The industry analysis report “Polymer Modified Bitumen (PMB) Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” by Global Market Insights, Inc. says Polymer Modified Bitumen (PMB) Market Share is set to exceed USD 14 billion by 2024.
Polymer modified bitumen market is majorly driven by the construction and infrastructural industry. The use of PMB in roofing and construction activities is increasing at a rapid pace due to its waterproofing and cohesive properties. Rise in the demand for housing and other infrastructural facilities due to increasing population in the developing countries, rising disposable income and purchasing power parity are the factors driving the PMB market as people are ready to spend more on new and developed housing and commercial spaces.
Environmental awareness is pushing the use of green cement, eco-friendly construction materials and chemicals. Developing regions of the world have a great amount of construction activities and infrastructural development, which in turn, is propelling the regional polymer modified bitumen market. Developing economies such as China and India have huge construction activities owing to huge and rapidly increasing population which is demanding better and superior homes. These factors drive the PMB market on a large scale in the developing as well as the developed countries.
Volatility in raw material prices due to changing crude oil prices may hinder the polymer modified bitumen market growth in the coming years. Petroleum is the primary raw material used in the manufacture of polymers in polymer modified bitumen. Fluctuating crude oil resources around the world, large scale extraction and refining of oil and demand & supply ratio are some of the chief factors affecting the industry.
Based on product, PMB market is classified into three broad categories which include thermosetting polymers, thermoplastic polymers, and thermoplastic elastomers. Thermosetting polymers are further-divided into four segments namely, phenolic, epoxy, polyurethane, and acrylic resins. Thermosetting polymers have mineral particles with high adhesive strength and are comparatively high priced than thermoplastic elastomers and polymers. Thermoplastic elastomers have high temperature and storage stability with a comparatively lower cost and resistance to rutting. This segment finds extensive application in asphalt pavements due to its adhesion and cohesion properties.
The polymer modified bitumen market is segmented into emulsions, road construction, and roofing & piping on the basis of application. The emulsions segment is further classified into waterproofing and paving. Use of superior quality material for construction of houses and other infrastructural facilities is on a rise. Use of waterproofing solutions to prevent wetness and leakages of walls and ceilings is rising as new and improved construction material is available. These factors are propelling the PMB market demand.
Geographically, North America polymer modified bitumen market accounts for a significant share owing to road construction and development activities. The region has a mature construction industry due to excellent infrastructural and housing facilities. Road construction and development activities in Europe will further augment the PMB market owing to extensive use of the product owing to its cohesive, elastic and adhesive properties.
