U.S. Bitumen Membranes Market demand will be propelled by increasing number of construction activities
Selbyville, Delaware, United States, December 3 2020 (Wiredrelease) Global Market Insights, Inc :An increasing number of construction activities will propel the bitumen membranes market demand in the U.S., with construction companies opting for the products owing to cost-effective rates and some other additional benefits.
North America has made a lucrative contribution towards bitumen membranes market size and is expected to hold more than 20% of the total share by 2025 which can be attributed to the expansion of construction and automotive sectors. Bituminous sheet membranes are gaining immense popularity in the region for roofing applications, subject to their excellent adhesion and abrasion resistance properties.
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Some of the major bitumen membrane market include Firestone Building Products, Johns Manville, IKO Group, Isoltema Group, BASF SE, Total, ORDIA, among others. With regional players creating lucrative investments in product differentiation, global bitumen membranes market share is estimated to exceed USD 3.5 billion by the end of 2025.
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.
The rapidly growing automotive industry is another growth enabling factor for bitumen membranes market. Bitumen membranes are utilized in coating applications of automotive components. Surge in vehicle production in the developing regions due to increasing demand for personal vehicles may further boost product proliferation.
In terms of grades, bitumen membranes can be classified as APP (abbreviated as atactic polypropylene) and SBS (abbreviated as styrene butadiene styrene). SBS grade segment is likely to showcase an impressive growth rate of above 5.5% over the analysis period. Superior product features, such as dimensional stability, better elongation properties and excellent strength has resulted in inflated demand from the construction industry.
On the basis of product type, the bitumen membranes market is categorized into liquids and sheets. Liquid bitumen membranes are witnessing massive demand from the construction industry due to their excellent waterproofing properties, superior performance in varying temperature conditions, and compatibility with wet substrates.
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