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What's Driving The Bitumen Market Size? | Key Company Profiled In BP, Shell, Total, Chevron, Exxonmobil, PEMEX, Bouygues Group, Valero Energy Corporation, Nustar Energy L.P., Marathon Oil Corporation, Indian Oil Corporation Limited
Bitumen Market
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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 market during the forecast spell.
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.
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.
Bitumen Industry, By Application
• Roadways
• Waterproofing
• Adhesives
• Insulation
• Others
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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Adhesives segment will hold over USD 1.7 billion for the global revenue by 2025 and is anticipated to grow due to increasing usage of bituminous adhesive in cold-applied bonding, sealing, interply and surfacing. Cold applied bituminous adhesive is used for sticking roofing felts on asbestos, tiles including roofs on trains and railway carriages. Oxidized bitumen are processed by streaming air through penetration grade process, which gives the bitumen more rubbery texture than its original form. The insulation segment will exhibit a growth rate of over 2.5% due to growing usage of oxidized bitumen in electric cable joint protection, joint filling compound, sealant compound and many others.
Asia Pacific will hold the maximum bitumen consumption with a market share of close to 40% by the end of forecast period. The growing infrastructure development projects due to government initiatives and maintenance of existing ones to gain greater access to rural areas is the major driving force behind the growing demand for bitumen across the APAC region.
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
Competitive landscape of the global bitumen market 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.
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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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