Polymer Modified Bitumen Market Size, Share & Industry Analysis, By Application (Road Construction, Roofing, and Others), and Regional Forecast, 2024-2032

The global polymer modified bitumen market size was valued at USD 12.81 billion in 2023 and is projected to grow from USD 13.45 billion in 2024 to USD 19.56 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period. North America dominated the polymer modified bitumen market with a market share of 37.24% in 2023. Moreover, the polymer modified bitumen market in the U.S. is projected to grow significantly, reaching an estimated value of USD 5.43 billion by 2032, driven by the increasing adoption of green roofing technologies owing to the increasing awareness in consumers regarding green buildings.

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.

The COVID-19 pandemic severely affected the market, disrupting supply chains and construction operations. Lockdowns and limitations caused a drop in infrastructure projects, lowering demand for polymer bitumen used in road construction. However, as economies recover, the market is likely to rebound gradually as a result of the gradual increase in infrastructure expenditure.

Polymer Modified Bitumen Market Trends

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.

Paving the Way for Sustainable and Durable Infrastructure to Surge Market

The market is expanding rapidly, driven by global infrastructure expansion and road construction projects. With governments around the world investing in improving transportation networks, polymer modified bitumen appears as a major alternative due to its excellent properties. Its increased durability, flexibility, and resilience to wear and tear make it excellent for a variety of applications, including highways, airports, and city streets.

The increased emphasis on infrastructure robustness and longevity expands the market potential for polymer bitumen. As regions encounter obstacles, such as extreme weather and heavy traffic, polymer-modified bitumen’s enhanced performance becomes more attractive. As the construction industry needs, manufacturers and suppliers of polymer bitumen have a substantial chance for growth. With ongoing infrastructure developments and increased awareness of the benefits of polymer bitumen, the industry is positioned for significant growth over the forecast period.

Polymer Modified Bitumen Market Growth Factors

Increasing Demand from Construction Sector to Propel 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 polymer modified bitumen market growth.

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.

Polymer Modified Bitumen Market Segmentation Analysis

By Application Analysis

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 held the prime polymer modified bitumen market share, in 2023. 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 to Dominate Market due to Rising Housing Projects in the Region

The market size in North America stood at USD 4.77 billion in 2023. 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 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.

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.

List of Key Companies in Polymer Modified Bitumen Market

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

• Total Oil India Pvt. Ltd. (India)


• Gazprom NEFT (Russia)


• Sika AG (Switzerland)


• Royal Dutch Shell PLC (Netherlands)


• Benzene International Pte Ltd (Singapore)


• Lagan Asphalt Group (Ireland)


• Exxon Mobil (U.S.)

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

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