Bitumen Modifier Market : A Strong Growth Outlook from 2023 to 2035
Research Nester published a report titled “Bitumen Modifier Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers a detailed overview of the global bitumen modifier market in terms of market segmentation by type, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply, and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global bitumen modifier market size is estimated to reach ~USD 35 billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Factors such as growing demand in the infrastructure sector and construction industry, utilization in the waterproofing of multiple structures, for instance, roads, platforms, roofs, and runways are anticipated to be the significant growth driver of the market over the forecast period. Bitumen modifier is also utilized in the construction of tunnels, sewers, and water and gas supply mediums. For instance, the wastewater treatment market is projected to reach about USD 20 billion over the forecast period.
The global bitumen modifier market is segmented by end-user industry into the construction, infrastructure, and others. Out of these sub-segments, the market in the infrastructure segment is estimated to acquire a notable share in the market during the forecast period. The growth of the market in the infrastructure sector segment is attributed to the rising construction of roads for resolving vehicular and pedestrian traffic issues.
Furthermore, by region, the global bitumen modifier market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the global bitumen modifier market is anticipated to witness noteworthy growth in the Asia Pacific region on the back of escalating growth in the infrastructure sector, and increasing government initiatives in construction sector. The infrastructure sector is estimated to grow in the region owing to the growing urbanization in the region over the forecast period. As per the report of the World Bank, the annual rate of urbanization in the region is estimated to be 3%.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Growing Utilization in Waterproofing of Multiple Structures to Hike the Growth of the Market
Bitumen modifier is highly utilized in the construction of motorways, highways, railways, platforms, and other public and private structures, owing to its extraordinary water-proofing properties. In modern times, multiple highways are under construction and many giant airport projects are in the execution phase worldwide. These are the major factor to drive the growth of the market throughout the forecast period.
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However, the presence of alternative products in the market is expected to operate as a key restraint to the growth of the global bitumen modifier market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global bitumen modifier market which includes the company profiling of Repsol, S.A., China Petroleum & Chemical Corporation, ExxonMobil, Valero Energy Corporation, Marathon Petroleum Corporation, Shell International B.V., Petrobras Brasileiro S.A., Chevron Corporation, Schlumberger Limited, and CNOOC Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global bitumen modifier market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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