Registering a CAGR of 4.2% over the forecast period, the market value of Modified Bitumen is expected to reach US$ 16,400.70 million in the year 2027.
Modified Bitumen Market Overview
Bitumen is a type of black viscous mixture obtained through fractional distillation of crude oil and is an important component of asphalt, which is used to build roads, streets, and other infrastructure. Modified bitumen is defined as a chemically designed product that provides optimum properties. One of the key properties in modified bitumen is its increased resistance to permanent deformation, which is especially important in asphalt mixtures used to create roads in harsh or high traffic flow environments.
Because of rising demand from the construction sector, the market is expected to expand broadly. Furthermore, factors such as bitumen strengthening with polymers augment properties such as cohesiveness, forte, resistance to distortion, and fatigue. Polymer-modified bitumen is expected to grow rapidly by the end of the forecasted timeframe. Rising PMB adoption in the construction sector is expected to drive market demand.
Increasing demand for modified bitumen from waste & water management and industrial sectors is a critical factor driving market growth, as is rising rapid industrialization in emerging economies, rising road construction, repair, and maintenance activities, rising demand for modified bitumen products in emerging economies, rising demand from numerous application industries such as road construction, roofing, adhesives, and coatings, and rising infrastructural development.
The report aspects discussed the profile of the top manufacturers of the global Modified Bitumen market. These aspects include the financial status of major companies, trending advancements, and the entire market scenario. Growth of the report has examined Modified Bitumen Market production, demand and growth potential, geographic analysis, as well as current market developments in various regions and countries.
Who are the Major Players in the Modified Bitumen Market?
The global Modified Bitumen includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include Shell (LON: SHEL), SK, ExxonMobil (NYSE: XOM), TIPCO ASPHALT (BKK: TASCO), Colas (EPA: RE), Nynas, Gazprom Neft PJSC (MCX: SIBN), Lagan Asphalt Group, Baolirus, Guochuang Hi-tech, Xi'an Guolin Industry, Nichireki and others.
Industry News and Updates:
Total and Indian Oil Establish Joint Venture in India to Provide High-Quality Bitumen Derivatives
July 27, 2020 –Indian Oil Corporation, India's largest refiner and marketer of petroleum products, and Total, a global energy company headquartered in Paris, France, have formed a 50:50 Joint Venture (JV) company to manufacture and market high-quality bitumen derivatives and specialty products for India's growing road-building industry.
What are the major Applications, Types, and Regions for the Modified Bitumen Market?
The market is segmented based on the type, applications, companies, and regions.
By Type, it is segmented into
SBS Modified Bitumen
Plastomer Modified Bitumen
Crumb Rubber Modified Bitumen
Others
By Application, it is segmented into
Road Construction & Paving
Roofing
Others
Modified Bitumen Market Regional Analysis
In 2021, the North American market was valued at USD 4.21 billion. North America had the largest market share in 2021 and is expected to retain that position by the end of the forecast period. Increased adoption of green roofing technologies due to consumer awareness of green buildings is likely to foster regional growth. Moreover, the Surge in housing projects initiated by the government is likely to influence the growth in demand PMB for roofing applications in the U.S.
The Asia Pacific is one of the world's fastest-growing regions. Growing urbanization and industrialization are boosting economic and sectoral growth. For example, India has the world's second-largest road network. The Indian Road network spans 5.5 million kilometers and includes national highways, state highways, and rural and urban roads. Construction activity in the public and private sectors is expected to increase, boosting regional growth. Additionally, a large manufacturing base for polymers in China and India is expected to bolster regional growth.
Europe is expected to grow significantly as a result of rising demand in the construction sector. Consumers are spending more on the interior and exterior of their homes as their disposable income rises. The use of polymer-modified bitumen for roofing will drive market growth due to its low-temperature sensitivity and high-water resistance.
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
Latin America
The Modified Bitumen Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type, and segment. It focuses extensively on revealing a detailed regional analysis. The Global Modified Bitumen Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Modified Bitumen Market report scope?
Scope of the Report covers Modified Bitumen Market with a detailed analysis of the overall scenario for the market. It also highlights the business participants’ environment in the global marketplace. This report also provides an overview of leading companies covering the latest successful marketing strategies, market contributions, current and historical background, and latest market happenings to help key organizations to grow and generate larger profits. Business players will greatly benefit from this Modified Bitumen Market analysis report as it has vital details to provide about regional markets and expected opportunities for the prediction time period 2022-2027. Growth between segments is used to understand the different growth factors that are expected to dominate the market as a whole and to develop strategies to differentiate between key applications and target markets. It further reveals how the worldwide market is working through efficient information graphics.
Report Attributes
Report Details
Report Title
Modified Bitumen Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions, and By Key Players: Shell (LON: SHEL), SK, ExxonMobil (NYSE: XOM), TIPCO ASPHALT (BKK: TASCO), Colas (EPA: RE), Gazprom Neft PJSC (MCX: SIBN)
Yes, the report can be customized as per your needs
Key Takeaways from this Modified Bitumen Report
Evaluate Modified Bitumen market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at the country level - for product types, end-use applications, and different industries verticals.
Understand the different dynamics influencing the market - growth driving factors, specific challenges, and hidden opportunities.
Get in-depth insights on your competitor’s performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis, and more.
Analyze the sales and distribution channels across geographies to enhance top-line revenues.
Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies to your processes.
Get a quick outlook on the Modified Bitumen market entropy – M&As, deals, partnerships, and product launches of all key players for the past 5 years.
Evaluate the import-export statistics, supply-demand, and competitive landscape for more than the top 20 countries globally for the market.
Frequently Asked Questions
What is the study period of this market?
The Modified Bitumen Market is studied from 2017 - 2027.
What is the growth rate of the Modified Bitumen Market?
The Modified Bitumen Market is growing at a CAGR of 4.2% over the next 5 years.
Who are the key players in Modified Bitumen Market?
What are the major end-use applications of Modified Bitumen Market?
Road Construction & Paving, Roofing, Others
All our reports are custom-made to your company’s needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
INTRODUCTION
MARKET DEFINITION
MARKET DYNAMICS
MARKET SEGMENTATION
REPORT TIMELINES
KEY STAKEHOLDERS
RESEARCH METHODOLOGY
DATA MINING
SECONDARY RESEARCH
PRIMARY RESEARCH
SUBJECT MATTER EXPERT ADVICE
QUALITY CHECK
FINAL REVIEW
DATA TRIANGULATION
BOTTOM-UP APPROACH
TOP-DOWN APPROACH
RESEARCH FLOW
EXECUTIVE SUMMARY
INTRODUCTION
GLOBAL MODIFIED BITUMEN MARKETBY APPLICATION
GLOBAL MODIFIED BITUMEN MARKET BY TYPES
MARKET DYNAMICS
DRIVERS
INCREASING DEMAND FOR GLOBAL MODIFIED BITUMEN RESTRAINTS
SECONDARY RESEARCH Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
