The global polymer modified bitumen market is expected to reach a value of USD 11,829.1 million in 2024 and is anticipated to reach a value of USD 19,169.4 million by 2034. Sales are expected to rise at a CAGR of 4.9% in the forecast period. A polymer modified bitumen's sales in 2023 were valued at USD 11,407 million.
Building materials and procedures have become more efficient as a result of datafication and machine learning. Technology has helped create sophisticated PMB formulations that meet the changing demands of the business. Analysis of polypropylene (PP) addition to 80 Pen bitumen used advanced analytical techniques such as Fourier Transform Infrared Spectroscopy (FTIR).
For the purpose of chemically characterizing and rheologically selecting modified bitumens, an NMR-based approach has been devised. Using an 80/100 penetration grade bitumen, the researchers examined polymer-bitumen blends of crumb rubber, polyethylene wax, and styrene-butadiene-styrene copolymer.
A new method for pyrolysis gas chromatography mass spectrometry analysis of tire and road wear particles has been developed. Such bitumen is especially useful for detecting tire and polymer-modified bitumen particles in environmental samples.
Procurement of buildings and infrastructure has become easier with platforms that enable easy access to PMB across the globe. E-commerce platforms can present polymer modified bitumen as a cost-effective material through its durability, ease of maintenance, and improved engineering features. This may draw customers searching for strong and effective building supplies.
A website offering comprehensive information about bitumen with polymers can serve as an instructional tool. Based on their unique project requirements, buyers may find this helpful in making well-informed judgments.
Recent years have been devoted to the examination of polymer-bitumen interactions and bitumen characteristics. A rise in academic organizations researching polymer modified bitumen reflects the importance and use of polymer modification in the industry.
Creating smart roads that monitor traffic, temperature, and structural integrity in real time is feasible through the use of PMBs and sensors. To improve the efficiency of road networks, management and maintenance can be improved. Then road networks could be maintained and managed more efficiently.
Climate change may pose challenges to PMB formulations, like extreme temperatures, heavy rain, and rising sea levels. To achieve this goal, PMB could be strengthened to be more water resistant and more flexible to accommodate temperature variations.
PMB production and application will become more consistent and quality-controlled with the advancement of digital technology. Precision and efficient paving could be achieved through predictive analytics and software-assisted applications.
| Attributes | Description |
|---|---|
| Estimated Global Polymer Modified Bitumen Market Size (2024E) | USD 11,829.1 million |
| Projected Global Polymer Modified Bitumen Market Value (2034F) | USD 19,169.4 million |
| Value-based CAGR (2024 to 2034) | 4.9% |
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Demand for Durablilty and Performance to be a Key Trend
Researchers and engineers are looking for polymers that can blend with bitumen to improve its rutting, cracking, and fatigue resistance. Modification of bitumen with polymers makes more durable and long-lasting against weathering and traffic.
The use of PMB in sustainable pavement construction, warm mix polymer modified bitumen is a trend toward reducing mixing and compaction temperatures. In addition to highways with high traffic volumes, runways at airports can also be equipped with PMB to meet their specific requirements.
After polymer modification, bitumen gains greater resistance to oxidation age and overall durability. The presence of polymers in bitumen increases its adhesive properties, which reduces the possibility of delamination and improves pavement performance. As PMB uses expand beyond road construction, roofing and underground structures are also waterproofed with this material.
Innovative Technologies to Push Demand for Polymer Modified Bitumen
With the rapid development of infrastructure and government regulations on infrastructure spending and road construction projects, revenues will increase for the polymer modified bitumen market.
In the polymer modified bitumen industry, companies have the chance to gain market share and differentiate themselves from the competition by launching new products.
Bitumen prices are expected to rise due to advances in PMB technology, which manufacturers are utilizing in order to increase fatigue performance and resistance to deformation.
Regulations and rules that enhance sustainability and quality in infrastructure projects can lead to more widespread use of polymeric modified bitumen. Eco-friendly building materials such as polymer-modified bitumen are becoming more popular due to the increasing interest in eco-friendly building materials.
Increasing Costs to Hamper Demand
Polymer additions make PMB more expensive than ordinary bitumen. The rising cost of crude oil, impacting the price of bitumen, is expected to hamper the market. The lack of compatibility can lead to phase separation or decrease the effectiveness of modifiers. Maintaining quality and uniformity throughout the production process can be challenging when mixing bitumen and polymer.
Compared to conventional bitumen, PMBs may require handling and storage methods that are different. Premature curing or degradation of the product may require the use of specific temperature controls.
