The global bitumen modifier market is estimated to garner remarkable revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to escalating demand in the infrastructure sector and construction industry. The infrastructure sector is projected to grow at a remarkable pace during the forecast period. The infrastructure sector includes private and public construction of railways, tunnels, sewers, water and gas supply, and others. For instance, the market for wastewater treatment was estimated to reach approximately USD 20 billion during the forecast period. Furthermore, the bitumen modifier is utilized for waterproofing to avoid seepage of water on roads, runways, platforms, roofs, and flooring. It is noticed that roads need waterproofing every 10 years depending on the material. Meanwhile, the growing construction of roads, highways, and bridges across the globe are anticipated to boost the market growth. Additionally, countless giant airport construction projects are in the execution phase and can be a significant growth factor for the global bitumen modifier market. All these factors are projected to boost the growth of the market over the forecast period.
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The market is segmented by end-user industry into the construction, infrastructure, and others, out of which, the infrastructure segment is anticipated to hold the notable share in the global bitumen modifier market on account of the rising construction of roads to solve vehicular, and pedestrian traffic issues, and growing transportation sector. A higher prevalence of death due to pedestrian traffic was observed in recent decades. A report published by the Center for Disease Control and Prevention (CDC) in 2017 showed that 2017, 5,977 pedestrians died in traffic crashes in U.S.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global bitumen modifier market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is projected to witness noteworthy growth over the forecast period on the back of growing demand for waterproofing, backed by rising government initiatives in the infrastructure sector. The growth of the infrastructure sector is interlinked to the growing urbanization in the region. As per a report published by World Bank, the Asia Pacific region is anticipated to be the fastest urbanizing region with a 3% of annual urbanization rate. Furthermore, the infrastructure sector is growing exponentially in countries such as China and India. The government of India is showing a noteworthy focus on the infrastructure sector. According to a report released by India Brand Equity Foundation (IBEF), the Indian Government is planning to invest USD 1.4 trillion during 2019-23 in the infrastructure sector.
The market in the North America region is estimated to witness significant growth over the forecast period owing to the technological advancement, and growing government investment in infrastructure.
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The global bitumen modifier market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global bitumen modifier market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand in the construction industry and infrastructure sector and noteworthy utilization in waterproofing of roads, runways, platforms, roofs, and flooring are the major factors driving the growth of the bitumen modifier market.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Repsol, S.A., China Petroleum & Chemical Corporation, ExxonMobil, Valero Energy Corporation, Marathon Petroleum Corporation, Shell International B.V., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user industry, and by region.
The infrastructure segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
The availability of alternative products in the market is estimated to hamper market growth.
Asia Pacific region will provide more business opportunities for growth of the bitumen modifier market in the future on the back of constantly developing infrastructure sector and construction industry.
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