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Bitumen Market to observe remarkable growth over 2018-2025

Author : Ronak Bora | Published Date : 2019-04-08 

One of the chief factors driving the global bitumen market are increasing governmental initiatives towards infrastructure and road development worldwide. Increasing population in the world is giving rise to more traffic demanding wider roads. The United States highway and road construction in 2015 accounted for over USD 100 billion and will grow with a substantial rate in the coming years. The product displays high viscosity, stickiness and superior water resistance and hence is preferred in the road construction activities. These factors further drive the bitumen industry largely.

Apart from the above-mentioned properties, the product also finds its use as an adhesive and sealant in the bitumen market. Owing to its water insoluble characteristics, the product finds its use in the water-proofing of boats and ships. In the construction sector, the product finds its uses in the building of bridges, dams and water tanks. Powerful growth in the construction sector on account of government initiatives to develop public infrastructure will strongly boost the bitumen industry in the near future. The global construction industry was valued close to USD 8 trillion in 2015 and is projected to reach USD 13 trillion in the forecast timespan.

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Stringent regulations regarding the manufacturing and application of the product may affect the end-user industries as well as the downstream producers. Also, as the product is attained from crude oil distillation, fluctuation in the raw material prices may further hinder the bitumen market growth.

Based on the product category, the global bitumen market can be segmented into paving bitumen, polymer modified bitumen (PMB), bitumen emulsion, cutback bitumen, oxidized bitumen and others. Considering volume, the paving bitumen accounts for around 80% of the overall share in the market and is likely to witness gains with a 2.5% CAGR in the forecast period. The PMB has witnessed significant gains in the projected timespan and finds its extensive use in the industrial applications and road surfacing further augmenting the worldwide bitumen industry share.

Considering applications, the global bitumen market can be classified into four major categories namely, waterproofing, roadways, insulations, and adhesives. In 2015, the waterproofing segment was valued at over USD 9 billion and is likely to showcase substantial growth owing to its wide uses as in roofing & piping. Developing standard of living paired with increasing population is driving the construction industry which in turn is enhancing the worldwide bitumen industry share.

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Considering geography, in the global bitumen market, North America holds a significant share owing to the increase in governmental initiatives for redevelopment and repairs of existing roads in this region. Asia Pacific is likely to witness gains with a decent CAGR of close to 5% owing to development and construction activities in countries like India, Japan and China. Latin America and Middle East & Africa are likely to be the next emerging markets due to the increasing infrastructural development in these regions.

Key players operating in the global bitumen market include Indian Oil Corporation, Chevron Texaco, Total S.A, British Petroleum, Nynas, Exxon Mobil, Marathon Oil, China Petroleum and Chemical, Villas Austria, NuStar Energy, Bouygues, Petroleos Mexicanos, JX Nippon Oil & Energy, and Royal Dutch Shell to name a few.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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