Polymer Modified Bitumen (PMB) Market Size

Polymer Modified Bitumen Market Size

Polymer Modified Bitumen (PMB) Market Size was estimated over USD 9.5 billion in 2016 and the industry will likely grow by a CAGR more than 4% up to 2024.

The mixture of bitumen with polymer helps to maintain the right consistency, strength and develop its visco-elastic behavior. Polymer help to increase the aesthetic properties and elasticity of the bitumen, thus making it more sustainable for different stresses. These properties fuel the PMB market demand in the infrastructure and construction industry. The cohesive strength and binding properties of the product makes it suitable for use in pavement and road construction activities. Polymer helps the bitumen to return to its original state after the vehicle pressure or weight is removed, thus increasing the overall road quality and durability. This also helps avoiding permanent cracks and deformations caused due to land pressure and heavy-duty traffic. Moreover, increasing number of road construction activities round the globe due to increasing vehicle usage and traffic is driving the polymer modified bitumen market largely.

The price of a commodity is primarily dependent on the demand and supply factors of that particular product. Excessive oil production and exploration activities by many countries in recent years, coupled with depleting crude oil resources is the major factor for fluctuation in raw material prices. Bitumen is processed from crude oil and does not involve any cracking or thermal conversion. Depleting crude oil resources round the globe is one of the major restraining factor for the global PMB market.