The global modified bitumen market size is projected to reach USD 19.29 Billion by 2021, at a CAGR of 6.5% from 2016 to 2021. Increasing awareness about benefits of modified bitumen, growing construction industry in emerging nations, and cost-effectiveness of modified bitumen are fueling the growth of the modified bitumen market, globally.
The modified bitumen market is expected to witness a high growth rate between 2016 and 2021, in terms of value and volume. The market is rapidly evolving with key players playing a crucial role in its development. The key companies profiled in this market report include Sika AG (Switzerland), Nynas AB (Sweden), Total S.A. (France), Royal Dutch Shell Plc (Netherlands), and Colas S.A. (France).
New product launches and mergers & acquisitions are the most widely adopted strategies by the key players to strengthen their market presence and reach, especially in regions such as Asia-Pacific, Europe, and North America. The market players also concentrate on increasing their production capacities and developing cost-effective technologies. All these developments meet the increasing demand for modified bitumen for road construction and building construction.
Nynas AB (Sweden) adopted new product launches, mergers & acquisitions, and contracts & agreements as key strategies in the modified bitumen market. The company added new modified bitumen products and technologies to its existing portfolio in September 2016. In January 2016, the company acquired Shell’s Harburg refinery in Germany. The refinery has a production capacity of up to 330,000 tons specialty oils and also offers a wide range of penetration bitumen. This helped the company to strengthen its business and augment its sales in Europe.
Royal Dutch Shell PLC (Netherlands), a leading producer of modified bitumen, opened its new Shell Bitumen China Solutions Centre (BCSC) in the Hongyi Technology Industrial Area, Shanghai in November 2016. Shell developed Shell Cariphalte RC, which is designed for high performance road applications in combination with reclaimed asphalt pavement in June 2016. In July 2016, the company established a bitumen supply chain in Europe, anchored by two refineries: Pernis in the Netherlands and Rheinland in Germany.
Modified Bitumen Market by Modifier Type (SBS, APP, Crumb Rubber, Natural Rubber), Application Method (Hot Asphalt, Cold Asphalt, Torch-Applied), End-Use Industry (Road Construction, Building Construction), and Region - Global Forecast to 2021
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