 Billion in 2024 and is expected to reach USD 39.2 Billion by 2033, at a CAGR of 6.7% during the forecast period 2024 – 2033.
A bitumen modifier is a chemical or material that is added to bitumen, a thick, black, and sticky petroleum product used in road building and waterproofing, among other things. The modifier changes the characteristics of bitumen to improve its performance in a variety of ways, including increased elasticity, adhesion, adaptability, longevity, and resistance to changes in temperature and aging.
Bitumen Modifier Market: Growth Factors
Rapid industrial development in emerging economies
Rapid industrialization in emerging nations drives the bitumen modifier industry with increased infrastructure development and roadway building operations. As these economies urbanize and the population grows, there is a greater need for updated transport networks and contemporary infrastructure.
Bitumen modifiers, which improve the characteristics of bitumen used in road building, are critical to achieving the durability and performance specifications for these projects. Furthermore, the necessity for enhanced road quality and endurance, particularly in areas with difficult climatic conditions, pushes up demand for bitumen modifiers.
Additionally, federal programmes and expenditures in infrastructure projects, combined with favourable regulatory frameworks encouraging sustainable and superior road construction materials, promote the expansion of the bitumen modifier market in developing nations, establishing it as a critical component in development.
By 2030, improve infrastructure and adapt industries to make them more sustainable, with higher utilization of resources and greater utilization of clean and ecologically sound technology and industrial processes, with each country taking action in line with its capabilities.
Support domestic technological development, research, and invention in developing nations, notably by establishing a supportive policy environment for, among other things, diversified industries and commodity value addition.
Rising road construction activities
The increase in road-building operations has a substantial impact on the bitumen modifier industry due to several interrelated variables. Bitumen modifiers improve asphalt mix performance and longevity, making roads more resistant to strong traffic loads, temperature changes, and environmental conditions.
With more road-building projects underway, there is a greater demand for superior asphalt pavements that can resist the rigours of regular usage and harsh weather conditions. Furthermore, modifiers increase bitumen’s flexibility, elasticity, and fatigue resistance, increasing road surface life and lowering long-term maintenance costs.
As governments and private organizations engage in building infrastructure to boost transportation networks and promote economic growth, the need for bitumen modifiers keeps increasing, fuelling market expansion in conjunction with the growth of the road construction sector.
Bitumen Modifier Market: Restraints
Fluctuations in oil prices
Oil price fluctuations have a substantial influence on the bitumen modifier market since bitumen, a byproduct of crude oil, is closely related to the oil sector. When oil prices rise, the price of raw materials for bitumen modifiers rises, resulting in increased production costs for modified bitumen.
Consequently, raises the cost of modified bitumen goods, making them less competitive with regular asphalt alternatives. In contrast, during periods of low oil prices, the price of raw ingredients falls, making modified bitumen more accessible and appealing to customers.
However, the fluctuation and volatility of oil prices can cause anxiety for producers and operators in the bitumen modifier industry, influencing investment decisions and long-term plans.
Bitumen Modifier Market: Opportunities
Technological advancement and growing R&D
Technological developments and increased investment in research and development (R&D) are critical to driving the bitumen modifier industry ahead. Polymer chemistry, nanotechnologies, and renewable resource advancements have resulted in the creation of innovative bitumen modifiers with better durability, flexibility, and resistance to aging and weather.
These developments enable the development of high-performance asphalt mixtures that can resist large traffic loads, adverse weather conditions, and extended service life. Moreover, increased R&D efforts are aimed at tackling environmental issues by producing eco-friendly modifiers that minimize the carbon footprint of asphalt manufacturing and improve sustainability.
Such advances support market expansion by fulfilling the growing demands of the global infrastructure development, road building, and mobility industries, while also promoting chances for industry cooperation and research institutions to push the boundaries of bitumen modification technology.
Bitumen Modifier Market: Segmentation Analysis
The global Bitumen Modifier market is segmented by type, end user, application, and region. Based on material, the market is classified into styrene butadiene styrene, atactic polypropylene, crumb rubber, natural rubber, and others. Styrene butadiene styrene dominated the market in 2023 with a market share of 35.0% and is expected to keep its dominance during the forecast period 2024-2033.
Styrene Butadiene Styrene (SBS) is a key driver of the bitumen modifier industry due to its great characteristics and adaptability. SBS, a synthetic rubber polymer, improves bitumen’s elasticity, versatility, and durability against cracking and deformation, particularly in asphalt applications.
SBS-modified bitumen has improved properties such as higher durability, resistance to fatigue, and thermal stability, making it ideal for a variety of road-building and infrastructure applications. Furthermore, SBS has several benefits over other modifiers, such as cost-effectiveness, simplicity of mixing, and flexibility with various bitumen grades and mix designs.
Its ability to improve the characteristics of bitumen to fulfil demanding performance standards has led to extensive application in the construction sector, propelling the expansion of the bitumen modifier market globally.
Based on end user, the market is classified into road construction, building construction, and others. Road Construction dominated the market in 2023 with a market share of 64.2% and is expected to keep its dominance during the forecast period 2024-2033. Road construction is a key driver of the bitumen modifier industry for a variety of reasons.
Bitumen modifiers are additives that increase the performance and longevity of asphalt mixes, which are key components of road surfaces. As the need for long-lasting and high-performance roads grows, particularly in metropolitan areas with high traffic loads and adverse weather conditions, so does the need for bitumen modifiers.
These modifiers improve bitumen qualities which include elastic modulus, rigidity, durability against grooves, and cracking, increasing the life of roadways and lowering maintenance costs. Furthermore, the emphasis on green building and environmental concerns has resulted in the development of sustainable practices in bitumen modifiers, which is driving market expansion.
Based on application, the market is classified into hot asphalt, cold asphalt, torch applied, and others. Hot asphalt dominated the market in 2023 with a market share of 58.2% and is expected to keep its dominance during the forecast period 2024-2033.
The usage of hot asphalt in road building and pavement maintenance is a crucial factor propelling the bitumen modifier industry. Hot asphalt acts as the principal binder in asphalt mixes, giving strength, durability, and resistance to deterioration and traffic stresses.
Bitumen modifiers are additives that are added to hot asphalt to improve its qualities including elasticity, adhesion, and resistance to erosion and cracking. The quest for better asphalt efficiency on highways, roadways, airports, and parking lots has resulted in greater use of bitumen modifiers.
These modifiers lengthen the service life of pavements, decrease maintenance costs, and improve overall asphalt performance, which makes them critical for infrastructure growth and sustainability. As the need for long-lasting and high-performance asphalt continues to rise, the bitumen modifier industry is expected to expand further, driven by the widespread use of hot asphalt in road construction projects.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 21.9 Billion |
| Projected Market Size in 2033 | USD 39.2 Billion |
| Market Size in 2023 | USD 19.6 Billion |
| CAGR Growth Rate | 6.7% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, End User, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Bitumen Modifier Market: Regional Analysis
By region, Bitumen Modifier market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. North America dominated the global Bitumen Modifier market in 2023 with a market share of 38.5% and is expected to keep its dominance during the forecast period 2024-2033.
North America’s major infrastructure initiatives, such as road building, rehabilitation, and maintenance, drive up demand for outstanding performance asphalt mixes. Bitumen modifiers, which improve the durability, flexibility, and durability of asphalt pavements, are therefore in great demand.
Furthermore, North America’s tough environment conditions, which include temperature variations and high traffic loads, need the use of sophisticated bitumen modifiers to increase pavement performance and lifetime.
Moreover, severe laws and sustainability programs encourage the use of ecologically friendly modifiers in asphalt mixes, which minimize emissions and improve recyclability.
Furthermore, continuing research and development activities, along with partnerships between industry players and academic institutions, promote innovation and the introduction of innovative bitumen modification technologies, further strengthening market growth.
Bitumen Modifier Market: Recent Developments
- In February 2020, Colas acquired Topcoat Asphalt Contractors Pty. Ltd. specialise in bitumen products manufacturing and road construction, this acquisition allows Colas to provide its products and services across the nation and boosts its footprint in the road products and building segment in Australia.
- In January 2023, Dow commenced The Road Forward, an initiative by the National Asphalt Pavement Association (NAPA), Greenbelt, Maryland, to achieve net zero carbon emissions for the asphalt pavement industry. The Midland, Michigan-based company’s portfolio includes plastics, industrial intermediates, coatings, and silicone companies.
- In April 2020, Napco National, a Saudi manufacturing firm, cooperated with Dow, a prominent materials science business, to create a novel bitumen modifier that improves road qualities and increases lifespan while decreasing environmental effects.
List of the prominent players in the Bitumen Modifier Market:
- Kraton Corporation
- DuPont
- Sika AG
- BASF SE
- ExxonMobil Corporation
- Arkema Group
- Iterchimica S.r.l.
- Evonik Industries AG
- Ingevity Corporation
- Dow Chemical Company
- TotalEnergies SE
- Lion Specialty Chemicals Co. Ltd.
- Mitsui Chemicals Inc.
- Lagan Asphalt Group
- ArrMaz
- Akzo Nobel N.V.
- Nynas AB
- Croda International Plc
- Engineered Additives LLC
- Bergkamp Inc.
- Others
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Bitumen Modifier Market is segmented as follows:
By Type
- Styrene-Butadiene-Styrene
- Atactic Polypropylene
- Crumb Rubber
- Natural Rubber
- Others
By End User
- Road Construction
- Building Construction
- Others
By Application
- Hot Asphalt
- Cold Asphalt
- Torch Applied
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Bitumen Modifier Market, (2024 – 2033) (USD Billion)
- 2.2 Global Bitumen Modifier Market: snapshot
- Chapter 3. Global Bitumen Modifier Market – Industry Analysis
- 3.1 Bitumen Modifier Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rapid industrial development in emerging economies
- 3.2.2 Rising road construction activities
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By End User
- 3.7.3 Market Attractiveness Analysis By Application
- Chapter 4. Global Bitumen Modifier Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Bitumen Modifier Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Bitumen Modifier Market – Type Analysis
- 5.1 Global Bitumen Modifier Market Overview: By Type
- 5.1.1 Global Bitumen Modifier Market Share, By Type, 2023 and 2033
- 5.2 Styrene-Butadiene-Styrene
- 5.2.1 Global Bitumen Modifier Market by Styrene-Butadiene-Styrene, 2024 – 2033 (USD Billion)
- 5.3 Atactic Polypropylene
- 5.3.1 Global Bitumen Modifier Market by Atactic Polypropylene, 2024 – 2033 (USD Billion)
- 5.4 Crumb Rubber
- 5.4.1 Global Bitumen Modifier Market by Crumb Rubber, 2024 – 2033 (USD Billion)
- 5.5 Natural Rubber
- 5.5.1 Global Bitumen Modifier Market by Natural Rubber, 2024 – 2033 (USD Billion)
- 5.6 Others
- 5.6.1 Global Bitumen Modifier Market by Others, 2024 – 2033 (USD Billion)
- 5.1 Global Bitumen Modifier Market Overview: By Type
- Chapter 6. Global Bitumen Modifier Market – End User Analysis
- 6.1 Global Bitumen Modifier Market Overview: By End User
- 6.1.1 Global Bitumen Modifier Market Share, By End User, 2023 and 2033
- 6.2 Road Construction
- 6.2.1 Global Bitumen Modifier Market by Road Construction, 2024 – 2033 (USD Billion)
- 6.3 Building Construction
- 6.3.1 Global Bitumen Modifier Market by Building Construction, 2024 – 2033 (USD Billion)
- 6.4 Others
- 6.4.1 Global Bitumen Modifier Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Bitumen Modifier Market Overview: By End User
- Chapter 7. Global Bitumen Modifier Market – Application Analysis
- 7.1 Global Bitumen Modifier Market Overview: By Application
- 7.1.1 Global Bitumen Modifier Market Share, By Application, 2023 and 2033
- 7.2 Hot Asphalt
- 7.2.1 Global Bitumen Modifier Market by Hot Asphalt, 2024 – 2033 (USD Billion)
- 7.3 Cold Asphalt
- 7.3.1 Global Bitumen Modifier Market by Cold Asphalt, 2024 – 2033 (USD Billion)
- 7.4 Torch Applied
- 7.4.1 Global Bitumen Modifier Market by Torch Applied, 2024 – 2033 (USD Billion)
- 7.5 Others
- 7.5.1 Global Bitumen Modifier Market by Others, 2024 – 2033 (USD Billion)
- 7.1 Global Bitumen Modifier Market Overview: By Application
- Chapter 8. Bitumen Modifier Market – Regional Analysis
- 8.1 Global Bitumen Modifier Market Regional Overview
- 8.2 Global Bitumen Modifier Market Share, by Region, 2023 & 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Bitumen Modifier Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.4 North America Bitumen Modifier Market, by Type, 2024 – 2033
- 8.4.1 North America Bitumen Modifier Market, by Type, 2024 – 2033 (USD Billion)
- 8.5 North America Bitumen Modifier Market, by End User, 2024 – 2033
- 8.5.1 North America Bitumen Modifier Market, by End User, 2024 – 2033 (USD Billion)
- 8.6 North America Bitumen Modifier Market, by Application, 2024 – 2033
- 8.6.1 North America Bitumen Modifier Market, by Application, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Bitumen Modifier Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Bitumen Modifier Market, by Type, 2024 – 2033
- 8.8.1 Europe Bitumen Modifier Market, by Type, 2024 – 2033 (USD Billion)
- 8.9 Europe Bitumen Modifier Market, by End User, 2024 – 2033
- 8.9.1 Europe Bitumen Modifier Market, by End User, 2024 – 2033 (USD Billion)
- 8.10 Europe Bitumen Modifier Market, by Application, 2024 – 2033
- 8.10.1 Europe Bitumen Modifier Market, by Application, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Bitumen Modifier Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Bitumen Modifier Market, by Type, 2024 – 2033
