The polymer modified bitumen market has displayed impressive growth, attaining approximately US$ 11.7 billion in 2021 and poised to achieve around US$ 12 billion in 2022. Fueled by its increasing utilization in road construction, roofing, piping, and paving applications, the sector is anticipated to sustain a steady growth trajectory with a projected CAGR of 4.6% from 2022 to 2032. This ascent is set to propel the overall demand beyond expectations, surging past US$ 18.8 billion by the conclusion of 2032.
The robust expansion of the polymer modified bitumen market is significantly bolstered by its increasing integration within the building and construction sector. This trend is poised to persist as the driving force behind the market’s growth during the forecast period. The versatile applications of polymer modified bitumen in various construction activities are anticipated to sustain this momentum, thereby propelling the market’s continued upward trajectory.
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In the roofing industry, polymer modified bitumen is widely used as a waterproofing material. Its superior waterproofing properties, coupled with excellent UV resistance and high tensile strength, make it suitable for various roofing applications, including flat roofs, low-slope roofs, and buildings in regions prone to extreme weather conditions.
The growing focus on sustainable construction practices has also contributed to the increased adoption of polymer modified bitumen. Some polymer modifiers used in PMB formulations are derived from recycled materials, offering a more environmentally friendly alternative to traditional bitumen. Additionally, the longer service life of PMB-based products reduces the need for frequent maintenance and replacement, leading to cost savings and reduced environmental impact.
Furthermore, polymer modified bitumen finds application in industrial settings where resistance to chemicals, oils, and other corrosive substances is essential. It is used in tank linings, bridge deck waterproofing, airport runways, and other infrastructure projects that require a robust and durable material.
Geographically, the polymer modified bitumen market is witnessing significant growth across various regions. Developing economies with expanding infrastructure and construction activities, such as China, India, and Southeast Asian countries, are driving the demand for PMB. Additionally, mature markets in North America and Europe are experiencing steady growth due to the rehabilitation and maintenance of existing infrastructure.
Some of the key players in the polymer modified bitumen market are-
- Royal Dutch Shell
- Maruti Group
- IKA Group
- Gulf Petrochem
- Ratnamani Industries
- Roadstar
- AMT Techno
- The Richmond Group
- LN Petrochem
- Veekay Industries
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Key Segments Profiled in the Polymer modified bitumen Industry Survey
By Product:
- Thermoplastic Polymer
- Thermoplastic Elastomer
- Thermosetting Polymer
By Application:
- Roofing & Piping
- Emulsions
- Paving
- Water Proofing
- Road Construction
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments over the next 10-years.
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