Bitumen Modifier Market Size

Bitumen Modifier Market size was over USD 21.14 Billion in 2023 and is poised to cross USD 43.46 Billion by 2036, witnessing more than 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bitumen modifier is estimated at USD 22.28 Billion. The growth of the market can be attributed to the increasing construction sector across the world. Further, the need for more housing is being driven by the expanding population, which is also expected to add to the market growth. By 2023, it is anticipated that the worldwide construction market would be worth more than USD 10 trillion.

In addition to these, factors that are believed to fuel the market growth of bitumen modifier include the increasing use in the waterproofing of many structures. For instance, owing to its exceptional water-proofing qualities, bitumen modifier is widely used in the building of roads, highways, trains, platforms, and other public and private facilities. Additionally, the growing road construction, and repair activities is predicted to present the potential for market expansion over the projected period. For instance, India's smart cities strategy included 99 cities and proposed investments totaling USD 31,650 billion.