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Polymer Modified Bitumen Market Size, Share & COVID-19 Impact Analysis, By Application (Road Construction, Roofing, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI106317

 

KEY MARKET INSIGHTS

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The global polymer modified bitumen market size was USD 11.35 billion in 2020. The market is projected to grow from USD 11.77 billion in 2021 to USD 16.26 billion in 2028 at a CAGR of 4.7% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with product/service witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 5.04% in 2020 The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The global market is expected to witness extensive growth due to the increasing demand from construction sector. PMB is bitumen combined with one of more thermoplastic elastomers or polymer materials. This process is done to improve the elasticity of the bitumen. Moreover, reinforcing bitumen with polymers enhance properties like cohesiveness, strength, resistance to deformation and fatigue.


COVID-19 Pandemic: Restrictions On Production Activities to Disturb the Market


The COVID-19 impact had noteworthy impact in the construction sector, which is sensitive to the economic cycles. Manufacturers and laborers are at significant risk due to the major decline in the economic activities due to the pandemic. Construction sector activities include renovation, construction, demolition and maintenance of residential and non-residential buildings as well as civil engineering work involving projects such as roads and utility systems. According to the international labor organization (ILO) before the pandemic, construction sector accounted 7.7% of global employment indicating the contribution of 13.4% to the global GDP.


However, due to the severity of the public health crisis coupled with the confinement measures, restriction on movement and lockdown the sector has been significantly impacted. Complete and partial shutdown of construction sites, maintenance of national roads and other public infrastructures had been suspended. Additionally, curbs on production activities of non-essentials resulted in supply chain disruption.


However, manufacturers are planning various strategies and steps in order to overcome the challenges in the way of operating and maintain safety while observing the rules and regulations. The continuation of construction sector is supposed to reduction of economic downturn and unemployment.


LATEST TRENDS


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Polymer Modified Bio Asphalt Developing as Modern Trend for Market


The bitumen industry has been continuously challenged due to the hazardous health effects and global warming issues rising due to the harmful emission of gases when produced using fossils fuels or derivatives of fossil fuels. The challenges put forth by global pollution and depletion of fossil fuels has lead the rise in cost for bituminous binder derivatives like bitumen. This has further lead towards the research and development of alternative binders such as bio-oils and polymer modified bitumen.


Modification of the base bitumen with polymer and bio-oil blend or polymer bio-bitumen to enhance the prime engineering properties such as flash point, fire point, specific gravity, density, softening point and others is likely to act as emerging trend. Adoption of such bio-based polymer modified bitumen is anticipated to act as an opportunity for market growth.


DRIVING FACTORS


Increasing Demand from Construction Sector to Propel Polymer Modified Bitumen Market Growth


Polymer modified bitumen is expected to experience concrete growth by the end of forecast period. Increasing adoption of PMB from construction sector is expected to drive the market growth. Water proofing is one of the major aspect considered while construction of any infrastructure. PMB sheets are highly employed in waterproofing of the roofs, roads, viaducts and others. Additionally, it is majorly used on rad pavements, especially in the areas of heavy traffic and extreme weather. Increasing road construction activities to improve the connectivity within various regions is expected to drive market growth. For instance, Indian government invested 1.4 trillion USD under the national Infrastructure Pipeline for year 2019-25 of which almost 18 % share is likely to be the capital expenditure on road sector. Moreover, the Indian government aims to construct 65000 km of National Highway by 2022.


High government investments to develop the road infrastructure and improve the connectivity in remote areas is one of the factor driving the market.


Superior Properties of Polymer Modified Bitumen to Drive Market


Polymer Modified Bitumen possess exceptional properties like high strength, lower temperature sensitivity, enhanced waterproofing quality, rigidity, cohesiveness, resistance to corrosion, and deformation. Various polymers are employed in modifying the bitumen to improve specific properties. For example, Styrene Butadiene Styrene is a modified binder that increases the longevity of pavements that are subjected to high thermal stress and traffic load, while ethylene vinyl acetate improves the stiffness. These superior properties contribute towards the surge in demand for Polymer Modified Bitumen.


RESTRAINING FACTORS


High Production Cost May Hamper Market


Polymer Modified Bitumen manufacturing process involves use of various high-end machineries and processes which further increases the cost of end-product. Modified Bitumen Production cost comparatively more than the unmodified bitumen. This is expected to hinder the market growth.


SEGMENTATION


By Application Analysis


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Road Construction Segment to Hold Significant Share Due to increasing Government Initiatives


By application, the market can be divided into road construction, roofing, and others.


