LONDON, Feb. 14, 2017 /PRNewswire/ -- The modified bitumen market is projected to register a CAGR of 6.5% during the forecast period
The global modified bitumen market is projected to reach USD 19.29 billion by 2021, at a CAGR of 6.5% from 2016 to 2021. The growth of the market is attributed to the growing construction industry in emerging nations, cost-effectiveness of modified bitumen, and increasing demand for modified bitumen in regions such as Asia-Pacific and the Middle East & Africa. Modified bitumen is largely used in road construction. In addition, rising awareness about the benefits of modified bitumen is also fueling the demand.
Road Construction represents the bulk of the demand for modified bitumen
Modified bitumen has been widely used for road construction. Modified bitumen increases the lifetime, flexibility, and strength of the road which acts as a major driver for the use of modified bitumen. Modified bitumen are used for road construction which includes bridges & flyovers, tunnel liners, and airport runways highways.
The SBS segment is projected to grow at the highest CAGR during the forecast period
Modified bitumen is produced by blending normal bitumen with suitable polymers and other additives to improve the inherent properties of bitumen. The major modifiers used are atactic polypropylene (APP), styrene-butadiene-styrene (SBS), crumb rubber, and natural rubber. SBS is the most widely used modifier. SBS modified bitumen can deal with the stress created by temperature fluctuation, normal expansion and contraction. These factors acts as a major driver for the use of SBS.
"Asia-Pacific market estimated to grow at the highest CAGR during the forecast period"
Asia-Pacific is the largest market for modified bitumen, in terms of volume, followed by Europe and North America. China, the U.S., Germany, Canada, and Mexico are the largest consumers of modified bitumen. End-use industries such as road construction and building construction, represent the bulk of the demand for modified bitumen in Asia-Pacific.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted as follows:
- By Company Type: Tier 1 (43%), Tier 2 (36%), and Tier 3 (21%).
- By Designation: C-level (21%), Director Level (29%), and Others (50%).
- By Region: North America (36%), Europe (36%), Asia-Pacific (21%), and RoW (7%)
The key players profiled in the report include Sika AG (Switzerland), Nynas AB (Sweden), Total S.A. (France), Royal Dutch Shell Plc (Netherlands), Colas S.A. (France), Hindustan Colas Private Limited (India), Soprema Group (France), The Dow Chemical Company (U.S.), GAF Materials Corporation (U.S.), Gazprom Neft PJSC (Russia), Firestone Building Products Company (U.S.), PJSC Rosneft Oil Company (Russia), Fosroc International Limited (U.K.), Lagan Asphalt Group (Ireland), Bitumina Group (UAE), Global Road Technology (Australia), Texsa Systems Slu (Spain), Saint-Gobain Weber (France), Orlen Asfalt Sp. z.o.o. (Poland), Exxonmobil Corporation (U.S.), and W.R.Grace and Company (U.S.).
This report covers the modified bitumen market, in terms of volume and value, and forecasts the market size till 2021. The report includes the market segmentation based on modifier type, application method, end-use industry, and region. It also provides company profiles and competitive strategies adopted by the key players in the global modified bitumen market.
Key Benefits of Buying the Report:
This research report is focused on various levels of analysis—industry trends, market share analysis of key players, supply chain analysis, and company profiles, which together comprise and discuss the overall views on the competitive landscape; emerging and high-growth segments of the modified bitumen market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
Download the full report: https://www.reportbuyer.com/product/4664178/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/modified-bitumen-market-by-modifier-type-application-method-end-use-industry-and-region---global-forecast-to-2021-300407393.html