Rockville, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global Modified Bitumen Market in valued at US$ 23.96 billion in 2023 and is projected to expand at a CAGR of 5.5% from 2023 to 2033. Increasing movement of freight and automobiles is leading to the rising requirement for enhanced road networks. This culminates in the construction of new buildings that are further pushing demand for modified bitumen.
Over the study period, rapidly increasing construction of roads is driving opportunities for suppliers of modified bitumen. One of the key trends in the industry includes the emergence of various new bitumen refinery plants that are anticipated to widen the opportunities for suppliers. Use of modified bitumen as a binder in HMA (hot mix asphalt) in road construction to increase the lifespan of pavements and improve their performance is attributed to the capacity of modified bitumen to endure adverse weather and traffic conditions.
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Key Segments of Modified Bitumen Industry Research Report
| By Modifier Type | By End Use | By Region |
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Key Takeaways from Market Study
- The global modified bitumen market stood at US$ 22.71 billion in 2022.
- The market is projected to advance at a CAGR of 5.5% from 2023 to 2033.
- Sales of modified bitumen are estimated to reach US$ 41 billion by the end of 2033.
- The United States market reached a size of US$ 6.11 billion in 2022.
- Demand for modified bitumen in China is projected to accelerate at 8.3% CAGR and reach a market value of US$ 7.81 billion by 2033-end.
- The market in Japan is predicted to expand at a CAGR of 2.9% through 2033.
- Sales of styrene butadiene styrene (SBS) are forecasted to increase at 6.2% CAGR and reach US$ 19.51 billion by 2033.
“Rising use of modified bitumen in roofing membranes to construct waterproof coverings is creating new avenues for market players,” says a Fact.MR analyst.
Extensive Use of Modified Bitumen for Construction of Long-lasting Roadways
Modified bitumen is used instead of ordinary asphalt due to increased stability and durability, which makes it an ideal material for the construction of long-lasting roadways. Fracture resistance and higher flexibility of modified bitumen enable roads to endure extreme weather and traffic.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 41 Billion |
| Growth Rate (2023-2033) | 5.5 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Competition Landscape
Producers of modified bitumen are investing heavily to achieve their objectives such as ensuring quality control of products, new product developments, etc.
Key Market Players
Bitumina Group, Dow, Inc., Colas SA, DuPont de Nemours, Firestone Building Products Company, ExxonMobil Corporation, Fosroc International Ltd., Gazprom Neft PJSC, GAF Materials LLC, Global Road Technology International Ltd., Lagan Asphalt Group, Hindustan Colas Private Limited, Nynas AB, PJSC Rosneft Oil Company, Orlen Asfalt Sp. Z.O.O., Royal Dutch Shell PLC, Soprema Group, Saint-Gobain Weber, Soprema Group, Sika AG, Texsa Systems Slu, W. R. Grace & Co., and Total SA are leading manufacturers of modified bitumen.
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Factors Elevating the United States Market's Significance
"Rising Public Infrastructure Initiatives and Flourishing Construction Sector"
The robust performance of the United States market for modified bitumen, reaching a valuation of US$ 6.11 billion in 2022, can be attributed to several pivotal factors. The notable surge in public infrastructure projects and the remarkable expansion of the construction industry serve as significant driving forces.
This compelling combination of factors is not only fostering a conducive environment for growth but also actively luring modified bitumen suppliers to channel their investments into the United States market. This strategic move positions them to capitalize on the ample opportunities presented by the country's dynamic infrastructure development landscape and the ever-expanding construction domain.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the modified bitumen market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on modifier type (styrene butadiene styrene [SBS], atactic polypropylene [APP], natural rubber, crumb rubber) and end use (road construction, building construction), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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