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Base Year: 2024
Companies covered: 15
Tables & Figures: 145
Countries covered: 22
Pages: 220
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Modified Bitumen Market
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Modified Bitumen Market Size
The global modified bitumen market size was estimated at USD 27 billion in 2024 and is estimated to grow at 4.6% CAGR from 2025 to 2034.
The market is very crucial in growth through infrastructure development and urbanization. According to the U.S. Federal Highway Administration, about 15 percent of the annual asphalt binder tonnage is incorporated with polymer-modified binders specifically in the areas that experience high stress like highways and airport pavements, which is at the demonstration of the increasing use on large-scale projects.
In India, government Bharatmala program, which is rolled out under its USD 66 billion investment plan in infrastructure, has caused refiners and asphalt suppliers to set up increased production of viscosity-grade and polymer-modified bitumen to meet the growth in demand of roadway construction. Such official campaigns of developed and emerging economies highlight a long-range towards durable and performance-enhanced paving materials.
Material selection is being driven also by climate resilience and adaptation to extreme weather. As mentioned by the U.S. Federal Highway Administration, 15 percent of the annually produced asphalt binder tonnage in HMA asphalt is polymer-modified, and is utilized in operations, such as highway and airport construction because of the tough weather change conditions. These formulations have increased the temperature stability, UV resistance, and crack inhibition of the fluctuating weather.
The modified bitumen market is also being fueled by environmental regulations and sustainability requirements. According to a recent research report published on the market, the global PMB market comprising of SBS, crumb rubber, and eco-friendly modifiers is slated to surpass USD 15.8 billion by 2030 and in this prediction, Asia-Pacific would dominate. This expansion meets the regulations of green buildings, low-carbon missions, and goals of the circular economy.
Modification of bitumen is being adopted because of performance improvement as well as lifecycle cost. According to the FHWA, even though PMB can raise the cost of binders by up to 30100 % it enhances the lifespan of the pavement by 1020 % equating to corresponding reduction in the overall cost of maintenance. With the infrastructure asset managers and the privately funded developers pursuing long-lasting and economical solutions, the long term economic and performance advantage of modified bitumen is picking steam all over the world.
Modified Bitumen Market Trends
Modified Bitumen Market Analysis
Modified bitumen market is segmented by application into roofing applications, road construction and paving, waterproofing and sealing applications, and industrial and specialty applications. Roofing applications for 41.4% of the total market in 2024.
Modified Bitumen Market Share
The competitive layout of the altered bitumen industry is characterized by the universal manufacturers of Shell Global, TotalEnergies SE, ExxonMobil Corporation, Nynas AB, and Kraton Corporation, which together create innovation, sustainability, and constancy of supply in infrastructure businesses. These companies have come up with a variety of portfolio, which include SBS, APP and hybrid modified water bitumen varieties that operate in different climatic conditions and in different traffic loads. They can serve large scale projects based on technical expertise and knowledge and formulation solutions of a particular performance that offset the environmental and economic needs.
Companies are investing in sustainability-based innovations and polymer science that gets closer to bio-based modifiers and reclaimed asphalt compatibility, solutions to workability, and low-temperature paving that will help reduce carbon footprints. As pressure continues to mount on regulation mandating decarbonization and longer pavement life, companies such as Kraton and Nynas are launching high polymer content binders and circular economy-enabling technologies that will continue pavement life, while recycled materials become parts of the composition.
Modified Bitumen Market Companies
The Shell Global also manufactures varieties of polymer-modified bitumen (PMB) products which make the Shell Global to specialize in challenging applications which include highways, airport runways as well as bridge works under the Cariphalte product line. Such products have been developed to be stronger and show strong resistance to thermal cracking and rutting. Shell is also helping in road construction sustainability, which includes formulation recycling-based bitumen and construction activities with minimal energy consumption.
TotalEnergies SE provides its modified bitumen products under the brand Styrelf that presents both elastomeric and bio-based products tested to resist the worst climates and high traffic areas. The company has adopted the use of warm mix technologies and renewable materials in order to curb carbon emission in road building. High-level infrastructure projects are as well served by TotalEnergies, including tailor-made formulations and field assistance.
ExxonMobil Corporation sells performance-grade binders specially adjusted to paving and roofing work. Its products come as SBS and EVA-derived PMBs that are developed to be more flexible, adhesive, and recyclable. The company focuses on lifecycle benefits, and it provides products which comply with the environmental specifications and enable the incorporation of reclaimed asphalt. The developed infrastructure of the refining network and supply chain help ExxonMobil to take its position on the competitive market of bitumen in the global segment.
Nynas AB deals with the production of high-grade modified bitumen paying high attention to sustainability. The firm supplies bio-based substitutes whose origins are renewable sources particularly tall oil to decrease greenhouse gas emissions and continue high performance. Nynas has extensive distribution network in the region (Europe), with technicality of the services that suits regional road specifications to the climate. Its continued research and development stems are able to support long term durability and innovation of road materials.
Polymer innovation Kraton Corporation is also an established polymer innovator in asphalt modification such as its CirKular+ series which allows high reclaimed asphalt (RAP) content in surface mixes. Kraton SBS-based HiMA (Highly Modified Asphalt) is a formulation used in fatigue life, rut resistance in high traffic and harsh condition pavements. To engage in the practice of the circular economy, the company has been promoting it by facilitating the sustainable engineering of pavements and gathering global acceptance of the same through group research and field experimentation.
Modified Bitumen Industry News:
The modified bitumen market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (kilo tons) from 2021 - 2034 for the following segments:
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Market, By Polymer Modifier Type
Market, By Application
Market, By End Use Industry
The above information is provided for the following regions and countries: