The global polymer modified bitumen market size was valued at USD 12.81 billion in 2023 and is projected to grow from USD 13.45 billion in 2024 to USD 19.56 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period. North America dominated the polymer modified bitumen market with a market share of 37.24% in 2023. Moreover, the polymer modified bitumen market in the U.S. is projected to grow significantly, reaching an estimated value of USD 5.43 billion by 2032, driven by the increasing adoption of green roofing technologies owing to the increasing awareness in consumers regarding green buildings.
According to our research experts, the market is projected to perceive widespread growth owing to the rising demand from construction sector. Moreover, market growth is determined by factors such as strengthening bitumen with polymers augment properties such as cohesiveness, forte, resistance to distortion as well as fatigue.
This vital piece of information is published by Fortune Business Insights™, in its report, titled, “Polymer Modified Bitumen Market, 2024-2032.”
List of Key Players Covered in the Polymer Modified Bitumen Market Report
Total Oil India Pvt. Ltd. (Mumbai, India)
Gazprom NEFT (Moscow, Russia)
Sika AG (Baar, Switzerland)
Royal Dutch Shell PLC (The Hauge, Netherlands)
Benzene International Pte Ltd (Singapore)
Lagan Asphalt Group (Dublin, Ireland)
Exxon Mobil (Texas, U.S.)
Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for polymer modified bitumen in the upcoming future.
Segmentation
Based on application, the global market is divided into road construction, roofing, and others. The road construction segment constituted the principal market share. Rising acceptance of polymer modified bitumen in construction sector is estimated to drive the segment growth.
In terms of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Surging Demand from Construction Sector to Elevate Market Growth.
Polymer modified bitumen is projected to experience sturdy growth by the end of mentioned timeframe. Rising adoption of PMB from construction sector is anticipated to drive the market demand. Additionally, augmenting road construction happenings to amplify the connectivity within numerous regions is likely to fuel market growth. High government spending to expand the road infrastructure and refine the connectivity in distant areas is one of the leading aspect navigating the polymer modified bitumen market growth.
Information Source: https://www.fortunebusinessinsights.com/polymer-modified-bitumen-market-106317
Regional Insights
North America to Register Highest Market Growth Due to Rising Awareness Towards Green Buildings
The market size in North America was worth USD 4.21 billion in 2020. North America held the largest polymer modified bitumen market share in 2020, and is projected to preserve its position by the end of forecast period.
Asia Pacific is one of the speedily developing region. Surging urbanization and industrialization is nurturing the reasonable and sectorial growth.
Europe is estimated to display substantial growth owing to the surging demand from construction sector. Upsurge in flexible income is navigating consumers towards significant expenditure on interior and exterior of housing spaces.
Competitive Landscape
Collaborations among Companies to Fortify Their Brand Values in Global Market
Important players in the market are incessantly rooting for efficient tactics to promote their products and establish their positions in the market. One such stratagem is to unveil novel products by teaming up with other companies to extend their reach to end-users.
For example, in July 2020, Total, which is a broad energy company and Indian Oil Corporation, India’s biggest refiner and marketer of petroleum product declared an agreement of a 50:50 joint partnership to produce and deliver greater quality bitumen byproducts.
Industry Development
November 2019: Gazprom Neft Bitumen Materials engaged in a co-operation deal with the Transport and Construction Complex Research Institute on developing high tech bitumen binders utilized for roadbuilding.