Market Size of Europe Modified Bitumen Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Modified Bitumen Market Analysis
Europe Modified Bitumen Market market is estimated at USD 4.4 billion currently and is expected to reach USD 5.37 billion over the forecast period, registering a CAGR of over 4% during the forecast period..
COVID-19 negatively affected the demand for modified bitumen in the global market. Major road construction projects were temporarily suspended during COVID-19, thereby reducing modified bitumen consumption worldwide. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the short term, increasing road construction and repair activities, and increasing building renovation and remodeling are some of the factors driving the growth of the market.
- On the flip side, the risk of fire during installation due to unskilled labor and occupation health hazards regarding asphalt are some of the factors affecting the growth of the market studied.
- Nevertheless, innovative methods to produce crumbed rubber-modified bitumen and others are likely to create opportunities for the market in the coming years. are likely to act as an opportunity in the future.
- Germany dominated the modified bitumen market across Europe due to the increasing demand from the construction industry.
