The global Polymer Modified Bitumen Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global Polymer Modified Bitumen Market size is expected to value at USD 13.34 billion by 2022. The market is subject to witness a substantial growth due to the growing demand from various end-user industries such as building & construction industry and roofing industry, and increasing use as adhesive and coatings. Massive increase in infrastructural spending, particularly in developing economies across the globe such as India, China and Brazil are anticipated to fuel expansion over the next seven years.
Key Players:
- Total S.A.
- Nynas AB
- Benzene International Pte. Ltd.
- Hindustan Colas Private Limited (HINCOL)
- Royal Dutch Shell PLC
- Lagan Asphalt Group Ltd.
- ExxonMobil Fuels & Lubricants (F&L)
- Sika AG
- Global Road Technology
- ORLEN Asfalt Sp z.o.o.
- Rosneft
- Gazprom Neft PJSC
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Growth Drivers:
Shifting trend towards polymer-modified bitumen over conventional form of bitumen for asphalt overlay due to its advanced set of properties and minimum maintenance cost are anticipated to foster the growth of polymer modified bitumen industry. Globally, the polymer modified bitumen market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
In addition, variation in changing climatic conditions coupled with heavy traffic hampers bitumen roads adversely, thus leading to cracks and rutting. Thus, increasing demand for polymer modified bitumen to comprehend such as factors are propelling market growth over the next seven years. Use of polymer-modified bitumen reduces the investment required for road maintenance every year. However, higher initial investment is one of the key challenges for market growth, in the recent years. Yet, polymer modified bitumen is highly cost-efficient, thus positively affecting market growth over the next seven years.
Product Outlook:
- Thermoplastic Elastomers
- Plastomers
The thermoplastic elastomers is considered as one of the fastest growing segment in the polymer modified bitumen market with substantial revenue generation in the last few years. Growing popularity of the thermoplastic elastomers segment is attributed to the increasing use as elastomeric materials and superior properties such as improved ageing resistance, low temperature flexibility and resistance to permanent deformation. The plastomers segment has also witnessed substantial growth.
End-use Outlook:
- Road Construction
- Roofing
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction sector, substantial growth in green roofing industry, and existence of well-established manufacturing infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the polymer modified bitumen market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing spending in infrastructure development in the region, favorable government policies, and significant investment by leading industry players considering potential growth opportunities in the region.
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