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Polymer Modified Bitumen Emulsion-Global Market Insights and Sales Trends 2025
Synopsis
The global Polymer Modified Bitumen Emulsion market size is expected to reach US$ million by 2029, growing at a CAGR of % from 2023 to 2029. The market is mainly driven by the significant applications of Polymer Modified Bitumen Emulsion in various end use industries. The expanding demands from the Road Construction & Paving, Roofing and Others,, are propelling Polymer Modified Bitumen Emulsion market. SBS Modified Bitumen, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Plastomer Modified Bitumen segment is estimated at % CAGR for the next seven-year period.
Asia Pacific shows high growth potential for Polymer Modified Bitumen Emulsion market, driven by demand from China, the second largest economy with some signs of stabilising, the Polymer Modified Bitumen Emulsion market in China is forecast to reach US$ million by 2029, trailing a CAGR of % over the 2023-2029 period, while the U.S. market will reach US$ million by 2029, exhibiting a CAGR of % during the same period.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Polymer Modified Bitumen Emulsion, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Polymer Modified Bitumen Emulsion market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Polymer Modified Bitumen Emulsion market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Polymer Modified Bitumen Emulsion sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Polymer Modified Bitumen Emulsion covered in this report include Total, Shell, SK, Exxon Mobil, TIPCO ASPHALT, Colas, Nynas, Gazprom Neft PJSC and Lagan Asphalt Group, etc.
The global Polymer Modified Bitumen Emulsion market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Total
Shell
SK
Exxon Mobil
TIPCO ASPHALT
Colas
Nynas
Gazprom Neft PJSC
Lagan Asphalt Group
Baolirus
Guochuang Hi-tech
Xi'an Guolin Industry
Global Polymer Modified Bitumen Emulsion market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Polymer Modified Bitumen Emulsion market, Segment by Type:
SBS Modified Bitumen
Plastomer Modified Bitumen
Crumb Rubber Modified Bitumen
Others
Global Polymer Modified Bitumen Emulsion market, by Application
Road Construction & Paving
Roofing
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Polymer Modified Bitumen Emulsion manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Polymer Modified Bitumen Emulsion in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
The global Polymer Modified Bitumen Emulsion market size is expected to reach US$ million by 2029, growing at a CAGR of % from 2023 to 2029. The market is mainly driven by the significant applications of Polymer Modified Bitumen Emulsion in various end use industries. The expanding demands from the Road Construction & Paving, Roofing and Others,, are propelling Polymer Modified Bitumen Emulsion market. SBS Modified Bitumen, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Plastomer Modified Bitumen segment is estimated at % CAGR for the next seven-year period.
Asia Pacific shows high growth potential for Polymer Modified Bitumen Emulsion market, driven by demand from China, the second largest economy with some signs of stabilising, the Polymer Modified Bitumen Emulsion market in China is forecast to reach US$ million by 2029, trailing a CAGR of % over the 2023-2029 period, while the U.S. market will reach US$ million by 2029, exhibiting a CAGR of % during the same period.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Polymer Modified Bitumen Emulsion, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Polymer Modified Bitumen Emulsion market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Polymer Modified Bitumen Emulsion market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Polymer Modified Bitumen Emulsion sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Polymer Modified Bitumen Emulsion covered in this report include Total, Shell, SK, Exxon Mobil, TIPCO ASPHALT, Colas, Nynas, Gazprom Neft PJSC and Lagan Asphalt Group, etc.
