At 3.7% CAGR, Bitumen Market Size will reach 112 billion USD by 2025

Global Bitumen Market growth is mainly bounded by various macro and micro-economic factors. Population across the world is growing at a rapid pace which is driving the increased need for housing and infrastructure. To support this growth, the transportation and road construction industry is playing an active role day-by-day. The Asia Pacific infrastructure market is anticipated to rise from 7% to 8% a year in near future, reaching a milestone of USD 5.36 trillion annually by 2024 and constituting nearly 60% of the world total. Development of improved bitumen and admixture technologies that enables substantial safety of workers, environmental conservation and advanced road surfacing treatment opens the industry for new opportunities. As infrastructure improves and connectivity becomes greater, increased efficiencies can be derived. Hence, these factors will strongly contribute towards exponential growth of bitumen market during the forecast spell.

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Bitumen market share in 2017, paving bitumen will gain robust traction in the ensuing years, having held about 70 percent. Due to the product’s hefty deployment in road construction and maintenance. By the end of forecast period however, oxidized bitumen market size will be pegged at approx. $11 billion due to the product’s rising deployment in the piling industry, for manufacturing roofing felts utilized in sound dampening felts, electric cable joint protection, waterproofing and roofing industries, sealant compound, joint filling compound, under carriage sealant among others.

The global bitumen market is expected to show an exponential growth curve with the rising road construction, maintenance, and repair activities. Bitumen, also known as asphalt is a necessary binder used in the road construction activities as the product offers high stickiness, viscosity, and superior water resistance properties. Bitumen is also utilized as a sealant and adhesive and finds huge demand in the construction of damns, water tanks, and bridges.

The growing construction expenditure, which as per estimates, is likely to touch USD 13 trillion over the coming seven years has in turn accelerated the growth of bitumen industry across the globe. Bitumen market is also witnessing other lucrative growth avenues, owing to exclusive product demand from tire, paints & coatings, battery manufacturing, thermal & acoustic insulation sectors. According to a report compiled by Global Market Insights, Inc., the global bitumen industry size is projected to register a y-o-y growth of 3.7% over the period of 2018-2025.

Strict mandates by REACH and other governmental regulations towards the product manufacturing and utilization will hinder the bitumen market growth. For instance, in countries such as Finland, Germany, UK and Spain the occupational exposure limit is restricted to 5mg/m3, 10 mg/m3, 5 mg/m3 and 0.5 mg/m3 respectively. Further, the product is extracted from fractional distillation of petroleum, it follows the same price trend as crude oil, therefore volatility in crude oil prices might negatively impact the bitumen market during the forecast spell.

The competitive landscape of bitumen market is slated to be highly ferocious, and inclusive of prominent industry players such as Chevron Texaco, Exxon Mobil Bouygues S.A, British Petroleum, Petroleos Mexicanos, Indian Oil Corporation, Marathon Oil, NuStar Energy, Nynas AB, JX Nippon Oil & Energy, Villas Austria GmbH, and Total S.A. Brainstorming highly advanced asphalt technologies is a standard tactic adopted by players such as Kraton Corporation, that believes in bringing forth newer products to meet the ever-rising product demand for roofing and paving applications. As per Global market Insights, Inc., the overall bitumen market size is slated to cross a mammoth USD 112 billion by 2024.

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Glimpse of Table of Content (ToC)

Chapter 4. Bitumen Market, Product By Application

4.1.  Global bitumen market, product insights

4.2.   Paving bitumen

4.2.1.     Market estimates and forecast, by application 2014 – 2025

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

4.2.2.     bitumen market estimates and forecast by region, 2014 – 2025

4.3.  Oxidized bitumen

4.3.1.     bitumen market estimates and forecast, by application 2014 – 2025

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

4.3.2.     Market estimates and forecast by region, 2014 – 2025

4.4.  Cutback bitumen

4.4.1.     bitumen market estimates and forecast, by application 2014 – 2025

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

4.4.2.     Market estimates and forecast by region, 2014 – 2025

4.5.  Bitumen Emulsion

4.5.1.     Market estimates and forecast, by application 2014 – 2025

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

4.5.2.     bitumen market estimates and forecast by region, 2014 – 2025

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