The global market for bitumen membranes is expected to register a CAGR of over 4% during the forecast period. The major factor driving the market studied is growing construction activities in the Asia-Pacific region. On the flip side, the slowdown in the global automotive production and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The construction industry is expected to dominate the bitumen membranes market over the forecast period.
- The European region is expected to account for the largest share of the global bitumen membranes market over the forecast period.
Key Market Trends
Construction Industry to Dominate the Demand
- Bitumen membranes are used in the construction industry for various applications, which include roofing, terraces, tank lining, podiums, below-grade structures, and basements, among others.
- Currently, the global construction industry has been growing steadily. The construction industry in the Asia-Pacific region is growing at a significant pace, with China, India, and the Southeast Asian countries being in the hotspot.
- The construction sector in India has been growing rapidly, with increased investment by the government. The Indian government's ‘Housing for All by 2022’ initiative is also a major game-changer for the industry.
- In the North American region, the demand from the United States is expected to increase, owing to the major growth in residential, healthcare, commercial, and office buildings. The residential construction in the United States has been on the rise over the past few years.
- Therefore, the growing construction activities are expected to boost the demand for the market studied during the forecast period.
Europe Region to Dominate the Market
- The European region is expected to account for the largest share in the global bitumen membranes market over the forecast period.
- Germany has the largest construction industry in Europe. According to industry experts, the demand for new houses is estimated to be around 350,000 per year until 2020, which is expected to boost the construction sector.
- Additionally, the non-residential and commercial buildings in the country are expected to witness significant growth prospects in the coming years. The growth is supported by lower interest rates, an increase in real disposable incomes, and numerous investments by the European Union and the German governments.
- The residential construction in the United Kingdom is witnessing growth steadily. However, the non-residential sector in the country is struggling and is expected to recover during the forecast period.
- In Italy, the residential building segment is expected to grow steadily, owing to the high risk of business failure. However, non-residential buildings and civil engineering activities are expected to be the primary focus of the government during the forecast period. The increase in public investments and the maintenance of existing buildings are expected to boost the construction industry in the country.
- Therefore, the demand for bitumen membranes is expected to grow in European countries during the forecast period.
The global bitumen membranes market is partially fragmented. The major companies of the market studied include Sika AG, Soprema International, BMI Group, Total, and BASF SE, among others.
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