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Last edited 23 Jan 2021
The global modified bitumen market was valued at USD 13.22 Billion in 2015 and is projected to reach USD 19.29 Billion by 2021, growing at a CAGR of 6.5%. Road construction is projected to growth at the highest rate during the forecast period.
The use of modified bitumen has increased in road and building construction in the Asia-Pacific and the Middle East & Africa regions, due to the growing awareness of benefits such as low maintenance cost and efficiency. Modified bitumen is used for road construction which includes tunnel liners, bridges and flyovers, highways, and airport runways, where high material performances is required.
The Styrene-Butadiene-Styrene (SBS) segment is estimated to be the largest segment of the, by modifier type, in terms of value and volume. SBS is a premier modifier used for road construction in places with heavy traffic to reduce low temperature thermal stress cracking, abrasion, deformation, flushing, and to provide high tensile strength. SBS modified bitumen and Atactic Polypropylene (APP) modified bitumen are commonly applied by the hot asphalt method.
Asia-Pacific is the largest market for modified bitumen, in terms of volume, followed by Europe and North America. China, U.S., Germany, Canada and Mexico. End-use industries, such as road and building construction represent the bulk of the demand for modified bitumen in the Asia-Pacific region. Rising awareness about the benefits of modified bitumen has driven demand in Asia-Pacific countries, such as China, Japan, and India.
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