NEW YORK, Aug. 13, 2024 /PRNewswire/ -- The global modified bitumen market size is estimated to grow by USD 2.91 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.36%  during the forecast period. Global increase in road construction activities is driving market growth, with a trend towards rising use of reclaimed modified bitumen products. However, volatility in raw material prices  poses a challenge. Key market players include BASF SE, Breedon Group plc, Colas SA, Compagnie de Saint Gobain, Dow Chemical Co., Exxon Mobil Corp., Fosroc International Ltd., GAF Materials LLC, Holcim Ltd., Jiangsu Baoli International Investment Co. Ltd., Nynas AB, Polski Koncern Naftowy ORLEN SA, Repsol SA, Rosneft Oil Co., Shell plc, Sika AG, SK Innovation Co. Ltd., and SOPREMA SAS.

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Market Driver

The reuse of reclaimed bitumen-laid pavements is gaining popularity due to the emphasis on sustainability and reducing carbon emissions. This process involves removing and recycling pavement materials containing bitumen and aggregates. These materials are obtained during highway reconstruction or resurfacing activities. The US Federal Highway Administration (FHWA) supports this initiative by assisting vendors and promoting the recycling of pavement materials. This not only conserves raw materials and protects the environment but also decreases the amount of waste disposed of in landfills. Recycled bitumen products are less costly than freshly manufactured ones, making them a cost-effective solution for state governments. The increasing use of reclaimed bitumen products is expected to limit the growth of the global modified bitumen market as these products offer significant cost savings and reduce waste generation. 

The Modified Bitumen market is experiencing significant growth in various sectors due to its enhanced properties. In road construction, its strength and resistance to deformation make it a popular choice. For roofing applications, self-adhering modified bitumen offers excellent waterproofing and cohesiveness. In utility systems and walls, its corrosion resistance is a key selling point. In the context of smart cities plans, its fire resistance is a crucial consideration. Modified bitumen is also used in civil engineering work for its density and cold asphalt properties. In the building construction sector, its use in dense grade mix and torch-applied applications is increasing. Trade regulations and sustainability concerns are driving the use of bio-oils and recycled materials like crumb rubber and atactic polypropylene. Epoxy resin and thermoplastic elastomers like Styrene Butadiene Rubber and Styrene-Butadiene-Styrene are also gaining traction due to their unique benefits. The market is expected to continue growing in the areas of air traffic infrastructure, road network expansion, and construction demolition. 

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Market Challenges

• Modified bitumen is a crucial component of the construction industry, derived from crude oil. Its production and pricing are significantly influenced by global crude oil markets. The recent instability in these markets, caused by geopolitical tensions such as the Russia-Ukraine conflict, has resulted in fluctuating prices and supply. This volatility negatively impacts the modified bitumen market by increasing production costs and reducing profit margins for vendors. The European Union and other nations' sanctions on Russian oil exports, including those imposed by the US, further exacerbate these challenges. As a result, the modified bitumen market is expected to experience significant growth fluctuations during the forecast period.
• The Modified Bitumen market faces several challenges in various sectors. In the aviation industry, air traffic growth and the number of airports expansion pose demand for runway construction using modified bitumen for its cold asphalt properties. In building construction and civil engineering work, the use of polymer modified bitumen (PMB) offers benefits like higher strength, lower temperature sensitivity, and improved cohesiveness. However, challenges include the availability and price of base bitumen, Atactic Polypropylene, and other polymer materials like Ethylene Vinyl Acetate and Polyurethane Resin. In industrialization, the demand for dense grade mixes and open graded mixes for paving sites increases, but challenges include the cost of fossil fuels and the availability of oil resources. In renovation and maintenance, PMB sheets provide corrosion resistance and fatigue life, but challenges include the cost of epoxy resin and fiber reinforcement. Demolition and remote areas pose challenges due to the need for mechanically fastened systems and the use of bio-oils and recycled materials like crumb rubber and natural rubber. Overall, the market requires continuous innovation to address these challenges and meet the diverse needs of industries.

