Modified Bitumen Market is forecast to reach $8.95 billion by 2025, after growing at a CAGR of 5.59% during 2019-2025. With the steady increase in the movement of automobiles and freight, demand for the enhanced road networks is growing significantly around the globe. This has culminated in several countries building new highways. As a result, there is a huge opportunity in the construction industry to develop materials such as modified bitumen. During the forecast period, the global increase in road construction will drive the growth of the modified bitumen market.The report covers Modified Bitumen Market size by type and Applications, Modified Bitumen Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Modifier Type – Segment Analysis
Styrene-Butadiene-Styrene (SBS) segment held the largest share in the Modified Bitumen Market in 2018. Due to its superior abrasion resistance and aging stability when combined with Styrene-Butadiene-Styrene (SBS), bitumen roofing systems are widely used for waterproofing applications. SBS bitumen has a remarkable life expectancy and is known for its simple methods of installation when compared with synthetic rubber, which is the perfect factors that fuel the global demand for waterproofing materials in the construction industry.
Type – Segment Analysis
Road Construction segment held the largest share in the Modified Bitumen Market at a CAGR of 7.72%. Modified bitumen is commonly used as the organic binding material made from refined crude oil by-products. Because it is reusable and a strong binder, modified bitumen is used in road construction. There has been strong growth in the road construction industry, mostly in Asia-Pacific and Europe, driving demand in the modified bitumen market. The road construction market in Europe is expected to grow strongly by 2019. Emerging countries in Asia-Pacific, such as India, Japan, Indonesia, Vietnam, Philippines, etc., are expected to witness an increase in bitumen demand during the forecast period due to numerous government initiatives in the region to develop and improve public infrastructure.
Application – Segment Analysis
Hot Asphalt Method has been the primary market for Modified Bitumen for many years. Hot asphalt is the most widely used application method globally, as it provides firmness in the summer heat and high penetration index which provides greater flexibility in colder temperatures.
Geography – Segment Analysis
APAC dominated the Modified Bitumen Market share with more than 35%, followed by North America and Europe. Due to the booming construction industry and increased public infrastructure projects in the region, Asia-Pacific is projected to dominate the modified bitumen market globally during the forecast period. India allocated INR 21,453.42 of the INR 71,000 crore budget allocation to the Ministry of Highways for work under the road division in its 2018 budget. It includes expenditure on the development of National Highways, including projects relating to expressways, two-lane highways under the National Highways Development Project, six-lane crowded stretches of the Golden Quadrilateral, a special program for the development of road connectivity in affected areas of Naxal, the development of the Vijayawada-Ranchi road and the provision of last-mile connectivity. In February 2018, a loan of 9.4 billion YEN was signed by the Philippines and Japan to construct the third phase of a road project in Bulacan. The demand for bitumen is projected to be the highest in the Asia-Pacific region with such development projects.
Drivers – Modified Bitumen Market
Increasing Road Construction and Repair Activities
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.
Challenges – Modified Bitumen Market
Fluctuations prices of Modified Bitumen materials
Due to changes in crude oil and petroleum prices, fluctuations in the prices of raw materials may hamper the market growth in the forthcoming evaluation period. In addition, excessive exploration activities worldwide for crude oil may in the near future limit the growth of the modified bitumen market.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Modified Bitumen market. In 2018, the market of Modified Bitumen has been consolidated by the top five players accounting for xx% of the share. Major players in the Modified Bitumen Market are Bitumina Group, Colas S.A., DowDuPont, ExxonMobil Corporation, Firestone Building Products Company, Fosroc International Limited, GAF Materials Corporation, Gazprom Neft PJSC, Global Road Technology, Hindustan Colas Private Limited, Lagan Asphalt Group, Nynas AB, Orlen Asfalt Sp. Z.O.O., Rosneft, Royal Dutch Shell PLC, among others.
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