With a CAGR of 6% Modified bitumen Market to Reach $ 30.4 billion by 2029

Modified bitumen is defined as a chemically design which is to offer optimum properties and one of the key properties in modified bitumen is its increased resistance to permanent deformation specially in case of mixtures of asphalt used to create roads in the harsh or high traffic flow location.

Luton, Bedfordshire, United Kingdom, March 17, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Modified bitumen Market.

The global Modified Bitumen Market is expected to grow at a 6% CAGR from 2019 to 2028. It is expected to reach above USD 30.4 billion by 2028 from USD 18 billion in 2019.

Modified bitumen Market Growth in upcoming years

Increasing demand for modified bitumen form waste & water management and industrial sectors is the vital factor escalating the market growth, also rising rapid industrialization in emerging economics, increasing road construction, repair, and maintenance activities, rising demand for the modified bitumen products in emerging economics, increasing demand from numerous application industries including road construction, roofing, adhesives, and coatings and increasing infrastructural activities all over the globe are the major factors among others driving the modified bitumen market. Moreover, rising research and development activities in the market, rising technological advancements and modernization in the production techniques and rising research and development activities in the market will further create new opportunities for the modified bitumen market in the forecast period of 2022- 2029.

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Drivers :

In recent years, the massive increase in demand for bitumen for road construction and roofing applications has powered the global changed bitumen market. Demand across these sectors will also lead to sustainable market returns in the coming years and drives vast developments in terms of available product blends for use. Companies are expected to focus more on functional production and improvement of long-term quality, aggregate adhesion, and recyclability of most varieties of modified bitumen over the forecast period.

Application Insights:

Hot Asphalt Method dominated the market with a share of more than 45% followed by Cold Asphalt method. Asphalt cement is heated aggregate, combined, and mixed with the aggregate at an HMA facility. The resulting Hot Mix Asphalt is loaded into trucks for transport to the paving site. The trucks dump the Hot Mix Asphalt into hoppers located at the front of paving machines.  The asphalt is placed, and then compressed using a heavy roller, which is driven over the bitumen. Traffic is generally allowed on the roadway as soon as the pavement has cooled.

Competitive Insight

Some of the notable market players operating in the global Modified bitumen Market covered in this report are:

Bouygues, BP PLC, China Petrochemical Corporation, Exxon Mobil Corporation, Icopal ApS, Indian Oil Corporation Ltd, JXTG Nippon Oil & Energy Corporation, Kraton Corporation, Marathon Oil Company, and Nynas AB.

Recent Developments

  • In April 2021, GOIL Ltd. has announced that 82% of the construction of a new bitumen plant has been completed in April month of 2021, and the remaining work will be completed by September 2021.
  • In May 2021, Praj Industries has announced that the company has developed a technology to produce Bio-bitumen based on lignin.
  • In September 2020, Gulf Petrochem, in United Arab Emirates, acquired the Speciality Bitumen Plant of Royal Dutch Shell located at Vadodara, India.
Modified bitumen market Share (2022)US$ 18 billion
Modified bitumen market Projected Size (2029)US$ 30.4 billion
Modified bitumen market Growth (CAGR 2023-2029)6% %.

Browse the fullModified Bitumen Market by Modifier Type (SBS, APP, Crumb Rubber, Natural Rubber), Application Method (Hot Asphalt, Cold Asphalt, Torch-Applied), End-Use Industry (Road Construction, Building Construction), and Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2019 to 2028Report and TOC at https://exactitudeconsultancy.com/reports/4318/modified-bitumen-market/

Segment Overview

The Modified bitumen market is segmented By Product Type, By End User, and by Application.

By Product Type By ApplicationBy End User
  • Styrene-Butadiene-Styrene
  • Atactic Polypropylene
  • Crumb Rubber
  • Natural Rubber
  • Others
  • Hot Asphalt
  • Cold Asphalt
  • Torch Applied
  • Others
  • Road Construction
  • Building Construction
  • Others

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Regional Insights

Increasing road construction and repair activities in Asia-pacific is boosting the demand for modified bitumen market. China, India, and Japan are the three key countries propelling the demand for modified bitumen in the region. In India, investments of USD 31,650 billion were proposed for 99 cities under their smart cities plan. Around 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion in the next five years.

Quantitative Analysis

  • Market size, estimates, and forecasts from 2023 - 2029
  • Market size and revenue estimates for product up to 2029
  • Market revenue estimates for application up to 2029
  • Market revenue estimates for type up to 2029
  • Regional market size and forecast up to 2029
  • Company financial

What are the Key Data Covered in this Modified bitumen Market Report?

  • CAGR of the market during the forecast period 2023-2029
  • Detailed information on factors that will drive Modified bitumen Market growth during the next Six years
  • Precise estimation of the Modified bitumen Market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • The growth of the Modified bitumen industry across North America, Europe, APAC, South America, the Middle East, and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Modified bitumen Market vendors

To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/4318/modified-bitumen-market/70/#request-a-sample      

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