The global bitumen market size is expected to hit US$ xx billion mounting at a moderate CAGR of xx% in terms of revenue over the forecast period. The growth of global bitumen market is attributed to the extensive usage of bitumen in road construction, waterproofing, several supportive government initiatives and industrial applications. Thus, bitumen market is indirectly associated to the GDP (gross domestic product) of several countries. Moreover, demand for lucrative product by several end-users including bridge structures maintenance, dams, tunnel liners, reservoir & pool linings, racetracks as well as tile underlying waterproofing will further drive the market over the forecast period. On the other hand, reducing prices of oil has stemmed in supply of raw material as well as caused price volatility in the market, which is capable of restraining the progression of the industry over the forecast period. Besides, another major factor hindering the growth of market is the emission of toxic gases by bitumen when heated. The long supply chain is amongst the key feature because bitumen is a strong product to handle due to which large suppliers have started directly selling the product to refineries.
The global bitumen industry is segmented by different end-user, type and demography. Further, end-user segment is sub-divided to water proofing, road construction and others (including dyes, paints & coatings, inks etc.). Type segmentation breakdown includes hard grade bitumen, polymer modified bitumen, paving grade bitumen, oxidized grade bitumen and bitumen emulsions. Also, demographic segmentation consists of some of the key regions including Europe, North America, Asia-Pacific and LAMEA. Asia Pacific region is leading the market, especially China contributes towards largest revenue share and is anticipated to record the growth of approximately x% in terms of volume by the end of the forecast period. The vital factor propelling the regional growth is the strong regional business.
Furthermore, progressions in the bitumen production technologies like polymer modified bitumen are estimated to boost the overall global modified bitumen market over the forecast period. Polymers are added to bitumen with the aim of enhancing physical properties like, elasticity & viscosity, so that it gets desirable for high stress application. Moreover, major market participants including Royal Dutch Shell PLC, British Petroleum and Indian Oil Corporation are aiming for introducing new, innovative as well as viable technologies for the quality & type of bitumen production. In addition, Gulf Petroleum has taken over Royal Dutch Shell PLCs one of the plants in Gujrat in order to meet the perpetually growing demand for bitumen in India plus in its bordering developing economies.
Other key players operating in the competitive landscape of the global bitumen market include British Petroleum, Exxon Mobil Corporation, Nynas AB, Petroleos Mexicanos, Nippon Oil Corporation, Marathon Oil Corporation, Sinopec and Villas Austria GmbH.
Bitumen is a mixture of organic liquids that is sticky, black, soluble in carbon disulfide & highly viscous in nature. Also, this is generally obtained in refineries of petroleum as a residual artifact after the exclusion of higher portions such as petrol, diesel, gas, etc. Bitumen owns some adhesive properties as well as is mostly used as binding material for road construction. Furthermore, growing use of bitumen mostly in road construction in certain developing economies across the world is generating vivid opportunities for the global bitumen market. For instance, government of India in its 2018 budget, allotted more than 21000 crore and more tha 70000 crore budgetary distribution for work under road ring to Highways Ministry. This allocation of fund includes expenditure over development of National Highways, like expressways projects, building two-lane as well as six-lane highway. Moreover, a there are special programs for the connecting road of Naxalite areas, development of road between Vijaywada & Ranchi as well as for enabling last mile connectivity. Furthermore, Philippines and Japan signed a YEN 9.4 billion finance for constructing the third phase of a road project in Bulacan in February 2018.
What to expect from the upcoming report on ‘Global Bitumen Market’:
- Growth projections of the global bitumen market by the end of forecast period (2018-2025)
- Information regarding technological developments in the production of polymer modified bitumen.
- Economic factors likely to influence the market dynamics and vice versa.
- Trends, drivers, opportunities, restraints, and challenges in the development and use of bitumen.
- The involvement of government as well as other private organizations in development of market.
- In-depth analysis of different market segmentations including regional demographics, end-users and type.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
Product - Paving Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen, and Bitumen Formed Due to Addition of Zinc and Copper;
Application - Roadways, Waterproofing, Adhesives, Insulation, Decorative, and Industrial)