The size of the worldwide Polymer Modified Bitumen Market was approximately US$ 11.7 billion in 2021, and it is anticipated to reach an estimated value of US$ 12 billion in 2022. The demand for polymer modified bitumen is expected to increase overall between 2022 and 2032 at a CAGR of 4.6%, surpassing US$ 18.8 Billion by the end of 2032 due to growing uses in paving, roofing & pipes, and road construction.
The polymer nature of bitumen ensures enhanced performance and physical properties to large extent. Polymer modified bitumen is an innovative and modified version of bitumen that is used in construction and infrastructure activities. Polymer modified bitumen is made through an integrated process of mechanical or chemical mixing. On the basis of properties, polymer modified bitumen offers much more beneficial properties as compared to other materials. For example, it increases the elasticity of mixture and viscosity even at very high temperatures.
Bitumen is a well-known engineering material that has been used in various applications such as binders, adhesives, sealants, etc. In the early nineteenth century, bitumen was produced by refining crude oil. The world consumption of bitumen has increased significantly in the last couple of decades. It has reached more than hundred million tons, out of which more than three fourths of bitumen is used as a binding material. However, the chemistry of bitumen is complex owing to its nature and characteristics. Researchers are trying to find out innovative applications of bitumen with enhanced end results.
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Market Dynamics: Polymer Modified Bitumen Market
Increasing infrastructure projects across the world and diversification from industrial to tourism are the key factors that are expected to propel market growth in the coming forecast period. Fluctuations in the raw material prices owing to the changes in crude oil and petroleum prices can hamper the market growth in the coming assessment period.
Additionally, excessive exploration activities across the world for crude oil can restrain the polymer modified bitumen market growth in the coming future. Key manufacturers of polymer modified bitumen have strong opportunities to increase business in European countries owing to the strong demand for infrastructural activities.
Regional Outlook: Polymer Modified Bitumen Market
On the basis of geographical data, the Asia Pacific is experiencing positive growth in the polymer modified bitumen market owing to increasing infrastructure and construction developments from the last couple of decades. The demand is expected to continue in the coming future. The market is estimated to have moderate growth in North America as several key construction projects are in line in the North America market and many are in the planning phase as well.
The European region is expected to represent a significant incremental $ opportunity in the polymer modified bitumen market owing to an increasing emphasis on government and public sector partnership programs for construction and infrastructure. The Middle East & Africa region is expected to witness positive growth in the polymer modified bitumen market due to the diversification of oil & gas sector from tourism and infrastructural activities. This was done to overcome the economic slowdown caused by the declining oil & gas sector.
Some of the key players in the polymer modified bitumen market are-
- Royal Dutch Shell
- Maruti Group
- IKA Group
- Gulf Petrochem
- Ratnamani Industries
- Roadstar
- AMT Techno
- The Richmond Group
- LN Petrochem
- Veekay Industries
- Tiki Tar Industries
- MBD Industries
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Key Segments Profiled in the Polymer modified bitumen Industry Survey
By Product:
- Thermoplastic Polymer
- Thermoplastic Elastomer
- Thermosetting Polymer
By Application:
- Roofing & Piping
- Emulsions
- Paving
- Water Proofing
- Road Construction
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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