The polymer modified bitumen market is projected worth USD 13.3 billion by 2022. It stood nearly USD 7.7 billion in 2014. The market will witness decent growth over the forecast phase (2015 – 2022). It faces huge demand from roofing, road construction, coatings, and adhesives industries. Infrastructural innovations in emerging economies can propel market demand in the future.
PMB (polymer modified bitumen) is renowned for repairing roads. The same is attributed to its low costs and maintenance. Upcoming projects such as Myanmar Communications Network, KivuWatt, New Silk Road, and Kigali Railway would boost market demand.
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Thermoplastic elastomer modifiers and plastomer modified are products in the polymer modified bitumen market. The former earned about USD 5.2 billion in 2014. They accounted for more than 60% volumes that year. Thermoplastic elastomer modifiers include atactic polypropylene, isotactic polypropylene, alpha-polyolefins, ethylene-vinyl acetate, styrene-butadiene rubber, and styrene-butadiene-styrene. Plastomer modified is anticipated to record a CAGR exceeding 6% in the next seven years.
Road construction and roofing are the market applications. The former’s PMB demand was touted around 7, 274.4 kilo tons (KT) in 2014. It accounted for over 70% of the market the same year. Infrastructural projects in Asia Pacific and MEA (Middle East & Africa) could spur the market during 2015 to 2022. PMB is flexible and water resistant, making it suitable for waterproof roofs.
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In regards to geographies, North America held over 35% volumes of the polymer modified bitumen market in 2014. Green roofing expansions are the key regional driver. Demand for low smoke bitumen during UV (ultraviolet) exposure and unpredictable weather is predicted to drive demand for ‘green roofing’ till 2022.
Infrastructural developments in Europe would produce additional regional demand. This demand exceeded 1, 820 KT in 2014. MEA can register a CAGR above 8.8% in the seven years ahead. Asia Pacific occupied over 25% volumes in 2014. This was due to its road developments in India and China.
Prominent players with the global polymer modified bitumen market comprise Royal Dutch Shell PLC, Total Oil India Pvt. Ltd., ExxonMobil, and Gazprom NEFT. The market is characterized by contracts between manufacturers and raw material suppliers.
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