Bitumen Modifier Market Trends

Growth Drivers

• Growing Change in Climatic Conditions – On account of the increasing pollution around the world, the market is expected to expand more in the upcoming years. The need for bitumen modifiers has risen as a result of shifting weather patterns and increasingly harsh weather occurrences. For instance, according to studies, around 66 million tonnes of pollution were released into the atmosphere in the US in 2021.

• Rising Infrastructure Industry – The increasing population across the globe is estimated to drive market growth. Further, the usage of bitumen modifiers has grown in acceptance as the demand for more durable and robust infrastructure has increased. For instance, India intends to invest over USD 1 trillion in infrastructure projects in 2023.

• Increasing Environmental Concern – Bitumen modifiers have the potential to lessen the environmental effect of infrastructure and building projects, which as a result is estimated to drive market growth. According to the most recent data, the growing environmental concern of the vast majority of people globally has increased by more than 75% in 2019.
• Growing Urbanization – It is expected that increase in migration from rural to urban areas, is anticipated to drive the market growth. It was discovered that by 2050, more than 65% of the world's population, is anticipated to reside in cities for better education, jobs and lifestyle.

Challenges

• Usage of Alternative Materials, such as Cement - The usage of cement as alternative for the construction of roads is one of the major factors predicted to slow down the market growth. For instance, maintaining a road constructed of bitumen is expensive as compared to the road constructed of cement. Also, a road composed of cement lasts longer, which is why road builders are switching to cement.
• Varying Prices of Oil and Petrochemical
• Stringent Environmental Laws