The growing need to enhance construction design quality in terms of strength & fatigue resistance is certain to fuel polymer modified bitumen market. PMB is a specially designed and engineered bitumen grade, which is prominently used for making roads, pavements, and residential building roofs to increase the endurance strength in extreme weather conditions. PMB has excellent cohesive strength and binding capability, which will favorably stimulate polymer modified bitumen industry trends over the years ahead. The increasing number of infrastructural and construction activities across the globe will also influence polymer modified bitumen industry size noticeably. According to Global Market Insights, Inc., “Worldwide polymer modified bitumen market was valued at USD 9.5 billion in 2015 and will surpass a revenue collection of USD 14 billion by the end of 2024 with an annual growth rate of above 4% over 2017-2024.”
U.S. Polymer Modified Bitumen (PMB) Market size, by Application, 2013 – 2024 (USD Million)
PMB possesses characteristics such as greater rigidity, excellent water resistance capability, higher durability, and superior resistance to permanent deformation, on the grounds of which it is extensively used to improve the durability and quality of roads. Escalating vehicle usage along with rising road construction activities will stimulate polymer modified bitumen industry share notably. The availability of a large automotive base along with enhanced spending capability of individuals across North America has fueled the demand for featured and high-quality automobiles, which naturally results in a rise in vehicle sales. In addition, the rapidly growing road traffic has necessitated the requirement of wider roads for safer transportation, which will indirectly boost polymer modified bitumen market size.
A recent news snippet proclaimed that the Europe-based conglomerate, FM Conway is likely to become first highway material manufacturer and contractor in the UK to produce PMB. The company has been trying to extend the use of PMB to increase the durability of roads through highway asset management. The Europe belt, it has been predicted, is also likely to witness high competition in PMB market owing to the presence of a substantial number of industry giants. On that note, Europe polymer modified bitumen market will collect an appreciable valuation by 2024, subject to surging road development and construction activities across this region. The infrastructural developers across the continent have also been giving preference to this product due to its notable properties such as superior adhesiveness, excellent elasticity, and cohesiveness. Thermoplastic elastomers, one of the many PMB products, are extensively used in asphalt pavements, owing to their excellent cohesive and adhesive nature. On that note, it has been forecast that thermoplastic elastomers are likely to cover a considerable share of the overall polymer modified bitumen market over the years ahead.
The key participants in polymer modified bitumen market are AMT Techno, MBD Industries, Tiki Tar Industries, Veekay Industries, Ooms Avenhorn Holding India Pvt Ltd, Royal Dutch Shell, Lagan Asphalt Group Ltd., Offshore Petrochem Pvt Ltd., Zhongji South Machinery Co Ltd., Maruti Group, RoadStar, L. N. Petro Chem Private Limited., Gulf Petrochem, Bitumat Co. Ltd., Space Petro Energy Pvt. Limited, IKA group, Allied Bitumen Complex, Ratnamani Industries, The Richmond Group, and Marini S.P.A.
Growing urbanization and industrialization across developing countries have changed the living standards of the populace residing in countries such as India and China. Increasing disposable incomes have led people to invest more in real estate and the like, which will, in a way, contribute toward the development of Asia Pacific polymer modified bitumen industry share. PMBs are also used to improve the waterproofing capability and cohesiveness of roof and piping systems, which will eventually help to avoid wall and ceiling leakages. On these grounds, it has been forecast that polymer modified bitumen industry size from roofing and piping applications will register considerable CAGR over the coming seven years.
Asia pacific polymer modified bitumen market finds huge demand for PMB material pertaining to the increasing infrastructural developments across this region. To improve the livelihood of the low-income households, the government and private companies are working on various construction projects, that demand the utilization of PMBs. Rapid growth in the population along with rise in GDP will thus cater to the product demand, thereby fueling polymer modified bitumen industry share.
Continuous development in material properties will create lucrative growth opportunities for the market players. Polymer modified bitumen industry giants have been proactively involved in research and development activities to come up with alternative raw materials to eliminate the threat related to crude oil depletion. Companies have also been readily integrating advanced technologies to enhance product portfolio, thereby sustaining their regional presence.