Global Bitumen Market: Overview
Bitumen is a combination of hydrocarbons, which are extremely viscous and black in color. They are obtained via byproduct of petroleum distillation or naturally. It is widely used in the road construction for surfacing purposes. Bitumen provides exceptional water resistance, high stickiness, and viscosity. The commonly available types of bitumen are cutback, paving grade, polymer modified, oxidized, and bitumen emulsion. Other applications of bitumen other than road construction activity are in insulations, waterproofing, adhesives, and paints.
Global Bitumen Market: Segmentation
The bitumen market is globally segmented into its product, application, and regions. On the basis of product, the global market is segregated into oxidized, emulsion, paving, cutback, and polymer modified. Based on the application, the market is categorized into waterproofing, insulation, roadways, and adhesives. The regional segmentation of the bitumen market is diversified into North America, Europe, Asia-Pacific, Latin America, and Rest of the World.
Global Bitumen Market: Growth Factors
The prime factor that augments the global market growth is the growing government initiatives for development of the roads across the world. Additionally, the increasing road traffic is creating the terrible need for roads that are wider in size, thus consequently boosting the global demand for bitumen. The flourishing construction industry across the globe favors the growth of the market. The growing government investments for upgrading the public infrastructure and rising disposable income of citizens are increasing the construction activity which in turn increases the demand of bitumen. The healthy growth of the paint and coatings sector supplements the growth of the market. Paints that are manufactured using bitumen provide exceptional corrosion traits and weatherproofing. The factor that is affecting the market negatively is the stringent regulatory environmental regulations that are imposed on the manufacturing and application of bitumen. Manufacturing of bitumen includes fractional distillation of crude oil. Thus, the variable prices of raw material are impacting the growth of the market negatively.
Global Bitumen Market: Regional Analysis
North America will remain in the top position in the coming years. The increasing initiatives that are taken by governments in order to repair and redevelop the existing roads drive the demand for bitumen in the region. In the U.S. there is growing residential remodeling practices which propel the growth of the market in the region. Developing regions are expected to grow in the global bitumen market. The growth of the market in the Asia-Pacific region can be attributed to the increasing number of cities and rising consumer disposable income, which leads to the growing sales of vehicles and construction activities. Japan, China, and India are the emerging economies that are contributing a good share in the market. The increasing infrastructure development propels the growth of the market in the Latin American and the Middle East and African regions.
Global Bitumen Market: Competitive Players
Some of the key market players that are involved in the bitumen market are Total S.A., Indian Oil Corporation, Chevron Texaco Corporation, Royal Dutch Shell Plc., Exxon Mobil Corporation, British Petroleum, JX Nippon Oil & Energy Corporation, Total S.A., and NuStar Energy.
Global Bitumen Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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- Full in-depth analysis of the parent market
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- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
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