Promising Outlook: Polymer Modified Bitumen Market Forecasted to Reach US$ 18.8 Billion at 4.6% CAGR by 2032

 

The size of the worldwide polymer modified bitumen market was approximately US$ 11.7 billion in 2021, and it is anticipated to reach an estimated value of US$ 12 billion in 2022. The demand for polymer modified bitumen is expected to increase overall between 2022 and 2032 at a CAGR of 4.6%, surpassing US$ 18.8 Billion by the end of 2032 due to growing uses in paving, roofing & pipes, and road construction.

The global polymer modified bitumen market has been experiencing significant growth in recent years, driven by the increasing demand for high-performance bitumen in various construction and infrastructure projects. PMB finds extensive applications in road construction, roofing, waterproofing, and industrial applications due to its superior characteristics.

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Polymer Modified Bitumen (PMB) is a specially engineered material that combines bitumen, a black, viscous substance derived from crude oil, with various polymers to enhance its performance properties. The resulting product exhibits improved elasticity, durability, resistance to aging and cracking, and overall enhanced performance compared to conventional bitumen. The polymer modification process involves blending bitumen with thermoplastic or thermosetting polymers, such as styrene-butadiene-styrene (SBS), styrene-butadiene rubber (SBR), ethylene-vinyl acetate (EVA), or polyethylene (PE).

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.

Market Competition

These leading polymer modified bitumen manufacturing companies are adopting various growth strategies such as new product launches, partnerships, mergers, investments in research and development, and establishment of new manufacturing facilities. For instance, in March 2019 Eurovia officially opened its new Polymer Modified Bitumen and Emulsion plant in Thurrock to increase its production capacity.

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
  • Tiki Tar Industries
  • MBD Industries

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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