Global Modified Bitumen Market : Snapshot
Modified bitumen is chemically designed to provide optimum properties that they can offer. One of the more commonly desired properties in modified bitumen is high resistance to permanent deformation, especially in the case of mixtures of asphalt that is being used to create roads in locations that are harsh or hold a high traffic flow. The use of modifying binders in conventional bitumen allows it to be resistant to other factors such as cracking, rutting, ageing, stripping, and thermal fissures. The overall purpose of manufacturing modified bitumen is a combination of multiple advantages, including the improvement of elasticity of the bitumen, the increase in its average life span, the reduction in maintenance rates and costs, to improve drainage properties in some cases, and to impart greater flexibility. The current construction and industrial growth rates across the world are not only creating a greater demand for modified bitumen, but are also generating the scope of using modified bitumen in new areas. One such field is the use of asphalt roofing but from the perspective of green building projects. This fact has been solidified recently with the environmental product declarations released by the ARMA, regarding asphalt roofing. The guidelines released by ARMA are expected to enhance the abilities of modified bitumen manufacturers and users when it comes to constructing asphalt roofing membranes.
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Global Modified Bitumen Market: Overview
Bitumen, one of the oldest engineering materials known to the mankind, has been used for over a thousand years in ways such as pavement binder sealant, adhesive, and waterproofing agent. Used in ancient times in its natural form, refined bitumen has more recently found a continuous rise in usage, especially in the construction of roads. Refined bitumen can be used in its unblended form when derived from a good crude oil sources and with the use of a proper refinery process.
However, there are limited oil resources capable of producing such high-quality bitumen. Furthermore, there is immense need for enhanced properties such as higher resistance cracking at low temperatures, longer fatigue life, and better resistance to moisture for bitumen to be used across applications that are bound to undergo severe mechanical distresses. These conditions make bitumen modification more of an economic and qualitative necessity.
This report on the global modified bitumen market presents a thorough overview of the market’s present growth dynamics and several projections and estimates regarding the growth prospects of the market from 2017 to 2025 in terms of revenue (US$ mn/bn). The report presents an analytical overview of the notable factors expected to have a significant impact on the overall development of the market over the said period. As such, the report includes an analysis of drivers, challenges, trends, opportunities, regulatory liabilities, and competitive landscape.
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Global Modified Bitumen Market: Trends and Opportunities
The vast rise in demand for bitumen for road construction and roofing applications has driven the global modified bitumen market in the past few years. In the next few years as well, demand across these sectors will lead to sustainable returns for the market and drive vast developments in terms of product blends available for use. Over the report’s forecast period, more focus is expected to be put by companies on functional development and enhancement of long-term performance, adhesion with aggregates, and recyclability of most varieties of modified bitumen.
Global Modified Bitumen Market: Segmentation
Some of the most popular thermoplastic elastomers and plastomers used for bitumen modification are styrene-butadiene-styrene (SBS), ethylene-butyl acrylate (EBA), polypropylene (PP), styrene-isoprenestyrene (SIS), atactic polypropylene (APP), ethylene-vinyl acetate (EVA), natural rubber, and crumb rubber. Of these, the market for SBS is presently the largest, in terms of both volume and value. The unique properties imparted by SBS to bitumen make it useful across a vast range of industries.
The key end-use sectors utilizing modified bitumen include building construction, road construction, and waterproofing. Of these, the road construction sector is presently the leading contributor to the revenue of the global modified bitumen market. It has been estimated that the over 100 mn tonnes of bitumen used every year across the globe, over 80% is used for constructing a variety of pavements. The trend is expected to remain strong over the near future as well.
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Global Modified Bitumen Market: Geographical and Competitive Dynamics
The report examines the modified bitumen market for regions such as North America, Europe, Asia Pacific, and Middle East and Africa. Of these, developing economies across Asia Pacific and Africa are the leading consumers of modified bitumen, much of which is used for the construction of roads. The vast rise in focus and investments aimed at the development of transport infrastructures across developing economies have majorly contributed to the high demand for modified bitumen across these regions in the past.
The study includes a thorough competitive outlook of the market, indicating profiles and market share of some of the market’s prominent vendors. Some of the market’s leading players profiled in the report are Nynas AB, Sika AG, Royal Dutch Shell Plc., and Total S.A. These vendors have been profiled on the basis of criteria such as company overview, recent developments, product portfolio, SWOT analysis, business strategies, and finances.