Ongoing construction projects and growing demand for sustainable infrastructure and road pavements across the world is driving the market growth. Owing to advantages such as superior properties and low maintenance of polymer-modified bitumen, it is extensively used in pavements construction. Additionally, the growing global population, the rise in per capita income are the factors pushing the market growth uphill. Moreover, rising investment in refurbishment and construction of roads and pavements is also expected to foster the market growth in the forecasting period.
The latest report by Value Market Research expects the Global Polymer Modified Bitumen Market was valued USD 8.5 billion in 2017 and is likely grow with CAGR of 8% from 2018 to 2024.
THERMOPLASTIC ELASTOMERS DOMINATED THE PRODUCT SEGMENT
By product, thermoplastic elastomer led the segment in 2017 owing to improved properties such as resistance to heat, abrasion, chemicals, and UV oxidation, better elasticity, high strength, and enhanced low-temperature characteristics are driving the segment growth.
ROOFING EMERGED AS LEADING APPLICATION
In 2017, roofing dominated the application and has accounted for over XX.X% of the total market share. Rising construction of residential and commercial spaces is driving the segment growth. Also, advantages such as better tensile strength, energy efficient, eco-friendly, waterproof & durable nature of PMB, it is extensively used in roofing.
NORTH AMERICA LED THE REGIONAL MARKET
Geographically, North America dominated the market and has accounted for over XX.X% of the total market share in 2017. Rising investment in the refurbishment of old roads and construction of new pavements is driving the regional market growth.
KEY PLAYERS OF THE MARKET
Prominent players of the polymer modified bitumen market are Benzene International Pte Ltd, ExxonMobil, Gazprom NEFT, Lagan Asphalt Group, Nynas AB, Royal Dutch Shell PLC, Sika AG. and Total Oil India Pvt. Ltd.
As per this study the Global Polymer Modified Bitumen Market was valued at USD 13.05 BN (by revenue) in 2021 and is anticipated to reach USD 19.24 BN by 2028 with a CAGR of 5.7%.
Polymer modified bitumen are specially modified and engineered bitumen that is extensively used in roofing and heavy traffic pavement construction. These are added to impart better strength, maximize resistance to thermal cracking, fatigue and deformation. It reduces rutting, stripping of the roads and pavements. Also, it posses properties such as better rigidity, durability and resistant to water that is used extensively in demanding application.
Market Dynamics
Rising infrastructural development within emerging economies such as China and India is driving the market growth. The shift in trend towards the use of PMB owing to its enhanced properties and low maintenance cost is further driving the market growth. Rising investment in refurbishment and construction of roads and pavements is expected to foster the market growth in forecasting period. However, volatile prices of raw material is likely to hinder market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of polymer modified bitumen.
Market Segmentation
The broad polymer modified bitumen market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product
- Thermoplastic Elastomer
- Plastomers
By Application
- Road Construction
- Roofing
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for polymer modified bitumen in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Polymer Modified Bitumen Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the polymer modified bitumen market include Benzene International Pte Ltd, ExxonMobil, Gazprom NEFT, Lagan Asphalt Group, Nynas AB, Royal Dutch Shell PLC, Sika AG. and Total Oil India Pvt. Ltd. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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