Modified Bitumen Market

Modified Bitumen Market Outlook (2023 to 2033)

The global modified bitumen market stands at US$ 23.96 billion in 2023, as per a new report published by Fact.MR. Worldwide demand for modified bitumen is forecasted to rise at a CAGR of 5.5% and reach a market value of US$ 41 billion by 2033-end.

Growing need for modified bitumen from industrial and waste & water management sectors is generating growth opportunities. Moreover, rapid industrialization across emerging economies is also leading to increased demand for modified bitumen for multiple application industries, including roofing, road construction, coatings, and adhesives.

Modified bitumen is a popular construction material that is used in the majority of modern construction projects owing to its well-known track record in improving roofing and pavement performance. In addition, the sustainability and cost-effectiveness of modified bitumen compared to other materials are also contributing to its immense popularity.

• Sales of modified bitumen in China are forecasted to rise at a CAGR of 8.3% and reach US$ 7.81 billion by 2033.
• Worldwide demand for styrene butadiene styrene (SBS) is projected to increase at a CAGR of 6.2% and reach a market size of US$ 19.51 billion by 2033-end.

Increasing road construction, maintenance, and repair projects in emerging countries are generating demand for modified bitumen. In recent years, there has been a significant increase in infrastructure development activities around the world, which is also driving this demand.

Rising modernization and technological advancements and growing R&D activities in production techniques are forecasted to create opportunities for manufacturers of modified bitumen. It is frequently employed in roofing membranes to produce waterproof, solid, and cool roof coating. It can also be mounted with the use of numerous methods, including hot-mopped, self-adhesive, and torch-on.

Higher cost of modified bitumen at the initial stage compared to some ordinary asphalt is predicted to impede expansion opportunities. Use of polymer-modified bitumen along with specialized manufacturing techniques can raise the overall initial cost and make it less economical compared to other options. However, better performance and long-term advantages frequently outweigh higher initial investments, especially on vital construction projects and high-traffic highways.

Fact.MR, a market research and competitive intelligence provider, offers a holistic analysis of the industry. This newly published research report provides a comprehensive study of the key segments, drivers, trends, competitive landscape, restraints, and factors that are substantially contributing to market growth.

Report Attributes	Details
Modified Bitumen Market Size (2022)	US$ 22.71 Billion
Estimated Market Value (2023)	US$ 23.96 Billion
Forecasted Market Value (2033)	US$ 41 Billion
Global Market Growth Rate (2023 to 2033)	5.5% CAGR
United States Market Value (2022)	US$ 6.11 Billion
Sales of Styrene Butadiene Styrene (SBS) (2033)	US$ 19.51 Billion
Japan Market Growth Rate (2023 to 2033)	2.9% CAGR
Key Companies Profiled	Bitumina Group Dow, Inc. Colas SA DuPont de Nemours Firestone Building Products Company ExxonMobil Corporation Fosroc International Ltd. Gazprom Neft PJSC GAF Materials LLC Global Road Technology International Ltd. Lagan Asphalt Group Hindustan Colas Private Limited Nynas AB PJSC Rosneft Oil Company Orlen Asfalt Sp. Z.O.O. Royal Dutch Shell PLC, Soprema Group Saint-Gobain Weber Soprema Group Sika AG Texsa Systems Slu W.R. Grace & Co. Total SA

What is the Contribution of Modified Bitumen in the Construction Industry?

“Ability of Modified Bitumen to Resist Rutting and Cracking Leading to Pavement Longevity”

Demand for modified bitumen for road construction as well as roofing applications is increasing. Growing material demand in these sectors can result in sustainable market returns. Players are concentrating on offering more functional products with improved long-term quality, recyclability, and aggregate adhesion.

Increasing road construction, maintenance, and repair projects are anticipated to push demand for modified bitumen. As traffic loads and volumes increase, conventional asphalt may experience early degradation. Modified bitumen improves resistance to rutting and cracking and increases pavement longevity. It is adopted as a popular material for the construction of robust and long-lasting roads, airport runways, and highways.

Growing traction for waterproofing solutions is estimated to drive the demand for modified bitumen. Increased resilience and flexibility to temperature swings ensure the lifetime of roofing membranes against potential structural damage and water penetration.

What Challenges are Modified Bitumen Suppliers Working Around?

“Limited Petroleum Supply In Contrast to Demand for Increased Modified Bitumen Production”

There are limited resources available for the production of high-quality bitumen. This can lead to the manufacturing of modified bitumen on a small scale and make it difficult for suppliers to cater to rising worldwide demand. Therefore, the differences in the demand and supply chain are estimated to challenge expansion opportunities.