The market is segmented into road construction, roofing, and others in terms of application. The road construction segment constituted the prime market share. Increasing adoption of polymer modified bitumen in construction sector is expected to drive the segment growth. Besides increasing government initiatives to improve the public infrastructure by using technically enhanced building materials shall significantly aid the segment growth.


REGIONAL INSIGHTS


North America Polymer Modified Bitumen Market Size, 2020 (USD Billion)

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North America to Dominate Market due to Rising Housing Projects in the Region


The market size in North America stood at USD 4.21 billion in 2020. North America held the largest share in the market in 2020, and is expected to maintain its position by the end of forecast period. Increasing adoption of green roofing technologies owing to the increasing awareness in consumers regarding green buildings is likely to foster regional growth. Moreover, increase in housing projects initiated by government is likely to influence growth in demand PMB for roofing application in the U.S.


Asia Pacific is one of the rapidly developing region. Increasing urbanization and industrialization is fostering the economical and sectoral growth. For instance, India has the second largest road network in the world. The 5.5 million kms of Indian road network consist of national highways, state highways, rural and urban roads. Growth in constructional activities in public and private sector is expected to boost growth in the region Additionally, large manufacturing base for polymers in China and India is expected to bolster regional growth.


Europe is expected to show considerable growth owing to the increasing demand from construction sector. Rise in disposable income is leading consumers towards substantial spending on interior and exterior of living spaces. Implementation of polymer modified bitumen due to lower temperature sensitivity and high water resistance for roofing shall boost market growth.


Latin America is expected to show considerable growth attributed to the government initiatives supporting the infrastructural growth of the region. For instance, the Belt and Road Initiative could make a paradigm shift in infrastructure development around the world. Government and Companies in the Caribbean and Latin America are expected to engage in the BRI initiative. This initiative is anticipated to potentially define the regional infrastructure and overall economic development.


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Middle East & Africa is expected to show considerable growth. High investment in road related projects in Middle East and Africa is expected to drive regional growth. For instance, due to the higher rate of economic growth and urbanization, the implementation of smart city projects in countries like Bahrain, Saudi Arabia, Oman, Qatar and others is expected to bolster market growth.


KEY INDUSTRY PLAYERS


Key Companies to Adopt Strategies and Broaden their Market Presence


The global market is fairly concentrated in nature. Total Oil India Pvt. Ltd., Gazprom NEFT, Sika AG, Royal Dutch Shell PLC, Benzene International Pte Ltd, Lagan Asphalt Group, Exxon Mobil, are some of the market's key players operating globally. Various strategic alliances are being planned and implemented to improve sales, global reach, and enhance the product portfolio.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • July 2020 – Total, a broad energy company and Indian Oil Corporation, India’s largest refiner and marketer of petroleum product announced formation of 50:50 joint venture to manufacture and supply high quality bitumen derivatives.

  • November 2019- Gazprom Neft Bitumen Materials signed a co-operation agreement with the Transport and Construction Complex Research Institute on developing high tech bitumen binders used for roadbuilding.


REPORT COVERAGE


An Infographic Representation of Polymer Modified Bitumen Market

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The global polymer modified bitumen market research report provides a detailed market analysis and focuses on crucial aspects such as leading companies, products, and raw materials. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth in recent years.


This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.


Report Scope & Segmentation














































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



Application and By Region



By Application




  • Road Construction

  • Roofing

  • Others



By Region




  • North America

    • By Application

    • By Country

      • U.S. (By Application)

      • Canada (By Application)





  • Europe

    • By Application

    • By Country

      • Germany (By Application)

      • U.K. (By Application)

      • France (By Application)

      • Italy (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific

    • By Application

    • By Country

      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • ASEAN (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America

    • By Application

    • By Country

      • Brazil (By Application)

      • Mexico (By Application)

      • Rest of Latin America (By Application)





  • Middle East & Africa

    • By Application

    • By Country

      • GCC (By Application)

      • South Africa (By Application)

      • Rest of the Middle East & Africa (By Application)






 



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 11.35 billion in 2020 and is projected to reach USD 16.26 billion by 2028.

In 2020, the North America market size stood at USD 4.21 billion.

Growing at a CAGR of 4.7%, the market will exhibit steady growth during the forecast period (2021-2028).

The road construction segment is expected to be the leading segment in this market during the forecast period.

Growing demand from construction sector is expected to drive market.

Major players in the global market include Total Oil India Pvt. Ltd., Gazprom NEFT, Sika AG, Royal Dutch Shell PLC, Benzene International Pte Ltd, Lagan Asphalt Group, Exxon Mobil.

North America dominated the market share in 2020.

Adoption of polymer modified bio-asphalt is expected to drive the market.

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