Polymer Modified Bitumen Market Forecast
Polymer modified bitumen market to accrue substantial revenue through road construction applications over 2017 to 2024
Polymer modified bitumen market is growing exponentially subject to the shifting focus of the infrastructural developers toward the adoption of PMB material to enhance the performance properties of road and pavement constructions. Superior binding capability and excellent cohesive characteristic of the material make it applicable for residential and commercial construction applications, which, in turn, will stimulate polymer modified bitumen industry size. Increasing per capita income and rising spending capability is also certain to propel the product demand over the years ahead. As per the report by Global Market Insights, Inc., “Worldwide Polymer Modified Bitumen (PMB) Market having had a revenue of USD 9.5 billion in 2016, is slated to witness an annual growth rate of above 4% over the coming seven years.”
U.S. Polymer Modified Bitumen (PMB) Market size, by Application, 2013 – 2024 (USD Million)
Increasing population is also a favoring factor toward the infrastructural developments. India and China are the major countries witnessing a rapid growth in population as well as GDP. This is bound to fuel the housing demand on large scale, which will stimulate polymer modified bitumen market share over the years ahead. To provide luxurious facilities to civilians, the governments across APAC have been investing heavily in new infrastructural development projects such as road construction, which will also favor polymer modified bitumen industry growth.
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Polymer modified bitumen industry share from road construction is likely to contribute considerably toward the overall market growth pertaining to the growing road construction activities mainly across North America and developing countries such as India and China. Emerging trends in the automotive sector such as autonomous cars will propel the product demand, as such cars require high-grade roads. PMB material helps to reduce deformation and cracks caused by gradual pressure applied on land, which supports the adoption of this product for road construction developments. The industry biggies across European countries are focusing on the commercialization of PMB material, which will also augment PMB industry size over the coming timeframe.
To prevent the hazardous impact of non-degradable products on the environment and increase the reusability of the material, manufacturers are giving preference to thermoplastic materials, which are chemically inert. Polymer modified bitumen industry size from thermoplastic elastomers will collect a sizable revenue by 2024, owing to the escalating use of this product pertaining to lower costs and superior quality. Shifting trends toward the development of eco-friendly residential buildings to reduce carbon footprints in the environment are expected to enhance the product demand. Apart from this, PMB material is extensively used to control the leakages of ceilings and walls, owing to its cohesion and waterproofing characteristics, which will stimulate PMB market share noticeably.
Industry giants are investing heavily in the R&D activities to explore alternative raw materials to manufacture PMB. IKA group, Tiki Tar Industries, AMT Techno, Space Petro Energy Pvt. Limited, Offshore Petrochem Pvt Ltd., Gulf Petrochem, MBD Industries, Marini S.P.A., L. N. Petro Chem Private Limited., MBD Industries, Ratnamani Industries, RoadStar, Allied Bitumen Complex, Bitumat Co. Ltd., Ooms Avenhorn Holding India Pvt Ltd., Allied Bitumen Complex, Veekay Industries, The Richmond Group, Royal Dutch Shell, Maruti Group, and Bitumat Co. Ltd., are the prominent players in polymer modified bitumen market.
Author Name : Sunil Hebbalkar