According to a new market report published by Persistence Market Research, titled “Global Market Study on Bitumen: Paving Grade Bitumen to Hold Significant Share during the Forecast Period, 2016 – 2022”, Global Bitumen Market is Estimated to Reach US$ 70 Bn by End of 2016,
The market for bitumen is indirectly related to the GDP of various countries across the globe due to its widespread usage in road construction, waterproofing, and industrial applications. Due to the surge in production of bitumen in North America, the MEA and APAC, the bitumen market in the aforementioned regions is estimated to increase at a significant CAGR over 2016–2022 in terms of revenue. With an anticipated increase in production of bitumen in APAC in the coming years, demand for bitumen in the region is expected to increase between 2016 and 2022. Currently, some of the major factors driving the growth of the global bitumen market are increasing road construction activities, use of bitumen in commercial and domestic building constructions, and supportive initiatives by governments of various countries.
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The bitumen market in APAC is expected to expand at a CAGR of 7.0% in terms of volume during the forecast period. The region is expected to account for a volume share of around 29.4% of the global bitumen market by the end of 2022. In terms of value, the North America market is expected to account for a major value share of the global bitumen market during the forecast period.
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By product type, the paving grade segment in the global bitumen market is slated to expand at the fastest CAGR during the forecast period in terms of volume. The growth of this segment is primarily driven by an increase in the use of paving grade bitumen in road construction and road surfacing activities. In terms of market value, the bitumen emulsions segment is expected to expand at a CAGR of 4.0% during the forecast period.
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Some of the market players featured in this report are as follows:
- Exxon Mobil Corporation
- Total S.A.
- Indian Oil Corporation Ltd.
- Royal Dutch Shell Plc.
- Marathon Oil Corporation
- Calumet Specialty Partners Ltd. LP
- Chevron Texaco Corporation
- Nynas AB
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