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Shell, PEMEX, Bouygues Group, BP, Total Bitumen Market Report 2018-2024 | Chevron, ExxonMobil, Valero Energy Corporation, NuStar Energy L.P., Marathon Oil Corporation, Indian Oil Corporation Limited
Bitumen Market
Rising government spending and initiatives for redevelopment and repair of roads and highways in North America have set the regional bitumen market in motion. The region will witness a substantial rise in product demand especially in the waterproofing application, owing to the rapidly growing number of residential remodeling projects. As per estimates, in 2017, waterproofing applications held the second-highest share of the overall bitumen market. Driven by the massive deployment in numerous establishments across North America and other geographies, bitumen market size from waterproofing applications will grow at a CAGR of 4% over 2018-2025.
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Estimates claim that North America accounted for 30% of the overall bitumen market share in 2017. Driven by the rising number of suburban remodeling projects across the United States and the subsequently growing product demand for waterproofing applications, especially across the U.S., North America bitumen market size, in terms of volume, will register a CAGR of 2.5% over 2018-2025.
In construction sector, bitumen is among the major raw materials used in manufacturing water tanks, dams and bridges since it provides high viscosity, stickiness and water resistance to the structure. The escalating number of property renovation projects and modern construction systems especially in North America & Europe having waterproofed flat roofs will further stimulate the demand for bitumen. Rapid urbanization in developing regions such as Asia Pacific and Latin America comprises a huge market for road construction, development and infrastructure. Increasing land connectivity in China, India, Vietnam, Japan, Brazil and several such other countries will gradually drive the bitumen market during the forecast spell. This connectivity majorly depends on roads that act as a catalyst for the economic growth of a country.
Stringent regulatory compliances concerning to the extraction of bitumen and introduction of some of the feasible alternatives to the product like concrete is expected to hinder the progress of the bitumen market in the near future. Moreover, development of bio-based product like bio-asphalt may slow down the bitumen market growth over the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. BP
2. Total
3. Chevron
4. Valero Energy Corporation
5. China Petroleum and Chemical Corporation
6. Indian Oil Corporation Limited
7. Shell
8. JX Nippon Oil & Energy Corporation
9. PEMEX
10. Bouygues Group
11. NuStar Energy L.P.
12. Villas Austria GmbH
13. Marathon Oil Corporation
14. ExxonMobil
15. Nynas AB.
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With around 70% of the market share, paving bitumen will witness growth at a significant pace owing to its huge popularity for road construction and maintenance. The oxidized bitumen will be held at close to USD 11 billion by the end of the forecast spell owing to its rising usage in the piling industry, for producing roofing felts used in waterproofing and roofing industries, electric cable joint protection, sound dampening felts, joint filling compound, sealant compound, under carriage sealant and others.
Based on volume, roadways segment will capture more than 80% of the bitumen market share during the forecast period. The adhesives segment is predicted to poise over USD 1.7 billion by 2025. Rapid urbanization and recovery of construction sector owing to the government’s policy to increase private sector participation is a boon to infrastructure industry especially in developing countries such as India, Thailand among others. The waterproofing segment revenue will capture a market share of around 11% by the end of 2025.
Bitumen Market, By Application
• Roadways
• Waterproofing
• Adhesives
• Insulation
• Others
Browse key industry insights spread across 300 pages with 451 market data tables & 24 figures & charts from the report, “Bitumen Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/bitumen-market
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