REPORT HIGHLIGHT
Polymer Modified Bitumen (PMB) Market size was valued at USD 12,105.9 Million in 2022, expanding at a CAGR of 5.3% from 2023 to 2030.
Polymer-modified bitumen (PMB) is bitumen (asphalt) combined with one or more polymer materials. The purpose of this alteration is to improve the bitumen material's mechanical qualities. On road pavements, especially those designed to handle heavy traffic and severe weather, polymer-modified bitumen is frequently utilized. Additionally, this substance is applied as a sealer in residential roofing applications. Bitumen has been a valuable construction material for many modern uses and has been utilized as a construction material for decades. Numerous experiments have been performed throughout the years to enhance bitumen's field performance. The addition of polymer to bitumen is one improvement that has resulted in favorable outcomes. Polymers are employed in bitumen-based applications to increase bitumen's flexibility, which has a number of positive effects.
Polymer Modified Bitumen (PMB) Market - Market Dynamics:
- Rapidly growing demand from the construction sector is projected to drive the market growth.
- Polymer Modified Bitumen (PMB) has gained popularity in road construction, waterproofing, and other applications because of its increased performance characteristics. Continuous Research and Development in the construction materials sector have resulted in the growth of PMB formulations customized for certain uses or climates. Government data showed that the construction pace of wider national highways was up by 300% in 7 years. Globally, governments are investing in infrastructure development. Many are also establishing quality requirements for roads and other infrastructure, which could lead to a preference for PMB over ordinary bitumen. As global urbanization and infrastructure improvement projects expand, particularly in emerging nations, there is an increased demand for long-lasting road-building materials, such as PMB. However, High production costs may hamper the growth of the market.
Polymer Modified Bitumen (PMB) Market - Key Insights:
- As per the analysis shared by our research analyst, the global Polymer Modified Bitumen (PMB)market is estimated to grow annually at a CAGR of around 5.3% over the forecast period (2023-2030)
- Based on Product type segmentation, thermoplastic elastomers were predicted to show maximum market share in the year 2022
- Based on Application segmentation, road construction was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Polymer Modified Bitumen (PMB) Market- Segmentation Analysis:
- The Global Polymer Modified Bitumen (PMB) Market is segmented on the basis of product type, application, and region.
- The market is divided into three categories based on product type: Thermoplastic elastomers, Thermoplastic Polymers, and Thermosetting Polymers. The thermoplastic elastomers sector dominates the market. Incorporating thermoplastic elastomers (TPEs) into the discussion necessitates a look at the materials used in the production of power cables and their insulation. Because of their flexibility, electrical characteristics, and ease of processing, TPEs can be employed in cable jacketing and insulation.
- The market is divided into two categories based on application: Road Construction, Roofing, and Others. The Road Construction sector dominates the market and is likely to maintain its dominance during the forecast period. Road infrastructure developments such as roads, bridges, tunnels, and urban road networks will considerably drive demand for power cables. Factors include urban development, regional connectivity projects, and infrastructural upgrades.
Polymer Modified Bitumen (PMB) Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Polymer polymer-modified bitumen (PMB) Market, due to a growing inclination towards green roofing technologies. North America, particularly the United States and Canada, has seen a tremendous push toward green and sustainable construction. Consumers in North America are becoming more aware of the environmental consequences of their purchasing decisions. This awareness has spread to housing and infrastructure, resulting in a need for more sustainable building processes and materials. U.S. General Services Administration estimated that green roofs on commercial and public buildings provide a payback, based on 50-year average annual savings, of about 6.2 years nationally, internal rate of return of 5.2%, and an ROI of 224%, based on a net present value of USD 2.7/square foot. Asia Pacific is projected to drive the market growth in the forecast period, due to rising urbanization and industrialization.
Polymer Modified Bitumen (PMB) Market- Competitive Landscape:
Analyzing the Polymer Modified Bitumen (PMB) market with a focus on competition and demand necessitates a thorough understanding of market dynamics, stakeholder interests, and key driving factors. SBS (Styrene-Butadiene-Styrene), APP (Atactic Polypropylene), and other polymers for bitumen modification may be specialized or promoted by different companies. Companies may offer proprietary formulas or technologies that distinguish their PMB products in terms of performance, longevity, or environmental impact. Companies with more efficient or vertically integrated supply networks may have an edge. Companies with more efficient or vertically integrated supply networks may have an edge. For example, on Dec 14, 2017, Shell Conducted a Polymer-Modified Bitumen Technology Expose and Introduced a New Premium Bitumen Solution In Indonesia.
Recent Developments:
On march, 2023, ExxonMobil said nowadays it is investing nearly INR 900 crore (USD ISD110 million) to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporation's Isambe Industrial Area in Raigad. The company made the announcement in the presence of Deputy Chief Minister Devendra Fadnavis, Industry Minister Uday Samant and senior officials from Maharashtra.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL POLYMER MODIFIED BITUMEN (PMB) MARKET KEY PLAYERS
- Shell,
- Baolirus
- Hindustan Colas Private Limited (HINCOL)
- Royal Dutch
- Shell PLClas
- Guochuang Hi-tech
- ExxonMobil Fuels & Lubricants (F&L)
- Gazprom Neft PJSC
- Rosneft
- Nynas AB
- TIPCO ASPHALT
- Lagan Asphalt Group
- Global Road Technology
- Benzene International
- Sika AG
- ORLEN Asfalt Sp z.o.o.
GLOBAL POLYMER MODIFIED BITUMEN (PMB) MARKET, BY PRODUCT TYPE
- Thermoplastic elastomers
- Thermoplastic Polymers
- Thermosetting Polymers
GLOBAL POLYMER MODIFIED BITUMEN (PMB) MARKET, BY APPLICATION
- Road Construction
- Roofing
- Others
GLOBAL POLYMER MODIFIED BITUMEN (PMB) MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA