According to a new report published by Fact.MR, in 2023, the modified bitumen market was valued at US$ 23.96 billion, while global demand for modified bitumen is poised to rise at a CAGR of 5.5% to attain a market value of US$ 41 billion by the end of 2033. MB is a type of bitumen boosted by several polymers to achieve higher performance in high-stress conditions, especially in road construction and roofing. This material is more durable, flexible, and resistant to many environmental factors compared to natural bitumen. The demand for value-added construction materials is rising across the world, with infrastructure development and the growing urge for sustainable and durable materials, thereby driving the growth in the modified bitumen market. Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=8906 What is Modified Bitumen Used For? Modified bitumen is majorly used in road construction and waterproofing. In asphalt paving, modified bitumen is considered one of the favored materials used in the building and maintenance of roads, highways, airports, and bridges. Due to material flexibility and resistance, it is suitable for regions with extreme weather conditions and high traffic load and has shown better cracking and deformation resistance. Modified bitumen, particularly PMB, has been widely used in roofing systems for its invaluable contribution in resisting water. It plays a vital role in the manufacture of roofing membranes, sealing foundations, and waterproofing buildings to extend the life of the structure. Key Companies Profiled
Bitumina Group
Dow, Inc.
Colas SA
DuPont de Nemours
Firestone Building Products Company
ExxonMobil Corporation
Fosroc International Ltd.
Gazprom Neft PJSC
GAF Materials LLC
Global Road Technology International Ltd.
Lagan Asphalt Group
Hindustan Colas Private Limited
Nynas AB
PJSC Rosneft Oil Company
Orlen Asfalt Sp. Z.O.O.
Royal Dutch Shell PLC,
Soprema Group
Saint-Gobain Weber
Soprema Group
Sika AG
Texsa Systems Slu
W.R. Grace & Co.
Total SA
How Big is the Modified Bitumen Market? The global modified bitumen market is growing at a good pace and is primarily driven by increasing infrastructure investments in developing economies. The market will see stable growth over the next decade. For instance, China and the United States are huge markets due to the length of their highways and demand for maintenance and new construction. The rapid city growth along with government investments in infrastructure for transportation is going to spur this market onward. Modified bitumen, due to its versatility, will continue to find its role in the application basket. Who is the Largest Producer of Bitumen? The global bitumen market is highly competitive. Royal Dutch Shell, Sinopec, and Total Oil India Pvt. Ltd. are some of the large-scale producers. These belong to global leaders in energy companies, and their production of bitumen is also derived from various crude oil refining processes. China National Petroleum Corporation (CNPC) and Indian Oil Corporation Ltd. are some of the other key players that contribute to the market, with major interests in the Asia-Pacific region. In view of the enormous refining capacities and the size of infrastructural projects in particular that are underway in China and India, these companies share the lion's share of bitumen production. The mentioned companies are also increasingly into the manufacturing of polymer-modified bitumen for meeting the increasing demand of such high-performance materials for road construction and waterproofing. Modified Bitumen: How to Recognize It? Identification of modified bitumen can generally be done by its composition and application characteristics. Unlike conventional bitumen, modified bitumen is blended with polymers like SBS (styrene-butadiene-styrene) or APP (atactic polypropylene) that enhance elasticity and strength. This bitumen has a more rubbery texture, and that added flexibility at low temperatures is just a blessing. Modified bitumen can also be differentiated based on the characteristic features that it possesses, including resistance to cracking and rutting-a deformation that happens along roads-, while it also possesses a very stable thermal character and waterproofing. Besides this, the manufacturers usually label their PMBs used in road construction; hence, this makes it easy to differentiate from usual bitumen. In the case of application, MB finds broader applications in those projects that require high performance and durability and are used for high-traffic areas such as roads, airports, and rooftops. Another distinguishing feature of modified bitumen from conventional one is its resistance against extreme weather conditions, whereas in similar conditions it may show cracking or degradation. Market Drivers and Challenges
The main factors contributing to growth in the modified bitumen market are increased demand due to durable road infrastructure and waterproofing needs. The demand has grown with increased investment by countries in expanding their transportation network, as it requires more materials that could bear heavy traffic and harsh climates. Continuous growth in urbanization and emphasis on energy-efficient building construction increase the demand for modified bitumen in roofing applications. Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=8906 However, the unstable price of the main raw material feedstock, namely crude oil, for bitumen acts as a hindrance to market growth. Ecological issues with the production of bitumen are also forcing the industry to seek greener alternatives such as bio-based bitumen and even products from plastic waste. This trend is very likely to open up avenues for innovation in the market. Conclusion The bitumen market is bound to see significant growth in the next few years, as it forms one of the key components of modern infrastructure. These applications range from indispensable road surfacing and waterproofing, among others, especially in regions with extreme weather and high traffic. Though major players dominate production, with key contributors being Royal Dutch Shell and Sinopec firms, increased attention to environmental regulations pushes the pressure for the need for sustainable alternatives. Modified bitumen, because of its durability, flexibility, and performance, will continue to enjoy its prime position among the building materials as construction and infrastructural industries are continuously expanding worldwide. About Fact.MR : We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction. Contact: US Sales Office 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D) Sales Team:
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