Rapidly evolving trends in urbanization along with rising preference towards better-quality infrastructure will boost bitumen membranes market share over the analysis timeframe. These materials have experienced increased demand from the building & construction segment owing to various advantages including superior rust proofing and water resistance. Bitumen membranes are also widely used as sheets to make concrete structures resistant to moisture. Upsurge in construction activities, especially in the Asia-Pacific (APAC) belt, will bolster bitumen membranes industry expansion.
U.S. Bitumen Membranes Market Size, By Application, 2014 – 2025 (USD Billion)
Globalization has had a deep impact on societies and communities across the world and has remarkably promoted sustainable development in emerging economies. Continuous developments and R&D efforts have brought about considerable enhancements to existing technologies by creating innovative products, which is anticipated to increase product engagement.
Countries face different weather conditions all year round and have to tackle unpredictable climate change patterns. Subsequently, bitumen membrane, with its benefits including better resistance to water and moisture, is set to witness a jump in consumption over the coming years.
Consumer inclination towards EVs will witness an upsurge due to the need for eco-friendly transport options as well as low repair and maintenance costs. Advancements in automotive technology have led to advent of cost-effective high endurance batteries, further propelling growth of the sector.
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The International Energy Agency (IEA) reported in 2018 that over 750,000 EVs were sold during the year and nearly 2 million electric cars were running on streets all over the globe. Consistent production of vehicles worldwide and gradual proliferation of EVs can be expected over the coming years. Extensive product use in the automobile sector will substantially complement bitumen membranes market outlook over the forecast duration.
More than half the world population now lives in urban areas which can be attributed to a rapid surge in global urbanization, escalating swiftly over the last 4 decades. UNESCO reported the current rate of urban population expansion to be 60 million individuals annually and the number of cities with 10 million or more residents is accelerating quickly. Estimates suggest that the global urban population will exceed 6 billion people by the end of 2050. Rising global population worldwide will boost the growth of construction sector, fueling bitumen membranes industry size.
Europe bitumen membranes market accounted for a notable share of the total growth in 2018. Construction segment climbed due to increased consumer spending on remodeling and renovation activities on account of rapid urbanization. In the U.S. the increasing number of housing starts will fuel the demand for bitumen membranes, with builders opting for the product due to economical rates and additional benefits.
Moreover, rise in disposable incomes and added investments on residential building construction and will favor the industry prospects. Residential re-roofing sector across the region will experience rapid product utilization as people will opt to replace older worn out roofs with latest materials.
Bitumen membranes are anticipated to witness remarkable consumption owing to rise in manufacturing activities across Asia Pacific. APAC accounts for the largest share in the global construction industry, led by India, Japan and China. Growing population, low cost labor, favorable government initiatives and urbanization is expected to drive infrastructure development, reinforcing bitumen membranes market growth across the region.
Developing countries worldwide will create soaring demand for the product through modifications of a range of industrial properties such as factories, warehouses and logistic houses, in turn driving market trends.
Emergence of small regional players in countries such as India and China has heated up market competition. In order to gain a competitive edge in the industry, some of the players are adopting merger & acquisition strategies. BTM, Johns Manville, BMI Group, Firestone Building Products Company LLC, IKO Group, and Ardex are some of the key players comprising global bitumen membranes market share, which is projected to reach annual valuations of over USD 3.5 billion by 2025.
Author Name : Hrishikesh Kadam