The polymer modified bitumen market is segmented into emulsions, road construction, and roofing & piping on the basis of application.
Sellbyville, DE -- (SBWIRE) -- 03/16/2019 -- Growth in construction sector and flourishing infrastructural activities will likely spur the polymer modified bitumen market in coming years. The product is widely used for the roofing, piping and other construction works for its cohesive and waterproofing properties. Increasing housing and infrastructural facilities demand in developing economies owing to rise in population level along with increase in personal income will contribute towards the industry growth. Revival of the U.S. economy after the global slowdown has also resulted in higher government spending for new infrastructural development projects as well as the repair & maintenance of existing ones. This will also be a key growth enabler for the polymer modified bitumen market in the forecast timeframe.Polymer Modified Bitumen (PMB) Market will likely surpass USD 14 billion by 2024; according to a new research reports.
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Increasing environmental concerns is boosting the environmental friendly construction material, chemicals and green cement usage. Developing countries such as India and China have significant construction activities due to rapid increase in population and huge demand for superior homes. Additionally, rise in road construction activities across the globe owing to increasing vehicle usage and high traffic is another factor which will further augment the polymer modified bitumen market demand in coming years. Its superior cohesive and binding features makes it suitable for the use in pavements and road construction.
Fluctuation in the prices of raw materials owing to the continuous changes in crude oil and petroleum prices may hamper the polymer modified bitumen market demand in forecast timeframe. Bitumen is derived from crude oil and depleting oil resources across the globe due to excessive exploration activities is likely to be the key restraining factor for polymer modified bitumen market growth in future.
Polymer Modified Bitumen market has been bifurcated into product and application. The product segment is categorized into three types among which thermoplastic elastomers held the major share of the total polymer modified bitumen market for its superior features such as resistance from UV & heat and low cost as compared to other products. It has wide usage in pavements construction owing to its extreme cohesion and adhesion properties.
Emulsion application segment is fragmented into paving and waterproofing. Increasing high quality material demand for housing and other infrastructure construction activities will propel the emulsions application segment growth. Rise in waterproofing solution demand to prevent leakages and wetness of ceilings and walls will also have a positive impact on the global polymer modified bitumen market growth till 2024.
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On the regional basis, Asia Pacific held most of the share in polymer modified bitumen market due to increase in regional construction and infrastructure development activities. Emerging economies such as India and China have a huge population coupled with increasing purchasing power and GDP. Growing housing need in these areas since last decade has resulted in new construction projects, which are carried out by private players and respective local governments. This in turn, will enhance the polymer modified bitumen industry development in the forecast timeframe.
The major companies in the polymer modified bitumen industry include Royal Dutch Shell, RoadStar, Tiki Tar., Offshore Petrochem, Ooms Avenhorn Holding, AMT Techno, Maruti Group, MBD Industries, Lagan Asphalt Group, L N Petro Chem, IKA group, MARINI, Bitumat Company, Gulf Petrochem, South Machinery, Allied Bitumen Complex, The Richmond Group, Ratnamani Industries and others.
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