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Segment Overview 

This modified bitumen market report extensively covers market segmentation by  

1. End-user 
   • 1.1 Road Construction
   • 1.2 Building Construction
   • 1.3 Others
2. Application 
   • 2.1 Hot Asphalt Method
   • 2.2 Cold Asphalt Method
   • 2.3 Torch Applied Method
3. Geography 
   • 3.1 APAC
   • 3.2 North America
   • 3.3 Europe
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 Road Construction-  Modified bitumen is a widely utilized material in road construction, particularly for paving highways, bridges, and other infrastructure projects. Alongside cutback bitumen and bitumen emulsions, modified bitumen is one of the most common materials used in this sector. In countries like the US and Canada, which heavily rely on road transportation, the demand for modified bitumen is significant. The CIA reports that Canada has more unpaved roads than paved ones, indicating potential growth opportunities. Modified bitumen offers several advantages in road construction. It ensures better adhesion between binders and aggregates, enhances resistance to temperature variations, and improves fatigue and age resistance. Additionally, it increases resistance to distortion, boosts skid resistance, lowers noise levels, and enhances porosity. The global increase in road construction activities, driven by government initiatives to expand and construct highways and expressways, is fueling the consumption of modified bitumen. For instance, China, India, and the US are focusing on such projects, leading to a substantial increase in the demand for modified bitumen. Therefore, the growth of the road construction sector will propel the market for modified bitumen during the forecast period.

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The Global Polymer Modified Bitumen Market is witnessing significant growth, driven by increasing demand for durable and high-performance road construction materials. Polymer modified bitumen (PMB) enhances the elasticity and resistance of asphalt, making it ideal for highways, airports, and industrial applications. Key players are investing in innovative formulations to meet the rising infrastructure development needs. The market is expected to expand due to rapid urbanization, especially in emerging economies. Additionally, stringent regulations on road safety and quality are propelling the adoption of PMB globally.

Research Analysis

The Modified Bitumen Market is witnessing significant growth due to its increasing usage in the construction sector for road and building applications. Modified bitumen is a type of asphalt that includes thermoplastic elastomers and polymer materials, enhancing its cohesiveness, strength, and resistance to deformation, fatigue, and traffic conditions. This makes it an ideal choice for renovation, demolition, and maintenance projects, where the risk of fire is a concern. At paving sites, modified bitumen is used in various mixes such as dense grade mix, stone matrix asphalt, open graded mixes, fine grade, and coarse grade, depending on traffic conditions and the specific requirements of the project. The market is influenced by factors like smart cities plans, road construction, building construction, oil resources, trade regulations, and the availability of raw materials like Styrene Butadiene Styrene (SBS), Atactic Polypropylene (APP), Crumb Rubber, and Natural Rubber.

Market Research Overview

The Modified Bitumen (MB) market encompasses a wide range of bitumen products that have been enhanced with polymer materials such as Atactic Polypropylene (APP), Ethylene Vinyl Acetate (EVA), Styrene Butadiene Rubber (SBR), and Thermoplastic elastomers. These modifications provide various benefits, including lower temperature sensitivity, higher cohesiveness, and improved resistance to deformation, fatigue, and corrosion. MB is extensively used in building construction and civil engineering work, including road construction and roofing. It is also utilized in the production of open graded mixes, cold asphalt, and self-adhering PMB sheets. MB finds applications in various sectors, including industrialization, utility systems, and residential and non-residential buildings. The market is driven by the increasing number of airports and the expansion of road networks, particularly in remote areas and smart cities plans. MB is also used in the renovation and maintenance of existing structures, such as walls and paving sites. The market is subject to trade regulations and is influenced by factors such as the availability and price of oil resources, fossil fuels, and bio-oils. MB products offer excellent fire resistance and are resilient to the risk of fire. Additionally, they exhibit good adhesion properties and are suitable for mechanically fastened applications. MB is also used in the production of epoxy resin, polyurethane resin, and PVC. The market for MB is expected to grow significantly due to the increasing demand for sustainable and durable construction materials. The market is also driven by the need for longer-lasting and lower maintenance solutions for road construction and roofing applications. MB is used in the production of dense grade mixes and open graded mixes, which offer excellent performance in high traffic areas and in extreme weather conditions. The market for MB is also influenced by the trend towards the use of renewable resources and the development of new technologies for the production of MB. The market is expected to grow significantly in the coming years due to the increasing demand for sustainable and durable construction materials, particularly in the road construction and roofing industries. The use of MB in the production of rad pavements and waterproofing materials is also expected to drive market growth. Overall, the Modified Bitumen market is a dynamic and growing industry that offers excellent opportunities for innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• • Road Construction
  • Building Construction
  • Others
• Application
• • Hot Asphalt Method
  • Cold Asphalt Method
  • Torch Applied Method
• Geography
• • APAC
  • North America
  • Europe
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio