The global market size for modified bitumen is projected to reach USD 19.29 billion by 2021, at a CAGR of 6.5% from 2016 to 2021. The rising demand in the Asia-Pacific countries, growing construction industry in emerging nations, and cost-effectiveness of modified bitumen when considered for stability in the long-run are the factors driving the modified bitumen market.
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Modified bitumen are used for road construction that includes tunnel liners, bridges & flyovers, highways, and airport runways. Characteristics such as greater functionality and increase in lifetime, strength, and flexibility makes modified bitumen preferable to be used for road construction. Companies such as Royal Dutch Shell Plc (Netherlands), Nynas AB (Sweden), Total S.A. (France), among others have launched new products in high growth markets such as China and India to leverage the opportunities in these countries.
SBS is expected to be the fastest-growing modifier segment as it can deal with stress created by temperature fluctuation, wind, and normal expansion and contraction. This is reflected in the large number of product offerings in SBS based modifiers from companies such as Nynas AB (Sweden), Colas S.A. (France), and Sika AG (Switzerland).
Hot asphalt is the most widely used application segment of the modified bitumen market. Properties such as flexibility in colder temperatures, and firmness in summer heat makes hot asphalt preferred application method. Regular bitumen can also be applied, mostly through hot mix method, which does not require additional training to laborers.
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The Asia-Pacific dominated the global modified bitumen market in 2015. The Asia-Pacific market is driven by the increasing demand of modified bitumen from the construction industry. In November 2016, Shell Bitumen opened its new Shell Bitumen China Solutions Centre (BCSC) in the Hongyi Technology Industrial Area, Shanghai. The facility will develop new bitumen and asphalt technologies in collaboration with the R&D center in India, to cater to the increasing demand for modified bitumen.
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