Global Polymer Modified Bitumen Market Size To Exceed USD 19.76 Billion by 2033: Market Study Report

Global Polymer Modified Bitumen Market Size To Exceed USD 19.76 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Polymer Modified Bitumen Market Size is Expected to Grow from USD 12.68 Billion in 2023 to USD 19.76 Billion by 2033, at a CAGR of 4.54% during the forecast period 2023-2033. 

Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Polymer Modified Bitumen Market Size, Share, and COVID-19 Impact Analysis, By Grade (PMB 40 and PMB 70), By Product (Elastomeric Polymers and Plastomeric Polymers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

The polymer modified bitumen (PMB) market refers to as worldwide supply and demand of bitumen, which is used to modify polymer to increase its properties such as strength, elasticity, and resistance to deformation and fatigue. The bitumen is a blended polymer of Styrene-Butadiene-Styrene (SBS) or Atactic Polypropylene (APP), which is employed to enhance its properties. With governments across the globe investing in upgrading transportation infrastructure, polymer-modified bitumen seems like a significant substitute for its superior qualities. Its greater durability, flexibility, and resistance to wear and tear make it ideal for a range of applications, such as highways, airports, and urban roads. Furthermore, the growing need for infrastructure development projects, especially in developing economies, is also driving demand for PMB. Urbanization and the focus on sustainable building materials are fueling investment in infrastructure development projects, which is fueling demand for PMB. However, in manufacturing process of bitumen modified polymer involves high-range machinery and high-cost raw materials.

The PMB 70 segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 48.84% during the forecast period.

Based on the grade, the global polymer modified bitumen market is divided into PMB 40 and PMB 70. Among these, the PMB 70 segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 48.84% during the forecast period. The PMB 70 is required in high amounts for modern road infrastructure. The PMB 70 has a longer lifespan than the conventional, which is proven by IndianOil Total Pvt. Ltd.

The elastomeric polymers segment held the largest share in 2023 and is anticipated to grow at a CAGR of 53.17% during the forecast period.

Based on the product, the global polymer modified bitumen market is divided into elastomeric polymers and plastomeric polymers. Among these, the elastomeric polymers segment held the largest share in 2023 and is anticipated to grow at a CAGR of 53.17% during the forecast period. The elastomeric polymer enhances the elasticity and flexibility in high-temperature environments. The flexibility provides the thermal expansion for the cracking and deforming to make appropriate heavy applications for all purposes.

Asia Pacific is anticipated to hold the highest share of the global polymer modified bitumen market over the projected period.

Asia Pacific is anticipated to hold the highest share of the global polymer modified bitumen market over the projected period. This is due to the high rate of infrastructure and construction in Asian countries. Countries such as China, India, and Vietnam show high rates of economic growth, and these countries are investing heavily in the transportation network due to the increasing demand for bitumen-modified polymer. Market expansion has been greatly aided by Chinese government investments in infrastructure development, especially in the building and upkeep of roads. 

Europe is estimated to grow at the fastest CAGR of the global polymer modified bitumen market during the forecast period. This is due in Europe the researchers are strongly focusing on polymer-modified bitumen technologies. With many research centers and universities dedicated to materials science, Europe is poised to lead the way in innovation. Furthermore, the actions of the European Union encouraging the use of high-quality materials with long life cycles and low maintenance needs also contribute to market growth. 

Company Profiling 

Major vendors in the global polymer modified bitumen market are Gazprom, Lagan Asphalt Group, NYNAS AB, Sika AG, Oil India Limited, Benzene International Pte Ltd, Shell plc, Exxon Mobil Corporation., and Others. 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global polymer modified bitumen market based on the below-mentioned segments: 

Global Polymer Modified Bitumen Market, By Grade

• PMB 40
• PMB 70

Global Polymer Modified Bitumen Market, By Product

• Elastomeric Polymers
• Plastomeric Polymers

Global Polymer Modified Bitumen Market, By Regional 

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa