LONDON--(BUSINESS WIRE)--The global modified bitumen market is projected to grow to USD 18.74 billion by 2021, at a CAGR of more than 6% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global modified bitumen market for 2017-2021. Based on the applications, the market is divided into road and building construction segments.
|Modified bitumen is a derivative of bitumen with modifiers that impart plastic or rubber-like properties. The rise in building renovations and remodeling is creating a high demand for modified bitumen, giving the market vendors ample opportunities to boost their sales.|
Technavio’s research study segments the global modified bitumen market into the following regions:
Modified bitumen market in the Americas
“The Americas is the largest segment of the modified bitumen market, and is expected to continue its dominance over the forecast period, driven by the rise in demand for rubberized polymers with asphalt,” says Ajay Adikari, a lead analyst at Technavio for specialty chemicals research.
The high requirement for good-quality paved roads in the Americas drives the growth of the market segment, thereby strengthening the prospect of the consumption of modified bitumen. Further, the benefits that modified bitumen holds such as noise reduction and skid resistance also contributed to the high market demand for the product in the region.
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Modified bitumen market in EMEA
By revenue, the modified bitumen market in EMEA is expected to be worth USD 6.41 billion by 2021. The growth in the region can be attributed to the rising demand for the polymer-modified bitumen membranes, especially in commercial and industrial applications. An increase in R&D activities is expected to the sale of modified bitumen in the region.
Additionally, the rise in road transport with an increase in passenger distances and transportation of goods by roads has given the modified bitumen market a healthy prospect with respect to road construction and repair.
Modified bitumen market in APAC
“APAC is projected to showcase a CAGR of nearly 7% through 2021, becoming the fastest-growing region of the market. The increasing awareness about the advantages of modified bitumen as an eco-friendly substitute for conventional paving and roofing applications is a key driver of the market growth,” says Ajay.
End-use industries, including road and building construction, highlight the growing demand for modified bitumen in APAC. For instance, in India, there is a huge demand for construction materials, backed by increased road construction activities call for the deployment of low-cost and low-temperature susceptible components like modified bitumen.
The top vendors in the global modified bitumen market highlighted in the report are:
- Royal Dutch Shell
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