Growth of bitumen membranes market is driven by rising urban population & growing need for high-quality infrastructure solutions
Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –: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.
Expanding real estate sector coupled with government initiatives to build and develop infrastructure across emerging economies is likely to drive global bitumen membranes market. In the construction sector bitumen membranes are widely utilized due to unique product properties, including waterproofing and rust proofing. They also provide protection to concrete structures against moisture and extreme weather conditions, hence increasing durability of the infrastructure.
Initiation of smart city projects in line with the infrastructural development programs across various regions will also boost industry growth. For instance, programs initiated by Indian government, such as AMRUT (Atal Mission for Rejuvenation and Urban Transformation) and smart city projects in major cities of the country are aimed at improving the rural and urban infrastructure along with the living standards of the regional population.
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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 membrane industry 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.
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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