The global polymer modified bitumen market is expected to reach USD 13.34 billion by 2022, according to a new report by Grand View Research, Inc. Increase in load bearing capacity and higher resistance to cracking & rutting leads to lower maintenance cost owing to the use of PMB, has resulted in driving growth. Addition of polymers to bitumen decreases the rolling resistance & road/tire noise thereby, improving fuel efficiency. Expansion of road networks globally to improve connectivity is expected to augment demand. Polymer modified asphalt was widely used for road construction accounting for over 70% of the global volume share in 2014.
The global demand for polymer modified bitumen was 9,888.1 kilo tons in 2014 and is expected to witness growth over the forecast period on account of rising number of infrastructure projects. Upgrading existing highways, widening existing roads and constructing new highways, particularly in Asia Pacific and MEA is expected to fuel growth.
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Further key findings from the report suggest:
- Thermoplastic elastomer modified bitumen market was estimated at USD 5.13 billion in 2014. Thermoplastic elastomers when added to bitumen exhibits superior stiffness, elastic response, resistance to heat, and reduced temperature sensitivity. These properties of the product make it compatible for use in varied climatic condition.
- Road construction application accounted for over 73.5% of the global market in 2014. Rising demand for PMB in road construction owing to its superior properties as well lower maintenance cost is expected to propel demand over the forecast period. Furthermore, rising infrastructure expansion particularly in MEA and Asia Pacific is likely to augment growth over the next seven years.
- Asia Pacific accounted for over 25% of the global market in 2014 and is expected to witness immense growth in light of increased government spending for infrastructure development in China and India. Increasing focus on infrastructure development by India and China in their respective 12th Five Year Plans is expected to drive demand. Moreover, revival of the traditional “Silk Route” extending from China to Europe is expected to propel growth.
- MEA is expected to witness a substantial growth in terms of volume at a CAGR of 8.8% from 2015 to 2022. Development of “green” cities by governments in the Middle East is expected to drive demand for PMB in roadway as well as roofing applications.
- Key industry players include Total Oil India Pvt. Ltd., Benzene International Pte Ltd, Lagan Asphalt Group, Nynas AB, Royal Dutch Shell PLC, Exxon Mobil, Gazprom NEFT and Sika AG. These companies focus on R&D for product development to enhance their polymer modified bitumen portfolio.