NEWARK, Del, March 19, 2024 (GLOBE NEWSWIRE) -- The Europe bitumen modifier industry value is forecast to increase from US$ 1,459.2 million in 2024 to US$ 2,276.7 million by 2034. Over the assessment period, demand for bitumen modifiers in Europe is projected to surge at a CAGR of 4.5%.
The thermoplastic polymers/plastomers segment is expected to dominate the Europe industry, holding a volume share of 38.1% in 2024. On the other hand, the thermoplastic elastomers segment is set to grow at a higher CAGR of 5.4% through 2034.
Multiple factors are expected to drive the growth of the Europe bitumen modifier industry during the assessment period. These include robust infrastructure development and increasing awareness about the benefits of bitumen modifiers. At the same time, the growing preference for sustainable pavements in the Europe construction industry is expected to aid demand. Increasing government regulations regarding road quality, safety, and environmental impact are anticipated to drive growth.
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Bitumen modifiers are witnessing steady demand across Europe, and the trend is expected to continue during the assessment period. This is due to their ability to enhance the performance of bitumen.
Increasing infrastructure projects across Europe, such as road construction and airport runways, are expected to propel bitumen modifier demand. These modifiers increase bitumen's longevity, resilience, and performance, thereby ensuring the reliability and sustainability of vital transportation networks and infrastructure systems.
European nations like Germany and the United Kingdom are witnessing a rise in building renovation projects. This is anticipated to create a high demand for bitumen modifiers during the assessment period.
Rising need for durable and sustainable infrastructure solutions in Europe due to rapid urbanization is anticipated to foster industry growth. Similarly, increasing heavy load traffic and extreme weather conditions will likely fuel bitumen modifier sales in Europe during the assessment period.
“The bitumen modifier industry in Europe is poised to witness healthy growth due to increasing demand for durable road infrastructure, escalating construction activities, and rising awareness about the benefits of modified bitumen in enhancing road performance and longevity. As industries in Europe continue to expand and modernize, there is a growing need for high-quality infrastructure to support economic development.” - comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Report
- The Europe bitumen modifier industry is projected to reach US$ 2,276.7 million by 2034.
- By product type, the thermoplastic polymers/plastomers segment is set to total US$ 821.2 million by 2034.
- By application, the road construction segment is expected to hold a value share of 75.7% in 2024.
- Germany is expected to account for a significant share of about 18.2% in 2034.
- Revenue in Russia is anticipated to reach US$ 367.4 million by 2034.
- Demand in the Czech Republic is predicted to rise at 6.8% CAGR through 2034.
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Competitive Landscape
The Europe bitumen modifier industry is consolidated, with top players accounting for about 75% to 80% share.
Top Key Companies Profiled
- TotalEnergies
- ExxonMobil Corporation
- China Petroleum & Chemical Corp (Sinopec Corporation)
- BASF SE
- Sika AG
- Evonik Industries AG
- Honeywell International
- Arkema S.A.
- KRATON Corporation
- Innospec Inc.
- Connect Chemicals
- The DOW Company
- DuPont
- Zydex Group
- ValoChem
Key bitumen modifier companies are creating new bitumen modifiers to meet the specific needs of end users. They are focusing on using bio-based and recycled materials as well as adopting strategies like partnerships, acquisitions, collaborations, mergers, and facility expansions to stay ahead of the competition.
Recent Development:
- In February 2021, Kao Corporation introduced a new asphalt modifier (NEWTLAC 5000) made from discarded PET materials through proprietary processing.
Get More Insights
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the Europe bitumen modifier industry, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the report is segmented based on product type, applications, and region.
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Europe Bitumen Modifier Industry Segmentation
By Product Type:
- Thermoplastic Polymers/Plastomers
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Ethyl Vinyl Acetate
- Atactic Polypropylene (APP)
- Others (PU, PMMA)
- Elastomers
- Natural Rubber
- Crumb Rubber
- Synthetic Rubber
- Polyisoprene Butyl Rubber
- Styrene Butadiene Rubber
- Styrene Isoprene Styrene (SIS)
- Styrene Butadiene Styrene (SBS)
- Styrene Ethylene Butylene Styrene (SEBS)
- Others (Silicone, Nitrile Rubber)
- Thermoplastic Elastomers
- Styrenic Block Copolymers
- Polyolefin Blends
- Thermoplastic Polyurethane
- Others (EVA, PEBA)
- Thermosetting Polymers
- Phenolic Resins
- Epoxy Resins
- Urea Formaldehyde Resins
- Melamine Formaldehyde Resins
- Polyurea Resins
- Chemical Modifiers
- Phosphorous Compounds
- Maleic Anhydride
- Elemental Sulphur
- Fatty Amine Derivatives
- Others
By Applications:
- Road Construction
- Airfield Runways
- Railway Tracks
- Roads
- Roofing
- Waterproofing
By Region:
- Germany
- France
- Italy
- United Kingdom
- Spain
- Russia
- Austria
- Czech Republic
- Norway
- Rest of Europe
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Chemical and Materials Domain:
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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