Press release
Bitumen Market Driven by Furious Roadway Construction in Emerging Economies In 2020
The bitumen is increasingly used during the construction activities owing to its properties such as higher strength, durability, and resilience. The increasing construction of government and private buildings such as roadways, government, and commercial buildings in order to fulfill the demand for infrastructural development. This factor is driving the growth of the global bitumen market. Additionally, increasing awareness about the advantages of the bitumen when mixed with the concrete coupled with effects of climate change and global warming on the concrete used for roofing is bolstering growth of the global bitumen market over the forecast period.
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According to the report by TMR, the global bitumen market is expected to expand with a CAGR of 3.90% over the forecast period to attain the value of US$93.38 bn by the end of 2020. The consumption of the bitumen stood at 116,338.7 kilo tons and is expected to reach up to 129,673.2 kilo tons by the end of the forecast period.
Growing Infrastructural Development to be Beneficial for Growth
On the basis of product type, the bitumen market is segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen, and bitumen formed due to the addition of zinc and copper. Of these, paving bitumen dominated in the year 2016, in terms of demand of more than 80,000 kilo tons. This growth is attributable to the growing initiatives for infrastructural development in the developing countries such as India and China.
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On the basis of application, the bitumen market is segmented into roadways, waterproofing, adhesives, insulation, decorative, and industrial. Of these, road construction is anticipated to dominate the market with accounting for a larger share of 80.0% by the end of 2020. This growth is attributable to the high viscosity and stickiness of the bitumen. The waterproofing segment is predicted to grow at a sharp pace while riding on infrastructure development activities in emerging nations such as India and China.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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