Polymer
Modified Bitumen Market study is providing you with the up-to-date,
actionable market information and projections with the latest impact of the
Covid 19 outbreak. It offers all the requisite data to support tactical
business decisions and come up with strategic growth plans. This study also
proposes a comprehensive insight into the development policies and plans in
addition to manufacturing processes and cost structures.
The global Polymer Modified Bitumen Market size is expected to value at
USD 13.34 billion by 2022. The market is subject to witness a substantial
growth due to the growing demand from various end-user industries such as
building & construction industry and roofing industry, and increasing use
as adhesive and coatings. Massive increase in infrastructural spending,
particularly in developing economies across the globe such as India, China and
Brazil are anticipated to fuel expansion over the next seven years.
Shifting trend towards polymer-modified bitumen over conventional form
of bitumen for asphalt overlay due to its advanced set of properties and
minimum maintenance cost are anticipated to foster the growth of polymer
modified bitumen industry. Globally, the polymer modified bitumen market is
predicted to grow at higher CAGR in the forecast period, providing numerous
opportunities for market players to invest for research and development in the
market.
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In addition, variation in changing climatic conditions coupled with
heavy traffic hampers bitumen roads adversely, thus leading to cracks and
rutting. Thus, increasing demand for polymer modified bitumen to comprehend
such as factors are propelling market growth over the next seven years. Use of
polymer-modified bitumen reduces the investment required for road maintenance
every year. However, higher initial investment is one of the key challenges for
market growth, in the recent years. Yet, polymer modified bitumen is highly
cost-efficient, thus positively affecting market growth over the next seven
years.
The polymer modified bitumen industry is broadly categorized into two
major segments based on the product type such as thermoplastic elastomers and
plastomers. The thermoplastic elastomers is considered as one of the fastest
growing segment in the polymer modified bitumen market with substantial revenue
generation in the last few years. Growing popularity of the thermoplastic
elastomers segment is attributed to the increasing use as elastomeric materials
and superior properties such as improved ageing resistance, low temperature
flexibility and resistance to permanent deformation. The plastomers segment has
also witnessed substantial growth.
The polymer modified bitumen industry is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the rise in the implementation of
latest technologies in building & construction sector, substantial growth
in green roofing industry, and existence of well-established manufacturing
infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the
polymer modified bitumen market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with increasing spending in infrastructure development in the region,
favorable government policies, and significant investment by leading industry
players considering potential growth opportunities in the region.
The key players in the polymer modified bitumen industry are Total Oil
India Pvt., Ltd., Benzene International Pte., Ltd., Lagan Asphalt Group, Nynas
AB, Royal Dutch Shell plc, ExxonMobil Co., Gazprom NEFT Ltd., and Sika AG.
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