Bitumen is a well-known engineering material that has been used in various applications such as binders, adhesives, sealants, etc. In the early nineteenth century, bitumen was produced by refining crude oil. The world consumption of bitumen has increased significantly in the last couple of decades. It has reached more than hundred million tons, out of which more than three fourths of bitumen is used as a binding material. However, the chemistry of bitumen is complex owing to its nature and characteristics. Researchers are trying to find out innovative applications of bitumen with enhanced end results. Polymer modified bitumen is an innovative and modified version of bitumen that is used in construction and infrastructure activities. Polymer modified bitumen is made through an integrated process of mechanical or chemical mixing. The polymer nature of bitumen ensures enhanced performance and physical properties to large extent. On the basis of properties, polymer modified bitumen offers much more beneficial properties as compared to other materials. For example, it increases the elasticity of mixture and viscosity even at very high temperatures.
Market Dynamics: Polymer Modified Bitumen Market: Increasing infrastructure projects across the world and diversification from industrial to tourism are the key factors that are expected to propel market growth in the coming forecast period. Fluctuations in the raw material prices owing to the changes in crude oil and petroleum prices can hamper the market growth in the coming assessment period. Additionally, excessive exploration activities across the world for crude oil can restrain the polymer modified bitumen market growth in the coming future. Key manufacturers of polymer modified bitumen have strong opportunities to increase business in European countries owing to the strong demand for infrastructural activities.
Market Segmentation: Polymer Modified Bitumen Market: The polymer modified bitumen market is segmented on the basis of product and application. On the basis of product, the polymer modified bitumen market segmented as- Thermoplastic Polymer: Ethylene Vinyl Acetate (EVA), Ethylene Methacrylate (EMA), Ethylene Butyl Acrylate Copolymer (EBA), Atactic Polypropylene (APP), Polyethylene (PE), Polypropylene (PP), Others; Thermoplastic Elastomer- Natural Rubber, Styrene Butadiene Styrene (SBS), Styrene Butadiene Rubber (SBR), Styrene Isoprene Copolymer (SIS), Styrene Ethylene Butylene Styrene (SEBS), Butyl Rubber (IIR), Others; Thermosetting Polymer- Epoxy Resin, Polyurethane Resin, Acrylic Resin, Phenolic Resin; On the basis of application, the polymer modified bitumen market segmented as- Roofing & Piping, Emulsions: Paving, Water Proofing; Road Construction
Regional Outlook: Polymer Modified Bitumen Market: On the basis of geographical data, the Asia Pacific is experiencing positive growth in the polymer modified bitumen market owing to increasing infrastructure and construction developments from the last couple of decades. The demand is expected to continue in the coming future. The market is estimated to have moderate growth in North America as several key construction projects are in line in the North America market and many are in the planning phase as well. The European region is expected to represent a significant incremental $ opportunity in the polymer modified bitumen market owing to an increasing emphasis on government and public sector partnership programs for construction and infrastructure. The Middle East & Africa region is expected to witness positive growth in the polymer modified bitumen market due to the diversification of oil & gas sector from tourism and infrastructural activities. This was done to overcome the economic slowdown caused by the declining oil & gas sector.
Some of the key players in the polymer modified bitumen market are- Royal Dutch Shell, Maruti Group, IKA Group, Gulf Petrochem, Ratnamani Industries, Roadstar, AMT Techno, The Richmond Group, LN Petrochem, Veekay Industries, Tiki Tar Industries, MBD Industries
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