Bitumen Membrane Sheets Market Size

Bitumen Membrane Sheets Market Size

Bitumen Membrane Sheets Market size surpassed USD 2.6 billion in 2020 and is estimated to exhibit 4.2% CAGR from 2021 to 2027. Substantial investments in the construction sector owing to increasing industrialization, rapid urbanization, rising population, and government initiatives are likely to escalate the industry growth.

Bitumen consists of various drawbacks as the production of petroleum products is leading to environment degradation. Various organizations are now calling to reduce the production of petroleum products and switch to more eco-friendly alternatives. One such development is the introduction of innovative technologies to produce bio-bitumen, based on lignin, which is one of the co-products produce from compressed bio-gas plants, second-generation ethanol plants, and also from paper making. The conversion of crude lignin to bio-bitumen helps to replace the fossil-based bitumen and can introduce eco-friendly bitumen.
 

Increasing construction activities in Asia Pacific and North America will be the major factor driving the bitumen membrane sheets market demand. APAC has witnessed tremendous growth in the construction sector due to increasing urbanization and private & public investments.
 

Government initiatives, such as Smart City Mission in India, have attracted investments that aim to upgrade and develop infrastructures. Apart from this, increasing commercial activities have resulted in significant growth in demand for commercial spaces such as offices, malls, etc. Moreover, various governments in emerging economies are focused on growing their industrial footprints globally, resulting in rising demand for industrial spaces. The rising residential sector along with the non-residential sector is expected to fuel the industry expansion.
 

Constantly shifting raw material prices result in volatile production costs, which will lead to price variations in finished products and might hamper the industry statistics.