Bitumen Modifier Market size is projected to cross USD 35 billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of bitumen modifier was over USD 20 billion. The growth of the market can be attributed to the increasing construction sector across the world. Further, the need for more housing is being driven by the expanding population, which is also expected to add to the market growth. By 2023, it is anticipated that the worldwide construction market would be worth more than USD 10 trillion.
In addition to these, factors that are believed to fuel the market growth of bitumen modifier include the increasing use in the waterproofing of many structures. For instance, owing to its exceptional water-proofing qualities, bitumen modifier is widely used in the building of roads, highways, trains, platforms, and other public and private facilities. Additionally, the growing road construction, and repair activities is predicted to present the potential for market expansion over the projected period. For instance, India's smart cities strategy included 99 cities and proposed investments totaling ~USD 31,650 billion.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 20 Billion |
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Forecast Year Market Size (2035) |
~ USD 35 Billion |
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Regional Scope |
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End-user (Construction, Infrastructure)
The global bitumen modifier market is segmented and analyzed for demand and supply by end-user into construction, infrastructure, and others. Out of the three end-users, the infrastructure segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing aging infrastructure across the globe. For instance, the world's infrastructure is largely deteriorating and needs to be replaced or repaired, which has increased the application of bitumen modifier in the industry. The performance and longevity of aged infrastructure can be extended by using bitumen modifier. Moreover, in order to increase the roofing material's water resistance and longevity, bitumen modifier is used to restore old roofing systems, which can lessen the likelihood of leaks and other types of damage while also extending the roof's lifespan. According to a research, ageing water infrastructure was recognized as an increasing global problem in 2021.
The global bitumen modifier market is also segmented and analyzed for demand and supply by end-user into construction, infrastructure, and others. Amongst these three end-users, the construction segment is expected to garner a significant share in the year 2035. The growth can be attributed to growing usage of bitumen modifier in the construction industry. Bitumen modifier is a substance that is typically added to bitumen, a binder that is used frequently in the construction industry. For instance, in the production of roofing materials such as asphalt shingles and flat roofing systems, bitumen modifier can be used. In addition, modifiers can increase the roofing material's capacity to resist water intrusion and deterioration as well as increase its resistance to leaks and other problems. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Product |
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By End User Industry |
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APAC Market Statistics
The market share of bitumen modifier in Asia Pacific, amongst the market in all the other regions, is projected to be the largest by the end of 2035. The growth of the market can be attributed majorly to the increasing infrastructure sector in countries such as China and India. For instance, the expansion of the infrastructure sector is related to the increasing urbanization in the area. This has led to increase in demand for bitumen modifier in the infrastructure sector of the region as it can aid in enhancing the functionality and durability of building materials, and makes them more appropriate for a variety of applications. Besides this, waterproofing is a crucial component of infrastructure building since the Asia Pacific region experiences regular and intense rains. To increase the durability and water resistance of waterproofing membranes for buildings such as basements, tunnels, and retaining walls, bitumen modifier is frequently employed in construction, which as a result is anticipated to contribute to the market growth in the region. In addition, the region's rising government initiatives in the infrastructure sector is also anticipated to boost the market growth during the forecast period. According to recent data, the Indian government now places the most emphasis on the infrastructure sector. As of 2023 India aims to invest over USD 1 trillion in infrastructure.
North American Market Forecast
The North American bitumen modifier market is estimated to hold the second largest, by the end of 2035. The growth of the market can be attributed majorly to the increasing government investment in infrastructure. For instance, in recent years, several governments in North America have increased their investments in road and bridge infrastructure, which has increased the demand for bitumen modifier. The building of roads, highways, and other forms of pavement frequently uses bitumen modifier to increase its flexibility, durability, and resistance to ageing and weathering, and making it more appropriate for use in high-traffic areas and inclement weather. In addition, aging water and wastewater infrastructure is a serious problem in the region, which is also anticipated to boost the market growth during the forecast period.
Europe Market Forecast
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing road construction and repair activities. For instance, many of Europe's roads, bridges, and tunnels are aging and in need of repair or replacement. Further, in order to build overlays for worn-out bridge decks, bitumen modifier might be utilized, it can also be used to restore old roofing systems and increase the roofing material's water resistance and longevity, this as a result is anticipated to contribute to the market growth in the region.
Schlumberger Limited launched EcoShield geopolymer cement-free system, in order to prevent up to 5 million metric tonnes of CO2 emissions yearly. Further, the cement-free technology may be used in a number of well life cycle phases, including abandonment, in harsh settings, and a variety of outdoor applications.
Shell International B.V. introduced Shell Bitumen CarbonSink, an innovative bio-component binder that keeps carbon inside of roadways rather than releasing it back into the atmosphere. Further, the technological carbon sink lowers the carbon footprints of one tonne of bitumen and one tonne of bitumen by up to 250 kg and 13 kg, respectively, of CO2 equivalent.
Author Credits: Smruti Ranjan, Rajrani Baghel
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