Zion Market Research has published a new report titled “Bitumen Market by Type, Product (Paving grade Grade Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen (PMB), and Others), By Application (Roadways, Waterproofing, Adhesive, Insulation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global bitumen market accounted for USD 26.06 million in 2017 and is expected to reach USD 34.36 million by 2024, growing at a CAGR of around 4.0% between 2018 and 2024.
Bitumen market is a rapidly growing industry with demand from various regions of the world. It is a combination of highly viscous organic liquids soluble in carbon disulfide which consists of extremely condensed polycyclic aromatic hydrocarbons. Naturally occurring bitumen is a tar-like form of petroleum which is dense, thick, and heavy, and it needs to be heated or diluted before being allowed to flow. Bitumen mostly contains sulfur and heavy metals which includes vanadium, mercury, lead, chromium, nickel, and other toxic elements. Rising demand for infrastructure development and improved roadways is driving the global bitumen market forward. With the growing population, the demand for infrastructure development and improving the standard of living is anticipated to aid the market growth of the bitumen market within the forecast period. Falling oil prices have led to a scarce scarcity in the supply of raw materials used in the production of bitumen. This has caused fluctuation in subsequently, the prices are being subjected to fluctuations owing to the uncertainty surrounding the global crude oil prices, which could is expected to be hampered the restraining factor for the growth of this the industry global bitumen market.
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The environmental regulations imposed on the manufacture and usage of bitumen could restrain the growth of the market. The long supply chain is another restraint for the bitumen market as bitumen is a strong product to handle. On the other hand, large contractors have been supplying the raw materials directly to the refineries in several regions across the globe. This is expected to unwrap new opportunities for the players operating in the global bitumen market.
The bitumen products market can be segmented into categories based on product type like such as cutback bitumen, paving grade bitumen, bitumen emulsion, oxidized bitumen, polymer modified bitumen (PMB), and others. PMB accounted for most of the global revenue and is expected to witness significant gains within the forecast period owing to its high porosity, high skid resistance, and low noise. These are the most important properties in the roadways industry sector. Hence, PMB is a more preferred product than other products over the other type segments.
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Based on the application, bitumen market can be further segmented into categories like such as roadways, waterproofing, adhesive, insulation, and others. Roadways segment dominated the market in terms of revenue and is expected to grow within the forecast period. A superior road network is the most crucial feature of a developed country. This has led to rising demand for bitumen on account of rising need for superior developed road networks in developing countries. Waterproofing segment is expected to witness a good growth rate within the forecast period. Innovative modern construction systems having waterproofed flat roofs are expected to stimulate bitumen demand within the forecast period.
Among the regions, Asia Pacific accounted for most of the global market share and is expected to grow in light of rising construction industry growth in India, China, Thailand, and Vietnam. In addition, the presence of key players in the region is expected to augment the growth of the bitumen market in the Asia Pacific. Moreover, Asia Pacific region is expected to consume more bitumen owing to its extensive road network.
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The Middle East & Africa bitumen market is expected to contribute for a significant growth over the forecast period as a result of increasing infrastructure activities in the region and the growing construction sector especially in countries like such as UAE and Qatar. In addition, increased government spending on construction activities is also expected to spur the growth of the bitumen sector market in the Middle East & Africa.
The key players operating in this the global bitumen market are Bouygues S.A., China Petroleum and Chemical Corporation, Villas Austria GmbH, ChevronTexaco Corporation, JX Nippon Oil & Energy Corporation, ExxonMobil, British Petroleum, Marathon Oil Company, Nynas AB, Valero Energy Corporation, NuStar Energy, Bau Holding Vermögensverwaltung AG, Petroleos Mexicanos, Indian Oil Corporation, and Shell Bitumen, among others.
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This report segments the global bitumen market as follows:
Global Bitumen Market: Product Analysis
- Paving grade bitumen
- Oxidized bitumen
- Cutback bitumen
- Bitumen emulsion
- Polymer modified bitumen (PMB)
Global Bitumen Market: Application Analysis
Global Bitumen Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East and Africa
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