The North America region is estimated to hold the highest market share in the polymer modified bitumen market. The polymer-modified bitumen market is expected to expand significantly during the anticipated time frame. The development of the industrial and construction industries will support the market for polymer modified bitumen even further.
Dallas, Texas, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The global polymer modified bitumen market is growing as a result of continuing construction projects and increased global demand for ecologically friendly pavement and infrastructure materials. Polymer-modified bitumen is widely utilized in the construction of pavements because of its benefits including improved characteristics and little maintenance. In addition, key factors driving the market growth upward include the expanding global population and the rising per capita income. Also, an increase in expenditure on road and pavement renovation and construction is likely to support market expansion throughout the projection period. The global polymer-modified bitumen market size is expected to increase by 3.7% CAGR to reach USD 16.9 billion by 2029.
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The supply and demand conditions for a certain commodity are what largely determine its price. The primary cause of fluctuations in raw material prices is the excessive oil production and exploration operations undertaken by many nations in recent years, together with the depletion of crude oil supplies. Without cracking or thermal conversion, bitumen is produced by processing crude oil. The global depletion of crude oil resources is one of the main problems preventing the global PMB industry from progressing.
By assisting the bitumen in returning to its initial state once the vehicle pressure or weight is removed, the polymer improves the overall quality and durability of the road. This aids in preventing structural damage brought on by long-term cracks and deformations brought on by heavy traffic and the pressure of the soil. The polymer-modified bitumen market is also being greatly driven by the growing number of road construction operations taking place globally as a result of rising vehicle usage and traffic.
Key players operating in the global polymer modified bitumen market are:
Gazprom Neft PJSC
Lagan Asphalt Grou
Xi'an Guolin Industry.
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The thermoplastic elastomers segment dominated with the greatest market share for polymer-modified bitumen in 2021 as a result of its many qualities, including storage stability, temperature stability, and rutting resistance. The most popular product in polymer-modified bitumen is utilized because of its high quality and inexpensive cost. Due to its exceptional elasticity, resistance to heat and UV radiation, and strong demand in the upcoming years, thermoplastic elastomers are anticipated.
The polymer-modified bitumen market in North America, which currently represents a sizable portion of the industry, is anticipated to develop at a modest rate during the forecast period. Leading polymer-modified bitumen manufacturers are well-represented in the North American polymer-modified bitumen market, which is driven by the presence of cutting-edge technologies, the flourishing construction sector, and rising government investments in creating and extending road infrastructure. Government investment in public infrastructure construction and expanding acceptance of cutting-edge building materials for roofing are mostly to blame for the increase in demand seen in nations like the U.S. and Canada.
As an illustration, Eurovia increased its production capacity by formally opening a new Polymer Modified Bitumen and Emulsion plant in Thurrock in March 2019.
A 50/50 joint venture between Tiki Tar Industries and Shell Bitumen was established in October 2019 with the goal of selling bitumen in the Indian paving market. A broad selection of bitumen products based on the Shell Bitumen product portfolio will be beneficial to customers in India using them on state and federal highways, airport runways, and village roads.
Table of Contents:
2. Research Methodology
3. Market Outlook
4. Polymer Modified Bitumen market Type, 2019-2029 (USD Billion)
5. Polymer Modified Bitumen market applications, 2019-2029 (USD Billion)
6. Polymer Modified Bitumen market end-users 2019-2029 (USD Billion)
1. Road construction
2. Waterproofing companies
3. Pavement construction
7. Polymer Modified Bitumen market Region 2019-2029 (USD Billion)
1. North America
4. Rest of Europe
3. Asia Pacific
4. Rest of Asia Pacific
4. South America
3. Rest of South America
5. Middle East & Africa
8. Competitive Landscape
9. Company Profiles
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