Global Polymer Modified Bitumen Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Polymer Modified Bitumen Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Polymer modified bitumen (PMB) is bitumen (asphalt) combined with one or more polymer materials. This modification is done with the aim of enhancing the mechanical properties of the bitumen material. Polymer modified bitumen is typically used on road pavements, particularly those that are intended to withstand heavy-duty traffic and extreme weather conditions. This material is also used as a sealant in residential roofing applications.

PMB is typically made by combining bitumen with a styrene-butadiene-styrene (SBS) copolymer. The addition of the polymer makes the bitumen more elastomeric in nature. Some of the desirable properties of polymer modified bitumen include improved strength, cohesiveness and resistance to fatigue and deformation. PMB also possesses less temperature sensitivity than plain bitumen. This is particularly crucial for pavement applications because the material will not flow or become soft in high temperatures while it maintains its workability and flexibility in colder temperatures.

Market Overview:

The latest research study on the global Polymer Modified Bitumen market finds that the global Polymer Modified Bitumen market reached a value of USD 12231.12 million in 2022. It’s expected that the market will achieve USD 22314.3 million by 2028, exhibiting a CAGR of 10.54% during the forecast period.

Marketing channel sales will be affected differently

The distribution channel segment is divided into offline and online, the offline segment is dominating the market currently, and due to emergence of COVID-19, the online market witnessed a significant growth in 2020. The COVID-19 Outbreak has led to a decline in offline passenger flow, and the advantages of e-commerce companies have become prominent. During the epidemic prevention and control period, some Polymer Modified Bitumen enterprises did not carry out internet marketing and promotion for their business, so they encountered great resistance in undertaking business. For enterprises that fail to make good use of network promotion means, there is almost no market development during the epidemic period, and the original offline market development plan is disrupted, and the epidemic will face fierce market homogenization competition, which is expected to have a great impact on the company's business throughout the year.

Upstream and downstream interactions will lead to disruption of business

The epidemic will have a short-term impact on Polymer Modified Bitumen industry, but it is relatively limited. Due to the impact of the epidemic, the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. Equipment manufacturing and product manufacturing enterprises in Polymer Modified Bitumen industry are affected to different degrees, and the production and delivery work may be delayed to some extent. Meanwhile, if it fails to meet the customer's delivery time requirements according to the contract, it may lead to the customer looking for another enterprise and lose business.

Superior Properties of Polymer Modified Bitumen to Drive Market

Polymer Modified Bitumen possesses exceptional properties like high strength, lower temperature sensitivity, enhanced waterproofing quality, rigidity, cohesiveness, resistance to corrosion, and deformation. Various polymers are employed in modifying the bitumen to improve specific properties. For example, Styrene Butadiene Styrene is a modified binder that increases the longevity of pavements that are subjected to high thermal stress and traffic load, while ethylene vinyl acetate improves the stiffness. Polymer modified bitumen's cohesive strength and binding properties make it ideal for use in pavement and road construction projects. When the vehicle pressure or weight is removed, polymer helps bitumen return to its original state, improving overall road quality and durability. This also aids in the prevention of long-term cracks and deformations caused by land pressure and heavy-duty traffic. These superior properties contribute to the surge in demand for Polymer Modified Bitumen.

High Production Cost May Hamper Market

Polymer Modified Bitumen manufacturing process involves the use of various high-end machinery and processes which further increases the cost of end-product. Modified Bitumen Production cost comparatively more than unmodified bitumen. This is expected to hinder market growth. Furthermore, changing climatic conditions and heavy traffic affect bitumen roads adversely, causing cracking and rutting. Every year, heavy investments are made as these roads need continuous maintenance. PMB requires substantial capital owing to the high cost of the product.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Europe (38.07% in 2022).

Company Overview:

Shell is one of the major players operating in the Polymer Modified Bitumen market, holding a share of 13.63% in 2022.

Shell

Shell is a global group of energy and petrochemical companies with more than 80,000 employees in more than 70 countries. Shell use advanced technologies and take an innovative approach to help build a sustainable energy future. Furthermore, Shell chemicals companies have a global manufacturing base, with some assets operated by Shell chemicals companies, some by other Shell Group companies, and others by joint ventures.

Exxon Mobil

ExxonMobil, one of the worlds largest publicly traded energy providers and chemical manufacturers, develops and applies next-generation technologies to help safely and responsibly meet the worlds growing needs for energy and high-quality chemical products. An industry leader in almost every aspect of the energy and chemical manufacturing businesses, ExxonMobil operates facilities or market products in most of the worlds countries, explore for oil and natural gas on six continents, and research and develop next-generation technologies to help meet the dual challenge of fueling global economies while addressing the risks of climate change. Worldwide, ExxonMobil markets fuels, lubricants and chemicals under four brands: Esso, Exxon, Mobil and ExxonMobil

Segmentation Overview:

By type, Thermoplastic Elastomers segment accounted for the largest share of market in 2021.

Thermoplastic Elastomers

Thermoplastic elastomers were widely used bitumen modifiers. Thermoplastic bitumen modifiers include ethylene-vinyl acetate (EVA), alpha-polyolefins (APO), atactic polypropylene (APP), and isotactic polypropylene (IPP). Styrene-butadiene-styrene (SBS) and styrene-butadiene rubber (SBR) are used as elastomeric materials. Improved ageing resistance, low temperature flexibility, and resistance to permanent deformation by the addition of thermoplastic elastomers, particularly SBS, has resulted in driving growth.

Plastomers

Plastomers including polyolefins, ethyl vinyl acetate (EVA), high-density polyethylene (HDPE), low density polyethylene (LDPE), linear low-density polyethylene (LLDPE) are used in is also a key category of polymers used in polymer modification.

Application Overview:

By application, the Road Construction & Paving segment occupied the biggest share from 2017 to 2022.

Road Construction & Paving

In 2021, the polymer-modified bitumen market was dominated by the road construction segment. Because of widespread use of polymer modified bitumen in highways around the world. Demand for polymer modified bitumen (PMB) was highest for road construction. Infrastructure development, particularly in emerging economies including China and India, is expected to drive demand.

Roofing

Polymer modified bitumen were initially used on low slope roofs and are now extensively being used in green roofs on commercial and residential buildings. PMB exhibits properties such as water repellence and flexibility which make them useful for waterproofing in roofing applications. The roofing market is anticipated to witness significant gains owing to the expansion of the housing & commercial building sector over the projected period.

Key Companies in the global Polymer Modified Bitumen market covered in Chapter 3:

Colas
Hubei Guochuang Hi-tech Material Co Ltd
Gazprom Neft PJSC
Nynas
Baoli
Nichireki
Benzene International Pte Ltd
AVIC LUTONG
FM Conway
Total
Exxon Mobil
SK
Sika AG
TIPCO ASPHALT
Lagan Asphalt Group
Shell

In Chapter 4 and Chapter 14.2, on the basis of types, the Polymer Modified Bitumen market from 2018 to 2029 is primarily split into:

Thermoplastic Elastomers
Plastomers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Polymer Modified Bitumen market from 2018 to 2029 covers:

Road Construction & Paving
Roofing

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)