Polymer Modified Bitumen Market To Reach $16.99 Billion By 2030

Polymer Modified Bitumen Market Growth & Trends

The global polymer modified bitumen market size is expected to reach USD 16.99 Billion in 2030 and is projected to grow at a CAGR of 4.0% from 2024 to 2030. 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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Polymer Modified Bitumen Market Report Highlights

• Elastomeric polymers dominated the market with a revenue share of 51.9% in 2023. The inclusion of styrene butadiene styrene and ethylene-vinyl acetate in bitumen formulation enhances its elasticity, allowing for flexibility in high-temperature environments.

• Road construction led the application segment with a revenue share of 67.5% in 2023. PMB’s load-bearing capacity surpasses traditional bitumen, making it an ideal solution for high-traffic roads.

• Asia Pacific polymer modified bitumen market led the global market with a revenue share of 43.2% in 2023 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.

• Middle East & Africa polymer modified bitumen market is expected to register the fastest CAGR of 4.4% over the forecast period. Development of “green” cities by governments in the Middle East is expected to drive demand for PMB in roadway as well as roofing applications.

Polymer Modified Bitumen Market Segmentation

Grand View Research has segmented the global polymer modified bitumen market on the basis of product, grade, application, region:

Polymer Modified Bitumen Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Elastomeric Polymers

  • Styrene Butadiene Styrene (SBS)

  • Styrene Butadiene Rubber (SBR)

  • Styrene Isoprene Styrene (SIS)

  • Styrene Ethylene Butadiene Styrene (SEBS)

  • Others

• Plastomeric Polymers

  • Polyurethane (PU)

  • Polyethylene (PE)

  • Ethylene Vinyl Acetate (EVA)

  • Atactic Polypropylene (APP)

  • Others

Polymer Modified Bitumen Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• PMB 40

• PMB 70

• PMB 120

Polymer Modified Bitumen Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Road Construction

• Roofing Systems

• Bridge Construction

• Railway Systems

• Others (Insulation, Dams & Reservoirs, Landfills, Tunnel Construction)

Polymer Modified Bitumen Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Turkey

• Asia Pacific

  • China

  • India

  • Japan

  • Vietnam

  • Indonesia

  • Malaysia

  • Thailand

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Gulf Co-operation Council (GCC)

  • South Africa

List of Key Players in Polymer Modified Bitumen Market

• Oil India Limited

• Benzene International Pte Ltd

• Lagan Asphalt Group

• NYNAS AB

• Shell plc

• Exxon Mobil Corporation.

• Gazprom

• Sika AG