“Constant Fluctuations in Raw Material Prices”

Due to the constant fluctuations in oil and petroleum prices, there is a corresponding variation in the cost of raw materials necessary for modified bitumen production. This is anticipated to impact the demand for modified bitumen, making it less affordable for consumers.

How are New Companies Ensuring Sustainable Modified Bitumen Production?

“Emphasis on Production of Modified Bitumen from Recycled Resources”

Rising trend of adopting more environmentally friendly construction practices is stimulating start-ups to invest in R&D activities to produce sustainable modified bitumen. Several polymer modifiers are employed in the manufacturing process to use sustainable and recycled resources. Modified bitumen can serve as a more environmentally responsible alternative to standard asphalt.

Country-wise Insights

Asia Pacific held 35.1% share of the global market in 2022. Europe and North America are projected to generate considerable demand for modified bitumen, according to Fact.MR.

What’s Contributing to the Key Position of the United States Market?

“Increasing Public Infrastructure Projects and Expanding Construction Industry”

Sales of modified bitumen in the United States stood at US$ 6.11 billion in 2022. Increasing public infrastructure projects and the expansion of the construction industry are attracting modified bitumen suppliers to invest in the United States.

Which Asia Pacific Countries are Manufacturers Aiming to Invest In?

“Increasing Emphasis on Sustainable Infrastructure Development in Japan, China, and India”

Sales of modified bitumen in China are predicted to rise at an 8.3% CAGR and reach US$ 7.81 billion by 2033. Further, the Japanese market is projected to advance at a CAGR of 2.9% through 2033. India, Japan, and China are key regional markets in Asia Pacific. The growth in these markets is owing to the increased infrastructure development along with growing requirements for robust and durable building materials.

For instance :

• As per a report presented in the National People’s Congress’s annual session in March 2019, China planned a significant investment in waterway projects and road construction.

Governments from these countries are engaged in projects related to roofing, airport runways, and road development. Increasing awareness about the advantages related to modified bitumen to improve waterproofing capabilities and pavement performance is contributing to revenue growth. Moreover, increased emphasis on sustainable building practices is also pushing the demand for modified bitumen as a favorable alternative to multiple infrastructure applications.

Category-wise Insights

What Features of SBS Make it Popular among End Users?

“Key Role of SBS in Reducing Road Deformations and Fractures”

Demand for SBS is projected to increase at a 6.2% CAGR and reach a valuation of US$ 19.51 billion by the end of 2033. SBS containing modified bitumen is estimated to gain traction across regions going forward.

SBS has various qualities, including elasticity, temperature resistance, and flexibility. These properties make SBA-modified bitumen an ideal material for road building to reduce deformations and fractures produced by temperature variations and traffic loads. The waterproofing feature of styrene butadiene styrene-modified bitumen makes it a widely adopted alternative for roofing applications, thus contributing to its sales for multiple building projects.

Why is Modified Bitumen Widely Used for Road Construction Purposes?

“Fracture Resistance and Flexibility of Modified Bitumen Driving Extensive Adoption”

A significant portion of the demand for modified bitumen is estimated to come from road construction projects. At various times, it outperforms ordinary asphalt based on stability and durability, which makes it an ideal choice for the construction of long-lasting roadways.

Fracture resistance, fatigue life, and higher flexibility of modified bitumen help roads endure extreme weather conditions and severe traffic loads. The feature of modified bitumen to prevent deformation and rutting helps in the construction of more economical and longer-lasting road pavements that further stimulate its appeal in various road-building projects worldwide.

Competition Landscape

Producers of modified bitumen are investing heavily to achieve their objectives such as ensuring quality control of products, new product developments, etc.

Key manufacturers of modified bitumen are Bitumina Group, Dow, Inc., Colas SA, DuPont de Nemours, Firestone Building Products Company, ExxonMobil Corporation, Fosroc International Ltd., Gazprom Neft PJSC, GAF Materials LLC, Global Road Technology International Ltd., Lagan Asphalt Group, Hindustan Colas Private Limited, Nynas AB, PJSC Rosneft Oil Company, Orlen Asfalt Sp. Z.O.O., Royal Dutch Shell PLC, Soprema Group, Saint-Gobain Weber, Soprema Group, Sika AG, Texsa Systems Slu, W. R. Grace & Co., and Total SA.

Segmentation of Modified Bitumen Industry Research

• By Modifier Type :

  • Styrene Butadiene Styrene (SBS)
  • Atactic Polypropylene (APP)
  • Natural Rubber
  • Crumb Rubber

• By End Use :

  • Road Construction
  • Building Construction

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa