Bitumen Membranes Market share is showing significant growth via residential sector

Owing to the expanding construction sector and increasing automotive sector, global bitumen membranes market size is poised to witness robust expansion in the times to come. Due to product features like resistance to extreme weather conditions, simple installation, long life expectancy, and high resistance to mechanical damage, bitumen membranes industry outlook will witness substantial change over the forecast period, specifically via high demand from construction sector.

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Construction is utterly crucial for propelling urbanization trends. Global Construction 2030 forecasts that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030. Construction sector will mainly garner remarkable proceeds with the contribution of three countries, the U.S., India, and China. These three countries have been projected to account for around 57% of all global construction growth. The urban population of India alone is expected to grow by a staggering 165 million by 2030. Expanding construction sector worldwide will thus majorly help augment bitumen membranes market trends over the forecast years.

India is expected to become the third largest construction market in the world by 2025. 11.5 million homes a year are slated to be added to the market, making it a $1 trillion/year industry. The Indian government has provided a massive push to the infrastructure sector by allocating INR 4.56 lakh crore ($63.20 billion) to the sector.

National Housing Bank of India had set an initial limit to sanction INR 24,000 crore in July 2018-June 2019 timeframe towards refinancing eligible housing finance institutions. Till date, the sanction has been approved for INR 8,835 crore. The refinancing will increase availability of funds for eligible finance companies and other related entities. In this context, it is significant to mention that residential applications will hold 30% of bitumen membranes market share by 2025.

Expanding automotive sector will also offer a push to bitumen membranes industry in the coming years. Bitumen membranes are extensively used as cap sheets for coating purposes in automotive sector. Global automotive production has increased by over 5% between 2015 and 2018. Around 98.1 million motor vehicles were produced throughout the world in 2018. Increase in automotive production will in turn add impetus to bitumen membranes market growth.

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The U.S. will significantly impact North America bitumen membranes market size as the country has one of the largest automotive markets in the world. In 2018, U.S. light vehicle sales reached 17.2 million units. Remarkably it was the fourth consecutive year when light vehicle sales had surpassed 17 million units. Overall, the U.S. is the world's second-largest market for vehicle sales and production.

The automotive industry is also at the forefront of innovation. Latest R&D initiatives have been transforming the sector to better respond to the opportunities of present times, which has augmented the demand for bitumen membranes. As per the Auto Alliance of U.S., out of the $105 billion expended on R&D globally, nearly a fifth ($18 billion) has been spent in the U.S.

In 2018, the U.S. exported around 1.8 million new light vehicles and nearly 131,200 medium and heavy trucks (assessed at more than $60 billion) to more than 200 markets around the world. Moreover, additional exports of automotive parts valued at $88.5 billion. Owing to the mature automotive market in the U.S., North America is anticipated to represent more than 20% of the total share in bitumen membranes market size by 2025.
China also continues to be the largest vehicle market in the world. Chinese government has been expecting that automobile output to reach 30 million units by 2020 and 35 million by 2025.

According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. This included 23.79 million passenger vehicles, and 4.38 million commercial vehicles with an increase of 5.05%. Increased automobile sales in the country is expected to reflect positively on the regional bitumen membranes industry share.
With the perspective of grade of bitumen membrane, SBS bitumen membrane has been predicted to show commendable role in expanding bitumen membranes market size. SBS modified bitumen membrane has ability to retain its shape after being stretched. Due to its exceptional properties, it is widely used in modified bitumen coatings, roofing, paving and sealants amongst various applications.

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The life expectancy of SBS modified bitumen membrane is remarkable - even after ageing it retains its elasticity and pliability. Such properties make it ideal for flat roof solutions. Estimates claim SBS modified bitumen membranes industry size to record a growth rate of around 5.5% over 2019-2025.

SOPREMA intends to invest in new manufacturing lines to raise cost efficiency and improve global competitiveness, making this bitumen membrane plant the most innovative of the SOPREMA group. Such efforts by the market players to expand their revenue share will significantly contribute to proceeds garnered by bitumen membranes industry.

Increasing automobile production in China and the U.S. and growing construction worldwide will drive the bitumen membranes industry growth. According to a research report by Global Market Insights Inc., bitumen membranes market size is likely surpass $3.5 billion by 2025.

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