- 8.12.1 Asia Pacific Bitumen Modifier Market, by Type, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Bitumen Modifier Market, by End User, 2024 – 2033
- 8.13.1 Asia Pacific Bitumen Modifier Market, by End User, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Bitumen Modifier Market, by Application, 2024 – 2033
- 8.14.1 Asia Pacific Bitumen Modifier Market, by Application, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Bitumen Modifier Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Bitumen Modifier Market, by Type, 2024 – 2033
- 8.16.1 Latin America Bitumen Modifier Market, by Type, 2024 – 2033 (USD Billion)
- 8.17 Latin America Bitumen Modifier Market, by End User, 2024 – 2033
- 8.17.1 Latin America Bitumen Modifier Market, by End User, 2024 – 2033 (USD Billion)
- 8.18 Latin America Bitumen Modifier Market, by Application, 2024 – 2033
- 8.18.1 Latin America Bitumen Modifier Market, by Application, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Bitumen Modifier Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Bitumen Modifier Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Bitumen Modifier Market, by Type, 2024 – 2033
- 8.20.1 The Middle-East and Africa Bitumen Modifier Market, by Type, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Bitumen Modifier Market, by End User, 2024 – 2033
- 8.21.1 The Middle-East and Africa Bitumen Modifier Market, by End User, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Bitumen Modifier Market, by Application, 2024 – 2033
- 8.22.1 The Middle-East and Africa Bitumen Modifier Market, by Application, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Kraton Corporation
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 DuPont
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Sika AG
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 BASF SE
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 ExxonMobil Corporation
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Arkema Group
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Iterchimica S.r.l.
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Evonik Industries AG
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Ingevity Corporation
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Dow Chemical Company
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 TotalEnergies SE
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 Lion Specialty Chemicals Co. Ltd.
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Mitsui Chemicals Inc.
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Lagan Asphalt Group
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 ArrMaz
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Akzo Nobel N.V.
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Nynas AB
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 Croda International Plc
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 Engineered Additives LLC
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 Bergkamp Inc.
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 Kraton Corporation
List Of Figures
Figures No 1 to 28
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Kraton Corporation
- DuPont
- Sika AG
- BASF SE
- ExxonMobil Corporation
- Arkema Group
- Iterchimica S.r.l.
- Evonik Industries AG
- Ingevity Corporation
- Dow Chemical Company
- TotalEnergies SE
- Lion Specialty Chemicals Co. Ltd.
- Mitsui Chemicals Inc.
- Lagan Asphalt Group
- ArrMaz
- Akzo Nobel N.V.
- Nynas AB
- Croda International Plc
- Engineered Additives LLC
- Bergkamp Inc.
- Others
FAQs
The major driver for the Bitumen Modifier market is surge in oil & gas exploration activities and rising need for water conservation.
The “Hot Asphalt” had the largest share in the global market for Bitumen Modifier.
The “Styrene-Butadiene-Styrene” category dominated the market in 2023.
The key players in the market are Kraton Corporation, DuPont, Sika AG, BASF SE, ExxonMobil Corporation, Arkema Group, Iterchimica S.r.l., Evonik Industries AG, Ingevity Corporation, Dow Chemical Company, TotalEnergies SE, Lion Specialty Chemicals Co. Ltd., Mitsui Chemicals Inc., Lagan Asphalt Group, ArrMaz, Akzo Nobel N.V., Nynas AB, Croda International Plc, Engineered Additives LLC, Bergkamp Inc., Others.
“North America” had the largest share in the Bitumen Modifier Market.
The global market is projected to grow at a CAGR of 6.7% during the forecast period, 2024-2033.
The Bitumen Modifier Market size was valued at USD 21.9 Billion in 2024.