Modified Bitumen Market Applications, Types and Market Analysis to 2022

Global Modified Bitumen Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are rising enormously across the globe. Bitumen modifiers are certain additives or blend additives that can improve the properties of Bitumen and bituminous mixes. Bitumen treated with these modifiers is termed as modified bitumen. The factors that are playing a major role in the growth of Modified Bitumen Industry are, it is cost-efficient, rising construction industries in developing regions, and high demand in Asia Pacific. On the other hand, lack of awareness regarding the advantages of modified bitumen is a factor that may restrain the overall market growth.

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Modified Bitumen Market is segmented based on modifier type, applications, end-use industry, and region. Modifier type such as Natural Rubber, Styrene-Butadiene-Styrene (SBS), Crumb Rubber, Atactic Polypropylene (APP), and others (Fiber, Polypropylene, Gilsonite, Polyvinyl Chloride, Ethylene Vinyl Acetate, Epoxy Resin, and Styrene Butadiene Rubber) classify the market. In terms of value and volume, the Styrene-Butadiene-Styrene (SBS) segment is estimated to lead the overall market. The reason being, it is used to reduce low temperature thermal stress cracking in places with heavy traffic, deformation, and abrasion, and offers high tensile strength. Applications into Torch Applied, Hot Asphalt, Cold Asphalt, and others (Self-Adhering, Mechanically Fastened) classify Modified Bitumen Industry.

Hot Asphalt segment leads the overall market of Modified Bitumen as it gives steadfastness in the summer heat, whereas, the high saturation index that delivers greater flexibility in colder temperatures. End-use industry such as Building Construction (Structures, Roofing & Walls, and Building), Road Construction (Airport Runways, Tunnel Liners, Highways, and Bridges & Flyovers), and others (Industrial Areas and Waste & Water Management) classify Modified Bitumen Industry.

Road construction segment accounts for the largest market share of Modified Bitumen Market and is estimated to lead the overall market in the years to come. The reason being, rising road construction manufacturers of the modified bitumen in developing countries like Indonesia, India, and Vietnam. This industry is segmented geographically into Americas (North America, Latin America), Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa.

Globally, Asia Pacific accounts for the largest market share of Modified Bitumen Market and is estimated to lead the overall market in the years to come. The reason being, rising demand from the construction industry, increasing awareness regarding the benefits of modified bitumen, and high demand for modified bitumen in the region. The developing countries like China, India, and Japan are the major consumer of the industry in this region. Europe and North America follow suit.

The key players of Modified Bitumen Industry are Colas S.A., Sika AG, Royal Dutch Shell Plc., Nynas AB, ExxonMobil, Saint-Gobain, ORLEN Asfalt, and Total S.A. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.

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