The global Polymer Modified Bitumen Emulsion market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Total
Shell
SK
Exxon Mobil
TIPCO ASPHALT
Colas
Nynas
Gazprom Neft PJSC
Lagan Asphalt Group
Baolirus
Guochuang Hi-tech
Xi'an Guolin Industry
Global Polymer Modified Bitumen Emulsion market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Polymer Modified Bitumen Emulsion market, Segment by Type:
SBS Modified Bitumen
Plastomer Modified Bitumen
Crumb Rubber Modified Bitumen
Others
Global Polymer Modified Bitumen Emulsion market, by Application
Road Construction & Paving
Roofing
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Polymer Modified Bitumen Emulsion manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Polymer Modified Bitumen Emulsion in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
Index1 Polymer Modified Bitumen Emulsion Market Overview
1.1 Polymer Modified Bitumen Emulsion Product Overview
1.2 Polymer Modified Bitumen Emulsion Market Segment by Type
1.2.1 SBS Modified Bitumen
1.2.2 Plastomer Modified Bitumen
1.2.3 Crumb Rubber Modified Bitumen
1.2.4 Others
1.3 Global Polymer Modified Bitumen Emulsion Market Size by Type
1.3.1 Global Polymer Modified Bitumen Emulsion Market Size Overview by Type (2018-2029)
1.3.2 Global Polymer Modified Bitumen Emulsion Historic Market Size Review by Type (2018-2023)
1.3.3 Global Polymer Modified Bitumen Emulsion Forecasted Market Size by Type (2024-2029)
1.4 Key Regions Market Size Segment by Type
1.4.1 North America Polymer Modified Bitumen Emulsion Sales Breakdown by Type (2018-2023)
1.4.2 Europe Polymer Modified Bitumen Emulsion Sales Breakdown by Type (2018-2023)
1.4.3 Asia-Pacific Polymer Modified Bitumen Emulsion Sales Breakdown by Type (2018-2023)
1.4.4 Latin America Polymer Modified Bitumen Emulsion Sales Breakdown by Type (2018-2023)
1.4.5 Middle East and Africa Polymer Modified Bitumen Emulsion Sales Breakdown by Type (2018-2023)
2 Global Polymer Modified Bitumen Emulsion Market Competition by Company
2.1 Global Top Players by Polymer Modified Bitumen Emulsion Sales (2018-2023)
2.2 Global Top Players by Polymer Modified Bitumen Emulsion Revenue (2018-2023)
2.3 Global Top Players by Polymer Modified Bitumen Emulsion Price (2018-2023)
2.4 Global Top Manufacturers Polymer Modified Bitumen Emulsion Manufacturing Base Distribution, Sales Area, Product Type
2.5 Polymer Modified Bitumen Emulsion Market Competitive Situation and Trends
2.5.1 Polymer Modified Bitumen Emulsion Market Concentration Rate (2018-2023)
2.5.2 Global 5 and 10 Largest Manufacturers by Polymer Modified Bitumen Emulsion Sales and Revenue in 2022
2.6 Global Top Manufacturers by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Polymer Modified Bitumen Emulsion as of 2022)
2.7 Date of Key Manufacturers Enter into Polymer Modified Bitumen Emulsion Market
2.8 Key Manufacturers Polymer Modified Bitumen Emulsion Product Offered
2.9 Mergers & Acquisitions, Expansion
3 Polymer Modified Bitumen Emulsion Status and Outlook by Region
3.1 Global Polymer Modified Bitumen Emulsion Market Size and CAGR by Region: 2018 VS 2022 VS 2029
3.2 Global Polymer Modified Bitumen Emulsion Historic Market Size by Region
3.2.1 Global Polymer Modified Bitumen Emulsion Sales in Volume by Region (2018-2023)
3.2.2 Global Polymer Modified Bitumen Emulsion Sales in Value by Region (2018-2023)
3.2.3 Global Polymer Modified Bitumen Emulsion Sales (Volume & Value) Price and Gross Margin (2018-2023)
3.3 Global Polymer Modified Bitumen Emulsion Forecasted Market Size by Region
3.3.1 Global Polymer Modified Bitumen Emulsion Sales in Volume by Region (2024-2029)
3.3.2 Global Polymer Modified Bitumen Emulsion Sales in Value by Region (2024-2029)
3.3.3 Global Polymer Modified Bitumen Emulsion Sales (Volume & Value), Price and Gross Margin (2024-2029)
4 Global Polymer Modified Bitumen Emulsion by Application
4.1 Polymer Modified Bitumen Emulsion Market Segment by Application
4.1.1 Road Construction & Paving
4.1.2 Roofing
4.1.3 Others
4.2 Global Polymer Modified Bitumen Emulsion Market Size by Application
4.2.1 Global Polymer Modified Bitumen Emulsion Market Size Overview by Application (2018-2029)
4.2.2 Global Polymer Modified Bitumen Emulsion Historic Market Size Review by Application (2018-2023)
4.2.3 Global Polymer Modified Bitumen Emulsion Forecasted Market Size by Application (2024-2029)