Policies promoting sustainable construction practices and use of recycled materials in asphalt will drive the market. Mix designs for specific applications can take a long time to determine and may involve extensive testing.
The global market registered a CAGR of 3.3% during the historical period between 2019 and 2023. The market for polymer modified bitumens grew positively and reached a value of USD 11,407 million in 2023.
Construction materials such as bitumen have been used for centuries and remain a valuable engineering material. Bitumen's performance in the field has been improved through a lot of studies.
Polymer additions to bitumen have produced desirable results, especially in road repair capacities. The use of polymers in bitumen-based applications enhances the elasticity of bitumen, thereby providing numerous benefits.
According to certain studies, bitumen treated with polymers may lead to financial savings in specific applications. Due to their improved mechanical qualities, PMBs can be placed in thinner layers than bitumen that hasn't been changed without sacrificing performance.
Even with strong binders, improvements in binder strength, flexibility, and toughness greatly increase the asphalt's resilience to fatigue. Industry growth is expected to reach a CAGR of 4.9% CAGR during the forecast period.
Principal Consultant
The following section provides country-level forecasts for polymer modified bitumen. Global information is provided on several key countries, including those in North America, Asia Pacific, and Europe.
With a CAGR of 3% through 2034, Canada is projected to remain the leader in North America. By 2034, India is anticipated to witness a CAGR of 7.4% in the South Asian and Pacific region.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 2.8% |
| Canada | 3% |
| Germany | 2.3% |
| United Kingdom | 1.9% |
| China | 5.5% |
| India | 7.4% |
India's polymer modified bitumen industry is expected to present incremental opportunities over the forecast period. A significant portion of the region's value share is projected to be held by the country by 2034, making the dominant player.
Since the government has focused on infrastructure development, including roads and highways, India's polymer-modified bitumen market has seen substantial growth.
The Bharatmala Project and other initiatives have led to an increase in road construction across the country. In India, polymer-modified bitumen is used for road construction as its durability, cracking resistance, and weather resistance are improved.
The focus on carbon footprint reduction has facilitated the transition from conventional bitumen to polymer-modified bitumen as a sustainable material. A CAGR of 1.9% is predicted during the evaluation period for the country.
For economic growth and efficient mobility in the United Kingdom, the current road network is being upgraded and maintained. Road development and repair are among the ambitious projects included in the National Infrastructure Strategy of the government.
The United Kingdom has seen significant growth in the use of polymer modified bitumen (PMB), especially for roofing, road pavements, and waterproofing. A range of products, including PMB, are manufactured and developed in the United Kingdom by companies with advanced testing and manufacturing facilities.
Road networks are extensive throughout North America, primarily in the United States and Canada. Economic and population growth often requires expansion. Federal Highway Trust Fund funding facilitates the use of polymer-modified bitumen in construction and rehabilitation projects. Canada has recently seen an increase in federal and provincial investments in infrastructure.
AASHTO and CCIL are two organizations that set standards and regulations for the industry, which ensure compliance and product performance. To ensure compliance and product quality, stakeholders must follow those standards and regulations.
An overview of the industry's top segments is provided in this section. In terms of product type, the thermoplastic elastomer segment has a share of 61.3% by 2024. By application, the road construction category is projected to hold a market share of 86.2% in 2024.
| Segment | Thermoplastic Elastomer (Product Type) |
|---|---|
| Value Share (2024) | 61.3% |
Thermoplastic elastomer are predicted to lead the industry over the forecast period. The market share for thermoplastic elastomers is expected to reach 61.3% in 2024. Developing thermoplastic elastomers (TPEs) over the past couple of decades, especially through advances in supramolecular chemistry, polymerizations, and macromolecular structures.
These developments are being driven by the steady demand for sophisticated TPEs with adaptable properties, which are used in a variety of applications, such as adhesives, elastomers, coatings, fibers, and additive manufacturing processes such as 3D printing.
Compared to other materials, TPEs can stretch moderately and return to their nearly original shape, giving them longer lifespans and a broader physical range. Plastic and rubbery materials share these properties. Injection molded plastics combine thermoplastic processing advantages with elastomeric performance attributes and are relatively simple to fabricate with injection molding.
| Segment | Road Construction (Application) |
|---|---|
| Value Share (2024) | 86.2% |
The polymer modified bitumen industry is estimated to be led by the road construction segment. A value share of 86.2% is expected for the segment in 2024. Using PMB improves the safety and quality of road surfaces.
Enhanced adhesion and resistance to water-induced degradation, such as stripping and sinkholes, make a better choice for aggregates than conventional cement. The improved skid resistance on PMB surfaces also makes roadways safer for drivers by reducing collisions.
As far as longevity and durability are concerned, PMB-built roads are better than bitumen-built roads. Due to its resistance to deformation and temperature variations, PMB roads remain structurally sound for a long time. As governments and businesses seek sustainable infrastructure solutions, PMB's benefits contribute to its popularity.
Traditional bitumen may be effective, but may not always meet the demands of contemporary road construction. Various climatic conditions, high traffic volumes, and the need for improved durability all influence the choice of PMB. The new qualities of the material are proving to be attractive to engineers since is more durable and resistant to rutting, cracking, and aging.
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Leading PMB manufacturers focus on the product quality and distribution networks of companies with a large market share. Strategies for new entrants to specialize in niche markets likely contribute to their maintaining significant market shares in the energy and petrochemical sectors. Recent mergers and acquisitions in the PMB industry are becoming increasingly popular.
With infrastructure demands on the rise and technological advancements, the polymer-modified bitumen industry is experiencing a surge in competitiveness. A commitment to sustainable practices and innovative polymer formulations is important to startups in order to succeed in their endeavors to gain traction in the ecosystem.
While established players pose significant competition, startups are able to invest heavily in research and development and are very well established on the market.
Access to capital, compliance with regulations, and strategic partnerships are vital to startup success in this competitive environment. Innovation and niche carving are plentiful opportunities for incumbents and newcomers in the industry, as the industry is on the rise.
Industry Updates
The industry is segregated into thermoplastic polymer, thermoplastic elastomer, and thermosetting polymer. Thermoplastic polymer are further divided into ethylene vinyl acetate (EVA), ethylene methacrylate (EMA), ethylene butyl acrylate copolymer (EBA), atactic polypropylene (APP), polyethylene (PE), polypropylene (PP), others.
Thermoplastic elastomer are sub-segmented into natural rubber, styrene butadiene styrene (SBS), styrene butadiene rubber (SBR), styrene isoprene copolymer (SIS), styrene ethylene butlylene styrene (SEBS), butyl rubber (IIR), others. Lastly, thermosetting polymer are fractionated into epoxy resin, polyurethane resin, acrylic resin, phenolic resin.
In terms of application, the industry is classified into roofing & piping, emulsions, paving, water proofing, and road construction.
Key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa are covered.
The industry is expected to experience a CAGR of 4.9% by 2034.
The industry witnessed a CAGR of 3.3% from 2019 to 2023.
In 2034, the industry is anticipated to reach USD 19,169.4 million.
Canada is estimated to lead by showcasing a 3% CAGR through 2034.
Royal Dutch Shell, IKA Group, AMT Techno, Gulf Petrochem and Maruti Group
The thermoplastic elastomer market is set to hold a share of 61.3% by 2024.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Product Type
6.2. Application
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
7.1. Thermoplastic Polymer
7.1.1. Ethylene Vinyl Acetate (EVA)
7.1.2. Ethylene Methacrylate (EMA)
7.1.3. Ethylene Butyl Acrylate Copolymer (EBA)
7.1.4. Atactic Polypropylene (APP)
7.1.5. Polyethylene (PE)
7.1.6. Polypropylene (PP)
7.1.7. Others
7.2. Thermoplastic Elastomer
7.2.1. Natural Rubber
7.2.2. Styrene Butadiene Styrene (SBS)
7.2.3. Styrene Butadiene Rubber (SBR)
7.2.4. Styrene Isoprene Copolymer (SIS)
7.2.5. Styrene Ethylene Butylene Styrene (SEBS)
7.2.6. Butyl Rubber (IIR)
7.2.7. Others
7.3. Thermosetting Polymer
7.3.1. Epoxy Resin
7.3.2. Polyurethane Resin
7.3.3. Acrylic Resin
7.3.4. Phenolic Resin
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
8.1. Roofing & Piping
8.2. Emulsions
8.3. Paving
8.4. Water Proofing
8.5. Road Construction
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. South Asia
9.5. East Asia
9.6. Eastern Europe
9.7. Middle East & Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Sales Forecast 2024 to 2034 by Product Type and Application for 30 Countries
18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
19. Company Profile
19.1. Royal Dutch Shell
19.2. IKA Group
19.3. AMT Techno
19.4. Gulf Petrochem
19.5. Maruti Group
19.6. Ratnamani Industries
19.7. Roadstar
19.8. The Richmond Group
19.9. MBD Industries
19.10. LN Petrochem
19.11. Veekay Industries
19.12. Tiki Tar Industries
Chemicals & Materials
September 2017
REP-GB-5002
170 pages
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Polymer Modified Bitumen Market
