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
Bitumen Modifier Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.8% |
|
Base Year Market Size (2024) |
USD 22.5 billion |
|
Forecast Year Market Size (2037) |
USD 46.83 billion |
|
Regional Scope |
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