4.3 Key Regions Market Size Segment by Application
4.3.1 North America Polymer Modified Bitumen Emulsion Sales Breakdown by Application (2018-2023)
4.3.2 Europe Polymer Modified Bitumen Emulsion Sales Breakdown by Application (2018-2023)
4.3.3 Asia-Pacific Polymer Modified Bitumen Emulsion Sales Breakdown by Application (2018-2023)
4.3.4 Latin America Polymer Modified Bitumen Emulsion Sales Breakdown by Application (2018-2023)
4.3.5 Middle East and Africa Polymer Modified Bitumen Emulsion Sales Breakdown by Application (2018-2023)
5 North America Polymer Modified Bitumen Emulsion by Country
5.1 North America Polymer Modified Bitumen Emulsion Historic Market Size by Country
5.1.1 North America Polymer Modified Bitumen Emulsion Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
5.1.2 North America Polymer Modified Bitumen Emulsion Sales in Volume by Country (2018-2023)
5.1.3 North America Polymer Modified Bitumen Emulsion Sales in Value by Country (2018-2023)
5.2 North America Polymer Modified Bitumen Emulsion Forecasted Market Size by Country
5.2.1 North America Polymer Modified Bitumen Emulsion Sales in Volume by Country (2024-2029)
5.2.2 North America Polymer Modified Bitumen Emulsion Sales in Value by Country (2024-2029)
6 Europe Polymer Modified Bitumen Emulsion by Country
6.1 Europe Polymer Modified Bitumen Emulsion Historic Market Size by Country
6.1.1 Europe Polymer Modified Bitumen Emulsion Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
6.1.2 Europe Polymer Modified Bitumen Emulsion Sales in Volume by Country (2018-2023)
6.1.3 Europe Polymer Modified Bitumen Emulsion Sales in Value by Country (2018-2023)
6.2 Europe Polymer Modified Bitumen Emulsion Forecasted Market Size by Country
6.2.1 Europe Polymer Modified Bitumen Emulsion Sales in Volume by Country (2024-2029)
6.2.2 Europe Polymer Modified Bitumen Emulsion Sales in Value by Country (2024-2029)
7 Asia-Pacific Polymer Modified Bitumen Emulsion by Region
7.1 Asia-Pacific Polymer Modified Bitumen Emulsion Historic Market Size by Region
7.1.1 Asia-Pacific Polymer Modified Bitumen Emulsion Market Size Growth Rate (CAGR) by Region: 2018 VS 2022 VS 2029
7.1.2 Asia-Pacific Polymer Modified Bitumen Emulsion Sales in Volume by Region (2018-2023)
7.1.3 Asia-Pacific Polymer Modified Bitumen Emulsion Sales in Value by Region (2018-2023)
7.2 Asia-Pacific Polymer Modified Bitumen Emulsion Forecasted Market Size by Region
7.2.1 Asia-Pacific Polymer Modified Bitumen Emulsion Sales in Volume by Region (2024-2029)
7.2.2 Asia-Pacific Polymer Modified Bitumen Emulsion Sales in Value by Region (2024-2029)
8 Latin America Polymer Modified Bitumen Emulsion by Country
8.1 Latin America Polymer Modified Bitumen Emulsion Historic Market Size by Country
8.1.1 Latin America Polymer Modified Bitumen Emulsion Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
8.1.2 Latin America Polymer Modified Bitumen Emulsion Sales in Volume by Country (2018-2023)
8.1.3 Latin America Polymer Modified Bitumen Emulsion Sales in Value by Country (2018-2023)
8.2 Latin America Polymer Modified Bitumen Emulsion Forecasted Market Size by Country
8.2.1 Latin America Polymer Modified Bitumen Emulsion Sales in Volume by Country (2024-2029)
8.2.2 Latin America Polymer Modified Bitumen Emulsion Sales in Value by Country (2024-2029)
9 Middle East and Africa Polymer Modified Bitumen Emulsion by Country
9.1 Middle East and Africa Polymer Modified Bitumen Emulsion Historic Market Size by Country
9.1.1 Middle East and Africa Polymer Modified Bitumen Emulsion Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
9.1.2 Middle East and Africa Polymer Modified Bitumen Emulsion Sales in Volume by Country (2018-2023)
9.1.3 Middle East and Africa Polymer Modified Bitumen Emulsion Sales in Value by Country (2018-2023)
9.2 Middle East and Africa Polymer Modified Bitumen Emulsion Forecasted Market Size by Country
9.2.1 Middle East and Africa Polymer Modified Bitumen Emulsion Sales in Volume by Country (2024-2029)
9.2.2 Middle East and Africa Polymer Modified Bitumen Emulsion Sales in Value by Country (2024-2029)
10 Company Profiles
10.1 Total
10.1.1 Total Company Information
10.1.2 Total Introduction and Business Overview
10.1.3 Total Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.1.4 Total Polymer Modified Bitumen Emulsion Products Offered
