What's Driving The Bitumen Market Trends? Key Company Profiled In Shell, BP, Total, Chevron, Exxonmobil, PEMEX, Bouygues Group, Valero Energy Corporation, Nustar Energy L.P., Marathon Oil Corporation, Indian Oil Corporation Limited

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

Based on revenue, cutback bitumen will hold approximately USD 3.9 billion of the overall bitumen market share by 2025. This is due to its growing utilization in sprayed sealing, especially in cold weather conditions where it yields initial stone retention due to their lower viscosity. The product is directly sprayed over the primed pavement on which final aggregate is laid. Bitumen emulsion segment will hold a lesser market share than the cutback secor in 2025 and will grow with a CAGR of close to 3.5% during the forecast spell.

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Bitumen Market will surpass USD 110 billion by 2025; according to a new research report. Competitive landscape of the global bitumen industry includes key industry players such as, Indian Oil Corporation, British petroleum, Royal Dutch Shell Plc, Total S.A., Chevron Texaco Corporation, NuStar Energy, China Petroleum and Chemical Corporation, Marathon Oil Corporation, Villas Austria GmbH, Exxon Mobil Corporation, Nynas AB, etc.

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.

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 industry during the forecast spell.

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 industry during the forecast spell.

Based on revenue, cutback bitumen will hold approximately USD 3.9 billion of the overall bitumen market share by 2025. This is due to its growing utilization in sprayed sealing, especially in cold weather conditions where it yields initial stone retention due to their lower viscosity. The product is directly sprayed over the primed pavement on which final aggregate is laid. Bitumen emulsion segment will hold a lesser market share than the cutback secor in 2025 and will grow with a CAGR of close to 3.5% during the forecast spell.

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Bitumen Market, By Application
• Roadways
• Waterproofing
• Adhesives
• Insulation
• Others

Bitumen market trends | The deployment of PMB and the robust number of road construction projects

Polymer modified bitumen, one of most widely-used products of bitumen industry, is used massively for numerous industrial applications and road surfacing. On these grounds, PMB market is expected to grow significantly over the next few years. Mixing PMB products with polymers strengthens them further, improving their elasticity and viscosity, and making them suitable for elevated stress applications and road constructions.

Roadway applications held an astounding share of more than 80% of bitumen market in 2017. One of the most essential reasons for the same is the rising population in that requires adequate housing in addition to the high living standards of the masses. The population upsurge has also led to a significant rise in global traffic resulting in the construction of a number of heavy duty roads and flyovers along with widening of the existing roadways. This trend is projected to boost the overall bitumen industry growth from roadways over 2018-2025.

Bitumen market trends | APAC on the forefront

Asia Pacific, led by India, Japan, and China has always been at the helm of the global construction sector. Of late, with rapid urbanization and upgraded living standards, infrastructural development has witnesses a tremendous boost. With a strong project pipeline of airports, roads, highways, flyovers, and bridges, APAC bitumen industry is anticipated to grow at a commendable growth rate over 2018-2025.

As per estimates, China covered a massive 40% of APAC bitumen market share in 2017. The same year witnessed India bitumen market size being valued at USD 2.25 billion. Indeed, the country is likely to witness a CAGR of 5% over 2018-2025, primarily on account of the rapid demand for bitumen from the construction and manufacturing sectors. Aided by the product demand across the economies of China, Japan, and India, in tandem with the general rise in disposable incomes in the region that has led to the requirement of adequate housing, APAC bitumen industry share is projected to depict a commendable growth rate over 2018-2025.

Global bitumen market is fiercely competitive and involves the participation of strong contenders such as Petroleos Mexicanos, Exxon Mobil Corporation, British Petroleum, NuStar Energy, Nynas AB, Royal Dutch Shell Plc., Bouygues S.A., Indian Oil Corporation, Chevron Texaco Corporation, JX Nippon Oil & Energy Corporation, Total S.A., Villas Austria GmbH, China Petroleum and Chemical Corporation, and Marathon Oil Corporation.

Stringent regulations enforced by REACH regarding the manufacturing of bitumen is likely to affect key end-use segments. In addition, the fluctuating prices of crude oil are also likely to hamper bitumen industry, subject to the fact that the product is derived from the fractional distillation of crude oil. However, players operating in global bitumen industry have been striving to develop bio-based products pertaining to the government rules regarding environmental concerns, which will increase the overall scope of bitumen industry over the coming seven years. Indeed, driven by the rising road construction activities and the efforts by the government to enhance infrastructural development, global bitumen market size is anticipated to be valued over 112 billion by 2024.
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:

www.gminsights.com/industry-analysis/bitumen-market

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