Global bitumen membranes market was valued at USD 2.7 billion in 2019 and is expected develop at a CAGR of just more than 6.3% by the end of 2025.
The global bitumen membranes market was evaluated at 2.7(USD Billion) in 2019 and is anticipated to expand at a cumulative rate of over 6.3% during the period from 2019 to 2025. The report offers valuation and analysis of bitumen membranes market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, restraints, revenue estimates, avenues, current & emerging trends, and industry-validated market information. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Billion).
Bitumen is an engineered material manufactured through the crude oil distillation at the time of the refining of petroleum. Furthermore, it exists in myriad types and forms. It is a non-volatile dark viscous liquid or semi-solid and can soften slowly after it is heated. It is named by various chemical names in different regions. For instance, in North America, bitumen is referred to as asphalt cement or asphalt binder.
Key Market Growth Drivers
Bituminous membranes find lucrative applications across various construction activities such as the roofing of basements & ground structures and waterproofing of bridges & other structures. For instance, polymer-modified bitumen membranes along with bitumen paints consisting of specialized bitumen products blended with tiny material proportions are applied in waterproofing operations. Furthermore, they are used in sheet form to increase the resistance of concrete structures to damages occurring as a result of moisture, thereby enhancing their lifespan.
Apparently, thriving construction activities witnessed in countries like Japan, India, and China will create humungous demand for bitumen membranes industry over the forecast period. In addition to this, growing urbanization, a surge in Chinese and Indian populace, reduced labor charges, and favorable government programs will steer the market growth over forecasting years.
Moreover, the bitumen membranes industry is fragmented in nature, it is more likely that the firms in the business will try to adopt approaches such as the creation of economies of scale, developing of the experience curve, and standardization of diverse industry needs in order to consolidate their position in the bitumen membranes market.
Asia Pacific To Dominate Overall Market Growth Over 2019-2025
The regional market growth over the forecast timeline is owing to a prominent surge in construction activities in countries like China and India. Moreover, the Chinese authorities have liberalized the regulations to promote the country’s construction programs. Additionally, projects such as smart city mission initiatives and AMRUT launched in India along with large-scale private & public investments in infrastructural development will prop up the market growth over the forecast period.
Key players profiled in the bitumen membranes market report include ΝORDIA S.A., Isoltema Group, BMI Group, Soprema International, BTM, Firestone Building Products Company LLC, IKO Group, Johns Manville, Ardex, Tiki Tar, Baumerk, Total S.A., BASF SE, and Bondall.
The global bitumen membranes market is segmented as follows: