Sellbyville, DE -- (SBWire) -- 10/17/2018 --The Bitumen Emulsifiers Market is set to grow from its current market value of more than $109 million to over $150 million by 2024; as reported in the latest study by Global Market Insights, Inc.
The increase in road construction and mending activities all around the world will spur the asphalt emulsion market, boosting bitumen emulsifiers market demand in the coming years. Owing to its sticky nature, the suspension of asphalt in the aqueous medium is quite problematic. The addition of emulsifiers increases the performance characteristics of asphalt by providing an electrostatic charge to the mixture so that the particles get dispersed in the aqueous phase without the coalescing of the droplets. The emulsifiers have a hydrophilic head, which faces the water phase and asphalt surface, attracting the hydrophobic tail of emulsifiers and helping the water and asphalt to mix. The increase in the use of asphalt emulsion will drive the bitumen emulsifier market by the end of 2024.
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The escalation in road development activities widened the product market, especially in Asia Pacific. For instance, in 2020, Japan will host the Olympics, which will propel the overall road and building construction activities leading to a higher asphalt emulsion demand, which will further boost the bitumen emulsifiers market growth. Increasing urbanization in developing economies including India, China, Indonesia, etc., will increase the pavement construction activities, favoring the product market development. Favorable government initiatives, such as the Indian government's investment of over USD 15 billion for road construction and amendment projects will boost product demand in the study period.
Primary hindrance to the growth of bitumen emulsifiers market is the fluctuating nature of asphalt prices. As asphalt is a petroleum derivative, fluctuations in crude oil prices will affect the prices of asphalt, which will further hamper the use of the product during the forecast period.
The bitumen emulsifiers market is fragmented into anionic, non-ionic, and cationic types. In 2016, cationic accounted for around two-third of the market share and will grow at a CAGR of over 3.5% until the end of 2024. Cationic bitumen emulsifiers provide excellent adhesion and compatibility with various other aggregates, providing enviable growth to product market.
In 2016, slow setting type bitumen emulsifiers market was around USD 45 million and will grow at a CAGR of over 4% in the next seven years down the line. Some commonly used slow setting type bitumen emulsifiers are quaternary amines, diamines, alkyl sulfonates, and fatty acids.
On the basis of application, the asphalt market is bifurcated as spray and mixing. Road repairing activities will escalate the slurry seal and micro surfacing application, which will propel the demand for bitumen emulsifiers in upcoming years. In 2016, surface dressing generated a revenue of approximately USD 37 million owing to the use of the product to provide waterproofing, crack sealing, and oxidation resistance to pavements.
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Polymer modified bitumen emulsifiers is employed in construction activities owing to their enhanced characteristics when compared with unmodified bitumen. Some polymers added to asphalt emulsion include thermosetting and thermoplastics, which provide greater resistance to permanent deformation, less thermal cracking, lesser fatigue damage, and lesser temperature susceptibility to pavements.
North America depicted the maximum growth due to an increase in the construction and pavement activities. The U.S. drives the regional market of North America for maintaining the world's longest road network, which will surge the demand for asphalt emulsions.
The major participants of the market are Arkema Group, Chemoran, Petrochem, Kao Corporation, Specialties, AkzoNobel N.V., The Dow Chemical Company, Vizag Chemicals, Opal Paints Products Pvt. Ltd., Evonik, and Ingevity Corporation.
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Over 4% CAGR, Bitumen Emulsifiers Market to Hit US $150 Mn by 2024: Arkema, AkzoNobel, the Dow Chemical Company, Chemoran, Evonik and 10 Other Companies Profile
Bitumen emulsifier market has been segmented according to end-use applications into polymer modified and unmodified bitumen emulsifiers.