A rapidly increasing urban population and growing need for high-quality infrastructure solutions are fueling global bitumen membranes market size, which is slated to surpass a valuation of US$3.5 billion by 2025.
Bitumen membranes, or bituminous membranes, are commonly used in construction for engineering structures, flat roofs, foundations, roads, and bridge decks. The technology has gained wide popularity on account of excellent stability and durability of the material and a relative simplicity of installation. Bitumen membranes can withstand the effects of many unfavorable environmental factors.
The high-performance material also finds extensive application in the automaking business, where it is used in roofing and interior applications. In developing regions, remarkable expansion of the passenger vehicles segment and a strong demand for premium vehicles will boost the product penetration across the automotive sector.
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BASF SE, BMI Group, BTM, Firestone Building Products Company, Ardex, Bondall, Jiangsu Changzhou Xinyuan Waterproof Equipment factory, Johns Manville, LLC, Baumerk, Soprema International, IKO Group, and Total S.A. are some of the prominent suppliers of the product.
Ever-growing need for sustainable infrastructure
A well-functioning and sustainable modern infrastructure is crucial to economic development as well as quality of life. While a rapidly growing urban population is driving the demand for new residential and commercial infrastructure in developing regions, infrastructure investments in developed regions are being driven by ageing and declining infrastructure. Considering the current rate of urbanization and industrial development, it is estimated that global infrastructure investments need to be more than US$90 trillion between 2016 and 2040.
Respective governments and urban planners have been focusing on development of sustainable and energy-efficient infrastructure solutions to accommodate the booming urban population. The residential sector, especially in emerging economies, has experienced rapid expansion over the past few years. Governments in these countries have taken active measures in the form of favorable policies and initiatives to offer affordable housing solutions to the public.
Bitumen membrane manufacturers are always exploring opportunities to expand their market presence by adopting different growth strategies such as partnerships, mergers, and acquisitions.
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For instance, in January 2020, Israel-based Inrom Construction Industries Ltd had signed an MoU with Paz Oil Company Ltd for the acquisition of the company’s subsidiary Pazkar. Pazkar is among the leading manufacturers of waterproofing and insulation products for the infrastructure and construction sectors. Its offerings include bituminous waterproofing membranes and bitumen sheets, among other types of membranes and films.
Infrastructure development has a crucial role in helping the world recover from the economic impacts of the coronavirus pandemic. Investments in infrastructure projects have the power to alleviate the ongoing economic distress and create opportunities for the future.
Some major growth restraints and COVID-19 impact
Bitumen being a downstream petrochemical product, fluctuations in the crude oil industry may affect bitumen membranes industry forecast up to some extent. Also, lack of availability of raw materials amid the recent coronavirus crisis has posed as a major hindrance to business growth.
Due to nationwide lockdown restrictions enforced by many countries, automakers and construction companies had been forced to temporarily pause automotive production and construction activities. However, with ease of restrictions in the near future, bitumen membranes market is well poised for a rebound.
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