Bitumen Modifier Market Forecast and CAGR
During the forecast period 2021-2031, the bitumen modifiers market is expected to grow at a CAGR of more than 4%. Bitumen, a byproduct of refined crude oil, is widely used as a binding organic material. Bitumen is used in road construction because it is inexpensive to produce, reusable, non-toxic, and has a high binding strength.
Bitumen is a black or dark brown non-crystalline solid or viscous material that is primarily composed of high molecular weight hydrocarbons and has adhesive properties. It is derived from petroleum either naturally or through refinery processes and is highly soluble in carbon disulphide.
Increasing road construction and repair activities and demand from commercial and domestic building constructions are augmenting the growth of the Bitumen modifier market.
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What is Driving Demand for Bitumen Modifier
Globally, the infrastructure sector is growing steadily, owing to increased government spending to promote local infrastructure. In order to keep up with rising economic activity and shifting demographic trends, developing economies are spending more on infrastructure than developed economies.
The product is used in the building & construction industry, and the global expansion of the construction industry is driving demand for the product.
The rapidly rising construction industry in Asia-Pacific and the Middle East regions, as well as increasing usage of the Bitumen modifier, are the primary factors driving the growth of its market.
Construction Industry expected to drive the consumption of Bitumen Modifiers
The majority of bitumen consumed is converted into asphalt for road construction. Asphalt is a compound composed of rock aggregates and bitumen. Bitumen acts as a binding agent and is thus responsible for asphalt’s stability.
Asphalt roads can be designed to be suitable for regions with varying climatic conditions or levels of operation depending on the type of bitumen or mixture used. Asphalt roads can be designed to be suitable for regions with varying climatic conditions or operational demands, depending on the type of bitumen or mixture used.
Asphalt is also used on airport runways, parking decks, and port work areas. Increase in construction of roads, airport runways, and parking decks boosting the Bitumen modifier market.
Asia-Pacific Bitumen Modifier Market Outlook
Asia Pacific market of Bitumen modifier is expected to grow at a significant rate. This is due to the region’s strong demand from Infrastructure activities in Asia-Pacific developing economies are expected to increase significantly, particularly in the transportation sector, due to increased urbanization and a shift in focus toward developing secondary sectors in these countries.
Given the fact that these sectors have the potential to attract larger investments in the near future, governments in developing economies (such as China and India, among others) are taking initiative by enacting legislation that reflect opportunities in building infrastructure, which is critical for the growth of a specific sector. This factor is also driving the market for the product.
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Who are the Key Manufacturers and Suppliers of Bitumen Modifier
Some of the leading manufacturers and suppliers of Bitumen modifier are
- ROSNEFT
- Gazprom Neft PJSC
- Royal Dutch Shell plc
- Total
- Repsol etc.
The market is highly concentrated, with only a few players. Significant production know how and high initial investment due to cutting-edge technology are expected to hinder new market entrants. Mergers and acquisitions are common in this industry and are expected to further consolidate the market in the future.
European Bitumen Modifier Market Outlook
Over the forecast period, the Europe bitumen market is expected to grow at a healthy rate. The increase in road construction and repair activities in the European region is the primary driver of the market. Infrastructure renovations to improve energy efficiency and compliance with the Paris Agreement are also expected to boost the market.
The European road construction market is expected to grow rapidly during the forecast period, as the economy improves and construction increases. In the future, innovative methods for producing crumbed-rubber-modified bitumen are likely to present an opportunity. Due to increased demand from the construction industry, Germany is expected to dominate the market across Europe.
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