Bitumen Membranes Market Size

Bitumen Membranes Market Size

Bitumen Membranes Market size estimated at USD 2.5 billion in 2018 and will grow at a CAGR of around 5% from 2019 to 2025.

Remarkable development in the construction industry, especially in Asia Pacific region is the chief factor driving the growth of global bitumen membranes market. Asia Pacific has the largest market share in the global construction industry, majorly driven by China, Japan and India. Increasing urbanization, rising population in India & China, low cost labors and government initiatives will drive the regional construction industry.

Bitumen membranes are extensively used in building & construction activities as they provide superior waterproofing and rust proofing features. These membranes are applied in forms of sheets or emulsions in order to make the concrete structures resistant to damage due to moisture, hence extending its lifespan.

China, the world’s largest country in terms of construction spending, continues to invest in regional construction sector for increasing industrial development. In 2013, China had around 50% share of the total construction spending in Asia Pacific region. In addition to that, Beijing Municipal Commission of Development and Reform has recently announced 300 major construction projects accounting for over USD 33 billion, which includes 100 projects focusing on infrastructure development. Such projects will help China to lead the global construction industry. Government of China has relaxed the regulations for investment in the country’s construction projects which will propel the construction activity. Construction activities in India are also rising at a high rate due to the requirement for industrial infrastructure, rising spending power, public & private investments, favorable government initiatives, etc. Smart City Mission and AMRUT initiative for enhancing the urban living standard and rural development respectively are some steps taken by the Government of India to promote the construction industry. Such trends will drive the demand for bituminous membrane owing to the extensive use of product in construction sector. Additionally, large projects such as Dubai airport, Beijing airport, etc. will also boost the bitumen membrane demand in coming years.

Bitumen membranes market may face hindrances due to volatility of the raw material prices. Bitumen is a downstream petrochemical product and fluctuations in the global crude oil industry will have a significant impact on the product demand.