Global Polymer Modified Bitumen (PMB) Market Size to Reach USD 18.94 Billion in 2032 | Emergen Research

Increasing government initiatives to improve transportation infrastructure is a key factor driving Polymer Modified Bitumen (PMB) Market revenue growth

Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global Polymer Modified Bitumen (PMB) market size reached USD 12.16 Billion in 2022 and is expected to register a steady revenue CAGR of 4.6% during the forecast period, according to latest analysis by Emergen Research. Increasing government initiatives to improve transportation infrastructure is a key factor driving market revenue growth. PMB represents a group of road bituminous specially designed and manufactured to improve the durability of asphalt. PMB is formed by mixing standard bitumen with polymers, which are either added to the bitumen in a pre-modification process or during the mixing process.   

Governments are investing in new roads, highways, and other transit routes to improve connectivity and efficiency, which will help businesses to grow and create jobs. In 2022, the U.S. federal government spent most of its transportation and infrastructure budget on highways (39%), followed by rail and mass transit (28%). Air travel and water infrastructure received 22% and 9% of the budget, respectively. State and local governments also spent heavily on transportation and infrastructure in 2020, accounting for 57% of all government spending in this area. Out of this amount, 44% was spent on highways, 24% on public transit, 18% on airports, and 14% on water infrastructure. In addition to this funding, the Federal Emergency Management Agency (FEMA) allocated at least USD 82.5 million in 2022 to repair and rebuild infrastructure damaged by natural disasters. In addition, PMB is a popular choice for road construction and rehabilitation projects because of their superior properties. PMB is more durable than traditional bitumen, making it less susceptible to deformation and fatigue. Moreover, PMB can also withstand heavy traffic loads and adverse weather conditions, ensuring that roads made with PMB will last longer and be more resilient.

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However, global supply chain disruptions is  a key factor, which could restrain market revenue growth. These disruptions, often stemming from a complex interplay of factors including transportation bottlenecks, raw material shortages, and logistical challenges, have impeded seamless flow of materials crucial to the production of polymer modified bitumen. In addition, delays in the procurement of essential components and additives necessary for formulating this specialized bitumen variant have led to extended lead times and increased costs for manufacturers, which could also restrain market revenue growth.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 12.16 Billion
CAGR (2023–2033) 4.6%
Revenue Forecast To 2032 USD 18.94 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Type, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Benzene International Pte Ltd., Breedon Group Plc, RAHA Bitumen, Inc., Alma Petroli, Nynas AB, Royal Dutch Shell PLC, Exxon Mobil Corporation, Repsol, TotalEnergies, Colas Ltd., Gazprom Neft, Sika AG, and Phoenix Asphalt
Customization Scope 10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global Polymer Modified Bitumen (PMB) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective polymer modified bitumen. Some of the major companies included in the global Polymer Modified Bitumen (PMB)  market report are:

  • Benzene International Pte Ltd. 
  • Breedon Group Plc
  • RAHA Bitumen, Inc.
  • Alma Petroli
  • Nynas AB
  • Royal Dutch Shell PLC
  • Exxon Mobil Corporation
  • Repsol
  • TotalEnergies
  • Colas Ltd.
  • Gazprom Neft
  • Sika AG
  • Phoenix Asphalt

Strategic Development

  • On 4 July 2023, Phoenix Asphalt Philippines, Inc., a subsidiary of the publicly traded company Phoenix Petroleum Philippines Inc., launched a new asphalt product, referred to as Polymer Modified Bitumen (PMB), which is a type of bitumen enhanced with the inclusion of polymers. This addition provides the PMB with increased durability, superior cohesion, and resistance to wear and tear, as well as protection against issues such as stripping and deformation. As a result, it is a highly desirable material for the construction of both highways and airport runways.
  • On 6 March 2023, Hanson UK is conducting a trial on England's strategic road network, in collaboration with England's road agency National Highways. In this trial, the companies are testing two different asphalt mixtures with sustainable binders. The first mix incorporates Nynas's biogenic binder Nypol RE, while the second mix includes Shell's innovative bio-component binder, Cariphalte CarbonSink. This marks the initial use of Hanson UK's low-carbon CarbonLock asphalt, which features Polymer Modified Bitumen (PMB) bio-binders. This trial is taking place during the resurfacing of A30 Cutteridge to Alphington eastbound project near Exeter in southwest England.

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Some Key Highlights from the Report

  • The Thermoplastic Polymers (TPE) segment is expected to account for largest revenue share in the global polymer modified bitumen market over the forecast period due to rising adoption of these polymers in road construction. Thermoplastic polymers possess unique properties that enhance the resilience and durability of bitumen in various applications. These polymers are known for their ability to soften when heated and solidify upon cooling, allowing for easy blending with bitumen. In addition, thermoplastic polymers exhibit excellent resistance to aging, weathering, and chemical degradation, ensuring that infrastructure constructed with this modified bitumen maintains its integrity over a longer lifespan. This performance makes thermoplastic polymer-modified bitumen particularly sought after in demanding applications, such as road construction, in regions with extreme climates or heavy traffic loads.
  • The transportation segment is expected to register steadily fast revenue growth rate in the global polymer modified bitumen market over the forecast period. This is attributed to rising demand for polymer modified bitumen in transportation, which is primarily driven by their superior performance attributes that address critical challenges. Traditional bitumen, while effective, can be susceptible to issues such as rutting, cracking, and fatigue under the stresses of heavy traffic loads and varying weather conditions. Polymer modification enhances the resilience and durability of bitumen, offering improved resistance to deformation and cracking. This is especially crucial for roads, highways, and runways where vehicular traffic exerts significant pressure.
  • The North America market accounted for largest revenue share in the global polymer modified bitumen market in 2022 due to rapid growth of the construction and transportation industries in this region. The U.S. is the largest market in the region, followed by Canada. The construction industry in the U.S. reached approximately USD 1.8 trillion in 2022. It is expected that the total value of construction projects in the U.S., including residential, non-residential, and non-building sectors.
  • On 27 July 2020, Indian Oil Corporation (IOCL), the largest producer and distributor of petroleum products in India, partnered with Total, a leading French energy company. This collaboration aims to produce and promote specialized products for India's burgeoning road construction sector, with both parties having an equal stake. The joint endeavor plans to establish manufacturing facilities nationwide to produce and distribute a range of bitumen-based formulations and specialized items, including polymer-modified bitumen, crumb rubber-modified bitumen, bitumen emulsions, and other unique products.

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Emergen Research has segmented the global polymer modified bitumen market on the basis of type, application, and region:

  • Type Outlook (Revenue, USD Billion; 2019-2032)
    • Thermoplastic Elastomers
      1. Styrene Butadiene Styrene
      2. Styrene Butadiene Rubber
      3. Isobutene Isoprene Copolymer
      4. Styrene Isoprene Styrene
      5. Styrene Ethylene Butadiene Styrene
      6. Others
    • Thermoplastic Polymers
      1. Ethylene Vinyl Acetate
      2. Ethylene Methyl Acrylate
      3. Ethylene Butyl Acrylate
      4. Polyethylene
      5. Polypropylene
      6. Others
    • Thermosetting Polymers
      1. Epoxy Resin
      2. Polyurethane Resin
      3. Acrylic Resin
      4. Others
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Road Construction
    • Piping
    • Roofing
    • Transportation
    • Water Proofing
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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