Authored By: Sarah
11 Jul 2024

 Modified Bitumen Market to grow by USD 2911.3 million between 2024-2028

According to a research report “ Modified Bitumen Market” by End-user (Road Construction, Building Construction, Others) Application (Hot Asphalt Method, Cold Asphalt Method, Torch Applied Method) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2911.3 million at a CAGR of over 4.36% during the forecast period. In the roadway construction industry, modified bitumen holds a significant market share due to its extensive usage. The sector's focus on restoration and renovation projects, driven by advancements and the increasing demand for superior road infrastructure, fuels the consumption of modified bitumen. The burgeoning automobile and freight industries necessitate improved road networks worldwide, creating a substantial business opportunity for modified bitumen and related materials. New road development and escalating investments in transport and highway infrastructure projects are the primary catalysts for this market growth..

Browse market data tables, figures, and in-depth TOC on “Modified Bitumen Market” by End-user (Road Construction, Building Construction, Others) Application (Hot Asphalt Method, Cold Asphalt Method, Torch Applied Method) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028.

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By End-user, the Road Construction segment is projected to dominate the market size in 2024.

In the realm of road construction and pavement development, modified bitumen occupies a pivotal role. This essential material, a blend of aggregates and modified bitumen, is heated prior to mixing to ensure optimal drying and fluidity. Modified bitumen's versatility is showcased in various applications, including parking areas, seaports, bicycle lanes, airport runways, sidewalks, and railway tracks. Its usage extends to new construction, reconstruction, and maintenance projects, with the type and grade selected based on the specific road requirements and load capacity.

By Application, Hot Asphalt Method  segment is expected to hold the largest market size for the year 2024.

In the global road construction sector, modified bitumen is a preferred material due to its extensive usage in paving highways, bridges, and pavements. The US and Canada, with significant reliance on road transportation, present lucrative opportunities for market expansion. Modified bitumen offers several advantages, including enhanced adhesion, temperature resistance, fatigue resistance, age resistance, and distortion resistance. Additionally, it boosts skid resistance, lowers noise levels, and enhances porosity in road applications.

APAC is forecasted to hold the largest market size by region in 2024.

In the dynamic business landscape, the Modified Bitumen Market continues to evolve, driven by advancements in technology and increasing demand for sustainable solutions. This market encompasses the production and distribution of modified bitumen, a type of asphalt that offers enhanced performance and durability through the addition of polymers. These modifications enable improved elasticity, resistance to weathering, and extended service life, making modified bitumen a preferred choice for various applications, including roofing and paving.

The Modified Bitumen Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 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.
  • SOPREMA SAS
.

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Research Analysis Overview

In the construction sector, modified bitumen plays a significant role in building and road construction projects. This polymer material is derived from natural rubber, crumb rubber, atactic polypropylene, and styrene butadiene styrene. Modified bitumen is used in various applications, including traffic conditions management in smart cities plans, and in the production of open graded mixes, coarse grade, and fine grade. Trade regulations govern the oil resources extraction and processing for the production of modified bitumen. The material's resistance to deformation, strength, and cohesiveness make it an ideal choice for paving sites, such as those used for road construction. However, the risk of fire during the manufacturing process and the need for maintenance, demolition, and renovation require careful consideration. Modified bitumen is also used in the production of dense grade mixes and stone matrix asphalt. Thermoplastic elastomers, such as atactic polypropylene and styrene butadiene styrene, are often added to enhance the material's properties, including fatigue resistance. Overall, modified bitumen is a crucial component in the construction sector, contributing to the durability and sustainability of various infrastructure projects.

Market Research Overview

In the realm of civil engineering and infrastructure development, the modified bitumen market plays a significant role. This market encompasses the production and application of bitumen modified with various polymers such as Styrene-Butadiene-Styrene (SBS), Thermoplastic elastomers (TPE), and Atactic Polypropylene (APP). These modifications enhance the properties of bitumen, making it suitable for various applications in both residential and non-residential buildings. Modified bitumen is widely used in roofing and road construction due to its resistance to deformation, strength, and lower temperature sensitivity. In the context of smart cities plans, self-adhering PMB sheets are preferred for their cohesiveness and ease of application. For utility systems and walls, modified bitumen offers excellent resistance to corrosion and water proofing. The market for modified bitumen also caters to industrialization and renovation projects in remote areas. Products like polymer modified bitumen (PMB) sheets, polyurethane resin, and epoxy resin are used in road construction, particularly for open graded mixes and rad pavements. The use of fossil fuels like Gilsonite and oil resources in the production of modified bitumen raises concerns regarding the risk of fire and the need for high fire resistance. The modified bitumen market is a dynamic one, with ongoing research and development focusing on enhancing the properties of polymer materials like SBS, SBR, natural rubber, and ethylene vinyl acetate. The market also caters to the demand for dense grade mixes and fine grade materials in various applications.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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