Bitumen Modifier Market Size & Share, by Type (Atactic Polypropylene, Crumb, Natural Rubber, Styrene-Butadiene-Styrene); Application (Hot, Cold Asphalt, Torch Applied); End-user (Construction, Infrastructure) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4089
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

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.


Bitumen Modifier Market
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Bitumen Modifier Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Change in Climatic Conditions – On account of the increasing pollution around the world, the market is expected to expand more in the upcoming years. The need for bitumen modifiers has risen as a result of shifting weather patterns and increasingly harsh weather occurrences. For instance, according to studies, around 66 million tonnes of pollution were released into the atmosphere in the US in 2021.
  • Rising Infrastructure Industry – The increasing population across the globe is estimated to drive market growth. Further, the usage of bitumen modifiers has grown in acceptance as the demand for more durable and robust infrastructure has increased. For instance, India intends to invest over USD 1 trillion in infrastructure projects in 2023.
  • Increasing Environmental Concern – Bitumen modifiers have the potential to lessen the environmental effect of infrastructure and building projects, which as a result is estimated to drive market growth. According to the most recent data, the growing environmental concern of the vast majority of people globally has increased by more than 75% in 2019.
  • Growing Urbanization – It is expected that increase in migration from rural to urban areas, is anticipated to drive the market growth. It was discovered that by 2050, more than 65% of the world's population, is anticipated to reside in cities for better education, jobs and lifestyle.

Challenges

  • Usage of Alternative Materials, such as Cement - The usage of cement as alternative for the construction of roads is one of the major factors predicted to slow down the market growth. For instance, maintaining a road constructed of bitumen is expensive as compared to the road constructed of cement. Also, a road composed of cement lasts longer, which is why road builders are switching to cement.
  • Varying Prices of Oil and Petrochemical
  • Stringent Environmental Laws

Bitumen Modifier Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 20 Billion

Forecast Year Market Size (2035)

~ USD 35 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Bitumen Modifier Segmentation

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:

     By Type

  • Atactic Polypropylene
  • Crumb and Natural Rubber
  • Styrene-Butadiene-Styrene

    By Product

  • Hot and Cold Asphalt
  • Torch Applied
  • Others

     By End User Industry

  • Construction
  • Infrastructure
  • Others

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Bitumen Modifier Industry - Regional Synopsis

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.

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Bitumen Modifier Market Size
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Companies Dominating the Bitumen Modifier Landscape

top-features-companies
    • Repsol, S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • China Petroleum & Chemical Corporation
    • ExxonMobil Corporation
    • Valero Energy Corporation
    • Marathon Petroleum Corporation
    • Shell International B.V.
    • Petróleo Brasileiro S.A.
    • Chevron Corporation
    • Schlumberger Limited
    • CNOOC Limited

In the News

  • 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:  Rajrani Baghel


  • Report ID: 4089
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing construction sector, and rising infrastructure industry are the major factors driving the market growth.

The market size of bitumen modifier is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2035.

Usage of alternative materials, such as cement, and varying prices of oil and petrochemical are estimated to be the growth hindering factors for the market expansion

The market in the Asian Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are ExxonMobil Corporation, Valero Energy Corporation, Marathon Petroleum Corporation, Shell International B.V., Petróleo Brasileiro S.A., Chevron Corporation, Schlumberger Limited, CNOOC Limited, 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 garner the largest market size by the end of 2035 and display significant growth opportunities.
Bitumen Modifier Market Report Scope
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