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At 3.7% CAGR, Bitumen Market to exceed $112bn by 2025 | Top Key Players: Valero Energy Corporation, NuStar Energy L.P., Marathon Oil Corporation, Indian Oil Corporation Limited, Shell, PEMEX, Bouygues Group, BP, Total, Chevron, ExxonMobil

Bitumen Market

Bitumen Market

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.

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Bitumen Market size will surpass USD 112 billion by 2025; according to a new research report by Global Market Insights, Inc. 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.

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.

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Based on volume, North America driven by U.S. will exhibit growth with a CAGR of around 2.5%. The regional oxidized bitumen market is said to capture close to USD 3.2 billion by the end of forecast spell.

Global bitumen market is consolidated and quite competitive due to presence of several industry players. Some crucial players in the industry are Chevron Texaco Corporation, Indian Oil Corporation, China Petroleum and Chemical Corporation, Total, JX Nippon Oil & Energy Corporation, British Petroleum, Royal Dutch Shell, Petroleos Mexicanos, Marathon Oil Corporation, NuStar Energy, Villas Austria, Bouygues, Nynas, Exxon Mobil, Imperial Oil.

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

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

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