What's missing?

I have had this guy best friend for 4 years now and we absolutely love each other (we are not in love though). We tell each other everything, talk on the phone every day, we like cuddling when we hang out etc. We both got out of bad relationships about a year ago and the cuddling started once we were both single. However at some point things got sexual because we are attracted to each other. I thought it was going somewhere but he told me for him it's just fun and that he wasn't looking for a relationship. I told him I understand so we stopped the sexual stuff and our friendship just went back to the way it was. Then about 2 weeks after that he had a new girlfriend... I was a bit hurt by that but it didn't affect our friendship. Their relationship ended a few weeks after that. We do make out and get intimate every now and then, but mostly only when we've had something to drink. I'm confused though... I know how much he cares for me and he even told me his initial intentions when we met were to maybe date me. I know that the platonic love is there, and obviously the attraction is there too but I don't understand why he keeps friendzoning me... I dont really have other feelings than friendship for him, but I know I could fall for him if we would give it a try. What i dont understand though is if he loves hanging out with me and the attraction is there, then what is it that's missing?
What's missing?
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