[FURL=https://www.industryarc.com/pdfdownload.php?id=503388&utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Polymer Modified Bitumen market[/FURL] size is forecast to reach $14 billion by 2026, after growing at a CAGR of 8% during 2021-2026. Market growth is driven by ongoing construction projects and the increasing demand for sustainable infrastructure and road pavements around the world. Polymer modified bitumen such as thermoplastic elastomer, plastomers, polymer asphalt modifiers, and so on, are widely used in rood construction, roofing, and piping, due to advantages such as superior properties and low maintenance. According to the Australian Trade and Investment Commission the Singapore government spends at least S$2 billion on public infrastructure each month. In addition, the Government-wide program for a Circular Economy, aimed at developing a circular economy in the Netherlands by 2050 is boosting the construction sector in the country. Therefore, the growth in construction sector is influencing polymer modified bitumen market growth. However, Fluctuations in raw material prices due to changes in crude oil and petroleum prices may hinder the market growth.Numerous building and construction project operations have been halted, owing to the coronavirus pandemic, which is adversely affecting the demand for polymer modified bitumen in the market. No new orders can be taken over neither the existing order production could be completed during the outbreak. There has been a temporary suspension of building and construction activities in various regions. For instance, the construction output in Great Britain fell by a record 35.0% in Quarter 2 (Apr to June) 2020 compared with Quarter 1 (Jan to Mar) 2020.
Key Takeaways
Asia Pacific dominates the polymer modified bitumen market, owing to increased manufacturing & construction activities and various government initiatives such as 100 smart cities and Housing for all by 2022 in the region.
According to International Trade Administration (ITA), the construction value of China in 2018 was USD 893.58 and USD 968.06 in 2019. Also, the Chinese construction industry is forecast to grow at an annual average of 5% in real terms between 2019 and 2023. This growth is expected to influence polymer modified bitumen market.
However, COVID-19 is having a massive impact on construction projects, due to lockdown, and regulation on social distancing has become the major factor that slowed down the growth of construction in the region. These factors are constraining the growth of the market.
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Polymer Modified Bitumen Market Drivers
Increasing Road Construction and Repair Activities
Polymer Modified Bitumen market top 10 companies are Total Oil India Pvt. Ltd., Benzene International Pte Ltd, Lagan Asphalt Group, Nynas AB, Royal Dutch Shell PLC, ExxonMobil, Gazprom NEFT and Sika AG, among others.
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