10.1.5 Total Recent Development
10.2 Shell
10.2.1 Shell Company Information
10.2.2 Shell Introduction and Business Overview
10.2.3 Shell Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.2.4 Shell Polymer Modified Bitumen Emulsion Products Offered
10.2.5 Shell Recent Development
10.3 SK
10.3.1 SK Company Information
10.3.2 SK Introduction and Business Overview
10.3.3 SK Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.3.4 SK Polymer Modified Bitumen Emulsion Products Offered
10.3.5 SK Recent Development
10.4 Exxon Mobil
10.4.1 Exxon Mobil Company Information
10.4.2 Exxon Mobil Introduction and Business Overview
10.4.3 Exxon Mobil Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.4.4 Exxon Mobil Polymer Modified Bitumen Emulsion Products Offered
10.4.5 Exxon Mobil Recent Development
10.5 TIPCO ASPHALT
10.5.1 TIPCO ASPHALT Company Information
10.5.2 TIPCO ASPHALT Introduction and Business Overview
10.5.3 TIPCO ASPHALT Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.5.4 TIPCO ASPHALT Polymer Modified Bitumen Emulsion Products Offered
10.5.5 TIPCO ASPHALT Recent Development
10.6 Colas
10.6.1 Colas Company Information
10.6.2 Colas Introduction and Business Overview
10.6.3 Colas Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.6.4 Colas Polymer Modified Bitumen Emulsion Products Offered
10.6.5 Colas Recent Development
10.7 Nynas
10.7.1 Nynas Company Information
10.7.2 Nynas Introduction and Business Overview
10.7.3 Nynas Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.7.4 Nynas Polymer Modified Bitumen Emulsion Products Offered
10.7.5 Nynas Recent Development
10.8 Gazprom Neft PJSC
10.8.1 Gazprom Neft PJSC Company Information
10.8.2 Gazprom Neft PJSC Introduction and Business Overview
10.8.3 Gazprom Neft PJSC Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.8.4 Gazprom Neft PJSC Polymer Modified Bitumen Emulsion Products Offered
10.8.5 Gazprom Neft PJSC Recent Development
10.9 Lagan Asphalt Group
10.9.1 Lagan Asphalt Group Company Information
10.9.2 Lagan Asphalt Group Introduction and Business Overview
10.9.3 Lagan Asphalt Group Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.9.4 Lagan Asphalt Group Polymer Modified Bitumen Emulsion Products Offered
10.9.5 Lagan Asphalt Group Recent Development
10.10 Baolirus
10.10.1 Baolirus Company Information
10.10.2 Baolirus Introduction and Business Overview
10.10.3 Baolirus Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.10.4 Baolirus Polymer Modified Bitumen Emulsion Products Offered
10.10.5 Baolirus Recent Development
10.11 Guochuang Hi-tech
10.11.1 Guochuang Hi-tech Company Information
10.11.2 Guochuang Hi-tech Introduction and Business Overview
10.11.3 Guochuang Hi-tech Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.11.4 Guochuang Hi-tech Polymer Modified Bitumen Emulsion Products Offered
10.11.5 Guochuang Hi-tech Recent Development
10.12 Xi'an Guolin Industry
10.12.1 Xi'an Guolin Industry Company Information
10.12.2 Xi'an Guolin Industry Introduction and Business Overview
10.12.3 Xi'an Guolin Industry Polymer Modified Bitumen Emulsion Sales, Revenue and Gross Margin (2018-2023)
10.12.4 Xi'an Guolin Industry Polymer Modified Bitumen Emulsion Products Offered
10.12.5 Xi'an Guolin Industry Recent Development
11 Upstream, Opportunities, Challenges, Risks and Influences Factors Analysis
11.1 Polymer Modified Bitumen Emulsion Key Raw Materials
11.1.1 Key Raw Materials
11.1.2 Key Raw Materials Price
11.1.3 Raw Materials Key Suppliers
11.2 Manufacturing Cost Structure
11.2.1 Raw Materials
11.2.2 Labor Cost
11.2.3 Manufacturing Expenses
11.3 Polymer Modified Bitumen Emulsion Industrial Chain Analysis
11.4 Polymer Modified Bitumen Emulsion Market Dynamics
11.4.1 Polymer Modified Bitumen Emulsion Industry Trends
11.4.2 Polymer Modified Bitumen Emulsion Market Drivers
11.4.3 Polymer Modified Bitumen Emulsion Market Challenges
11.4.4 Polymer Modified Bitumen Emulsion Market Restraints
12 Market Strategy Analysis, Distributors
12.1 Sales Channel
12.2 Polymer Modified Bitumen Emulsion Distributors
12.3 Polymer Modified Bitumen Emulsion Downstream Customers
13 Research Findings and Conclusion
14 Appendix
14.1 Research Methodology
14.1.1 Methodology/Research Approach
14.1.2 Data Source
14.2 Author Details
14.3 Disclaimer
Published By : QY Research
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