New York, June 02, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Consegic Business Intelligence, the polymer modified bitumen market is poised for strong expansion and is expected to reach USD 15,803.79 million by 2030. The market, which was valued at USD 11,029.68 million in 2022, is predicted to grow at a compound annual growth rate of 4.7% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the polymer modified bitumen market.
Polymer modified bitumen is mixture of additional polymer that provides extra strength and resistance to fatigue, stripping, and deformations making it an ideal material for infrastructure. Such type of bitumen is specifically designed for the construction of roads to withstand heavy duty traffic and offers home roofing solutions to resist extreme climate conditions. The usage of polymer modified bitumen also contributes to the reduction of road noise and an increase in skid resistance, which are crucial factors for ensuring road safety Request Sample Copy
Polymer modified bitumen is produced using various polymers such as thermoplastic elastomers, thermoplastic polymers, and thermosetting polymers. In addition, they have several significant advantages compared to conventional bitumen such as increased elasticity and durability, better adhesive, and cohesive properties, and are less sensitive to temperature changes and aging.
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Global Polymer Modified Bitumen Market Segmentation Details:
Based on Product Type, the thermoplastic polymer segment contributed the largest shares to the market growth in 2022 driven by the properties such as relatively low melting point, resistance to chemicals, and increased flexibility and durability. Further, these polymer have high toughness, good strength, and the ability to remold and recycle, which makes thermoplastic composites an ideal construction material.
ased on Application, the roofing & piping segment is anticipated to offer substantial shares in the global polymer modified bitumen market growth during the forecast period. Polymer-modified bitumen provides a durable and long-lasting solution for roofing and piping systems as they use reinforcing sheets that have been factory coated with rubberized bitumen which are tough and inherently waterproof.
Further, polymer modified bitumen is widely used to protect buildings from water damage and other environmental factors. Underground structures such as basements, tunnels, and reservoirs widely require polymer modified bitumen as they are vulnerable to water damage and leakage. As a result, the aforementioned factors are anticipated to drive the market growth.
Based on Region, in 2022, Asia Pacific accounted for the largest share contribution to the market growth driven by the rising investment in infrastructure activities and increasing road construction projects, particularly in countries including India and China which requires polymer modified bitumen to provide robust road and ensure road safety.
For instance, in 2021, China State Construction Engineering Corporation (CSCEC) signed a total of 4,502 kilometers of new road construction contracts in China, increasing from 4,186 kilometers compared to the previous year. Further, according to India Brand Equity Foundation, Under the National Infrastructure Pipeline (NIP), India has an investment budget worth USD 1.3 trillion for infrastructure development in the country. Hence, the aforementioned factors are supporting the growth of the polymer modified bitumen market.
Global Polymer Modified Bitumen Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 15,803.79 Million |
| CAGR (2023-2030) | 4.7% |
| By Product Type |
|
| By Application |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Shell Global, Nynas AB, TotalEnergies, Exxon Mobil Corporation, Colas Limited, Indian Oil Corporation Limited, Puma Bitumen, Alma Petroli Porner Group, Maruti Bitumen Pvt Ltd., and Sika India Pvt. Ltd. |
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Key Market Takeaways
- North America is expected to grow at the fastest CAGR of 5.5% during the forecast period due to the increasing construction of roads, highways, bridges, and others in the region.
- In 2022, Asia Pacific accounted for the highest market share of 38.50% and was valued at USD 4,246.43 billion, and is expected to reach USD 6,155.58 billion in 2030.
- Based on product type, thermoplastic polymers accounted for the highest market share of 29.50% in the polymer modified bitumen market statistics in 2022.
- By application, the roofing & piping segment is anticipated to contribute the largest shares to the market growth in 2022.
Competitive Landscape
As per the research, Shell Global, Nynas AB, TotalEnergies, and Exxon Mobil Corporation are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the polymer modified bitumen market is expected to grow steadily due to increasing investment in technology for development of bituminous materials that are sustainable, environmentally friendly and cost-efficient. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
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Recent Developments
- In September 2022, Alma Petroli installed a new unit for the production of modified bitumen and the company also registered the best product in its product range, ALMA FASTDRAINING, to serve the Italian and international markets.
- In July 2020, Indian Oil Corporation (IOC) and French multinational company Total formed a partnership to produce and market bitumen, including polymer-modified bitumen (PMB), in India.
List of Major Global Polymer Modified Bitumen Market:
- Shell Global
- Nynas AB
- TotalEnergies
- Exxon Mobil Corporation
- Colas Limited
- Indian Oil Corporation Limited
- Puma Bitumen
- Alma Petroli
- Porner Group
- Maruti Bitumen Pvt Ltd.
- Sika India Pvt. Ltd.
Global Polymer Modified Bitumen Market Segmentation:
- By Product Type
- Thermoplastic Elastomers
- Styrene Butadiene Diblock (SB)
- Styrene Butadiene Triblock/Radial (SBS)
- Styrene Isoprene (SIS)
- Styrene Ethylbutylene Styrene (SEBS)
- Styrene Butadiene Rubber Latex (SBR)
- Polychloroprene Latex
- Others
- Thermoplastic Polymers
- Thermosetting Polymers
- Crumb Rubber Modified Bitumen
- Others
- Thermoplastic Elastomers
- By Application
- Roofing & Piping
- Road Construction
- Emulsions
- Others
Frequently Asked Questions in the Polymer Modified Bitumen Market Report
- What was the market size of the polymer modified bitumen in 2022?
- In 2022, the market size of polymer modified bitumen was USD 11,029.68 million.
- What will be the potential market valuation for the polymer modified bitumen by 2030?
- In 2030, the market size of polymer modified bitumen will be expected to reach 15,803.79 million.
- What are the key factors driving the growth of the polymer modified bitumen market?
- Growing demand for durable and sustainable infrastructure and increasing roofing and waterproofing activities are the key factors driving the growth of the polymer modified bitumen market
- What is the dominating segment in the polymer modified bitumen market by application?
- In 2022, the road construction segment accounted for the highest market share in the overall polymer modified bitumen market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- Asia Pacific contributed the largest market share in the polymer modified bitumen market.
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