Global Modified Bitumen Market Trends, Applications, Analysis, Growth, and Forecast to 2028

Global Modified Bitumen Market: Introduction            

“The global Modified Bitumen Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Modified bitumen is a chemically designed to offer optimum properties. One of the key properties in modified bitumen is its high resistance to permanent deformation specially in case of mixtures of asphalt used to create roads in the harsh or high traffic flow location.

Modifying binders in conventional bitumen makes it resistant to other factors such as rutting, ageing, cracking, thermal fissures, and stripping. The key purpose to manufacture modified bitumen is a combination of various advantages, including improved elasticity of bitumen, increasing its average life span, reduction in maintenance costs and rates, improve drainage properties in various cases, and for more flexibility.

Global Modified Bitumen Market: Dynamics

Increasing adoption for modified bitumen across various end-use industries including road and building construction is a factor expected to fuel the global market growth. In addition, increasing demand for modified bitumen form waste & water management and industrial sectors is a key factor expected to propel the global modified bitumen market growth in the years to come.

In addition, rapid industrialization in emerging economics and increasing road construction, repair, and maintenance activities is among another factor expected to propel the market growth over the years to come. Increasing demand for the modified bitumen products in emerging economics is additional factor expected to augment the global market growth.

However, limited oil resources capable of producing high-quality bitumen is a factor expected to restraint the target market growth.

Global Modified Bitumen Market: Segment Insights

Among the modifier type segments, the styrene-butadiene-styrene segment is expected to witness higher revenue share in the global modified bitumen market, owing to these material’s unique combination of properties which make it valuable across various industries. The styrene-butadiene-styrene segment revenue is projected to record fastest CAGR over the next few years.

Among the application method segments, the hot asphalt segment is expected to witness moderate revenue share in the global modified bitumen market. Hot asphalt is widely used application method across the globe, as it offers firmness in summer heat as well as high penetration index that provide better flexibility in the colder/low temperatures. The hot asphalt segment revenue is projected to record fastest CAGR over the next few years.

Among the end-use industries segments, the road construction segment is expected to record major revenue share in the global modified bitumen market. The road construction segment revenue is expected to register highest CAGR in the next 10 years.

Global Modified Bitumen Market: Region Insights

The Asia Pacific modified bitumen market is projected to record major revenue share contribution in the global modified bitumen market, owing to increasing demand for modified bitumen from the road and building construction sectors. The Asia Pacific market is expected to register highest revenue growth, owing to increasing demand from waste and water management and various industrial sectors in countries in the region.

Global Modified Bitumen Market Segmentation:

Segmentation by Modifier Type:

• Styrene-Butadiene-Styrene
• Atactic Polypropylene
• Crumb Rubber
• Natural Rubber
• Others (Polypropylene, Polyvinyl Chloride, Epoxy Resin, Polyurethane Resin, Styrene Butadiene Rubber, Ethylene Vinyl Acetate, Gilsonite, and Fiber)

Segmentation by Application Method:

• Hot Asphalt
• Cold Asphalt
• Torch Applied
• Others (Mechanically Fastened and Self-Adhering)

Segmentation by End-Use Industry:

• Road Construction
• Building Construction (Roofing and Walls, Building, And Structures)
• Others (Waste & Water Management and Industrial Areas)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa