Enjoy complimentary customisation on priority with our Enterprise License!
The modified bitumen market size is estimated to grow at a CAGR of 4.53% between 2023 and 2027. The market size is forecast to increase by USD 2,920.34 million.
The growth of the market depends on several factors, including the global increase in road construction activities, the superior properties of modified bitumen, and the surge in real estate sector activities Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by End-user (road construction, building construction, and others), Application (hot asphalt method, cold asphalt method, and torch applied method), and Geography (APAC, North America, Europe, Middle East and Africa, and South America)
Modified bitumen consists of modifiers that are added to enhance the plastic- or rubber-like properties of bitumen. Modified bitumen is classified into PMB and elastomers. PMB includes thermoplastics (such as ethylene-vinyl acetate (EVA), APP, and alpha polyolefins) and thermosetting (such as epoxy and polyurethanes). Elastomers include SBS, styrene-butadiene-rubber (SBR), crumb rubber-modified bitumen (CRMB), and natural rubber-modified bitumen.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The global increase in road construction activities is the key factor driving the growth of the global modified bitumen market. Developments in the roadways sector, especially those related to restoration and renovation projects, will increase the consumption of modified bitumen since modified bitumen is extensively used in construction activities, especially road construction. The increase in the number of automobiles and freight movement has spurred the demand for improved road infrastructure networks across the world. This presents a huge opportunity for the growth of materials that are used in the road construction industry, such as modified bitumen.
The development of new roads and the increasing investments in transport and highway infrastructure projects are driving road construction activities. Investments in large-scale highway projects are likely to increase the demand for road construction and maintenance activities during the forecast period. This is expected to drive the growth of the global modified bitumen market during the forecast period.
Advances in modified bitumen are the primary trend shaping the global modified bitumen market growth. Emerging economies, such as China, are focusing on making advanced modified bitumen. Also, vendors are developing modified bitumen that complies with sustainability goals and offers enhanced properties. For instance, in April 2020, Napco National, a Saudi Arabia-based manufacturing group, in collaboration with Dow, combined R&D and expertise to develop a new bitumen modifier that improves the properties of roads, lengthens their lifespan and has a smaller negative impact on the environment.
In November 2022, SOPREMA launched a new system in its EQUUS SOPREMA line of bitumen waterproofing membranes called SOPRASUN PLUS. In November 2022, Nynas launched Nypol RE, which is a newly developed, polymer-modified bitumen with a biogenic material that increases the useful life of pavements and reduces the impact of temperature fluctuations. Thus, advances in modified bitumen will propel the growth of the market in focus during the forecast period.
The adverse environmental impact of bitumen production is a major challenge impeding the growth of the global modified bitumen market. The ever-rising demand for energy and carbon-based products is fueling the extraction of bitumen resources. As bitumen is highly viscous, thermal enhanced oil recovery (EOR) methods such as in-situ combustion (ISC), steam-assisted gravity drainage (SAGD), steam flooding (SF), and hot water injection (HWI) methods are employed for its extraction. These methods have severe impacts on the environment. The severity of the environmental damage caused by bitumen production is measured depending on the amount and content of the produced water and gas samples, along with the quality of oil that is required to reduce the impact during bitumen refining.
The ISC technique produces the least amount of water, which requires intensive treatment because of the high concentration of metal and sulfur contaminants and the low pH levels. On the other hand, the SAGD, SF, and HWI techniques produce large quantities of water, which give rise to handling issues. These drawbacks in bitumen production severely affect the growth of the market and, in turn, will hamper the growth of the market in focus during the forecast period.
The market share growth by the road construction segment will be significant during the forecast period. In road construction applications, modified bitumen increases skid resistance, lowers the noise level, and improves porosity. Globally, the rapid increase in the number of road construction activities fuels the consumption of modified bitumen in these activities. These factors will drive the growth of the road construction segment and, in turn, the market in focus during the forecast period.
Get a glance at the market contribution of the End User segment Request Free Sample
The road construction segment was valued at USD 7,005.01 million in 2017 and continued to grow until 2021. Globally, modified bitumen is extensively used in the laying of road pavements, highways, and bridges. Along with cutback bitumen, bitumen emulsions, and bituminous primer, modified bitumen is one of the most common materials used for the construction of pavements. Several countries, including the US and Canada, depend heavily on road transportation. According to the Central Intelligence Agency (CIA), the length of unpaved roads in Canada is higher than that of the total length of paved roads. Thus, the country offers opportunities for growth and expansion of the modified bitumen market.
Hot-mix asphalt blends heated aggregates with modified bitumen for road construction. Modified bitumen is vital for roads, with varying types based on load capacity. It's used in diverse projects like runways and sidewalks. Growing global road construction drives demand for modified bitumen, propelling market growth in this segment.
Cold-mix asphalt combines unheated aggregates with modified bitumen for repairs. It's cost-effective, user-friendly, and eco-friendly, positively impacting market growth. Growing repair demands for infrastructure will drive this segment's growth.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
Modified bitumen is used extensively in constructing pavements and roofing in buildings. The rising use of modified asphalt emulsions in the construction industry is accelerating the consumption of modified bitumen in the region. Factors such as the expanding manufacturing sector and the flourishing construction industry have a tremendous impact on the growth of the modified bitumen market in APAC. Furthermore, APAC is witnessing an increase in road and highway-building activities, which will fuel the growth of the modified bitumen market in this region during the forecast period.
In 2020, the COVID-19 pandemic affected the growth of several industries in APAC, including the construction industry, as many projects were put on hold, primarily during the first half of 2020, due to the lockdown measures. However, the introduction of COVID-19 vaccines across various countries in the region, including India, Vietnam, Indonesia, and Japan, and the implementation of large-scale vaccination drives led to a revival in the growth of the regional construction industry from the end of 2021. For instance, Indian construction industry recorded a growth of 16.8% year over year in the first quarter (April-June) of the fiscal year 2022-2023. Thus, the growing construction industry in various countries of the region will drive the growth of the regional market in focus during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
BASF SE: The company offers modified bitumen additives called B2Last which can be used to produce PmB Polymer modified Bitumen and HiMA Highly modified Asphalt.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BASF SE, Breedon Group plc, Colas SA, Compagnie de Saint Gobain, Dow Chemical Co., Exxon Mobil Corp., Fosroc International Ltd., GAF Materials LLC, Holcim Ltd., Jiangsu Baoli International Investment Co. Ltd., Nynas AB, Polski Koncern Naftowy ORLEN SA, Repsol SA, Rosneft Oil Co., Shell plc, Sika AG, SK Innovation Co. Ltd., and SOPREMA SAS
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Modified Bitumen Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.53% |
Market growth 2023-2027 |
USD 2920.34 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.92 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BASF SE, Breedon Group plc, Colas SA, Compagnie de Saint Gobain, Dow Chemical Co., Exxon Mobil Corp., Fosroc International Ltd., GAF Materials LLC, Holcim Ltd., Jiangsu Baoli International Investment Co. Ltd., Nynas AB, Polski Koncern Naftowy ORLEN SA, Repsol SA, Rosneft Oil Co., Shell plc, Sika AG, SK Innovation Co. Ltd., and SOPREMA SAS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.