What's driving the Bitumen Market growth? | By key players Royal Dutch Shell, Total S.A., Valero Energy Corporation, Exxon Mobil Corporation, Nynas AB
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Bitumen is an integral component of asphalt, which is primarily used to build streets, roads, and to meet the requirements of other infrastructure construction activities. Owing to the evident increase in construction worldwide to meet the burgeoning demands of people, global bitumen market share is witnessing unprecedented growth.
Frontrunners in the industry:
o Royal Dutch Shell
o Total S.A.
o Valero Energy Corporation
o Exxon Mobil Corporation
o Nynas AB
o Indian Oil Corporation
o Chevron Texaco Corporation
o China Petroleum and Chemical Corporation
o Suncor Energy
o Athabasca Oil Corporation
o Bouygues S.A
o Nustar energy
o Villas Austria GmbH
o Marathon Oil Corporation
Booming construction industry in Asia Pacific
In terms of geographical expansion, Asia Pacific could emerge as one of the most significant revenue grounds for bitumen industry. Surging industrial developments owing to FDIs in the region has propelled construction of SEZs, corporate offices and manufacturing units.
According to the United Nations Conference on Trade and Development (UNCTAD), in 2018, the FDI in emerging countries in Asia rose to USD 512 billion. Increasing economic developments via higher investment by foreign and regional entities will magnify the scope of construction across APAC. Subsequently, requirements for roadways, energy efficient buildings and for adhesives used in various applications, driving bitumen market demand.
Factors warranting safer use of bitumen
Bitumen when used during the construction of roads possess a serious threat to human health, if not handled safely. Exposure to the fumes may lead to severe cases of skin rashes, headaches, fatigue, reduced appetite, eye and throat irritation and skin cancer. Workers handling bitumen need to be informed regarding the hazards and safe work procedures. Suitable PPE need to be provided.
Additionally, bitumen is often handled and stored at high temperatures, making it extremely important to take fire prevention seriously. Although safety concerns have hampered bitumen consumption up to a certain extent among construction and roofing companies, the favorable properties of the material and improving construction techniques are gradually increasing its usage.
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Rising development of roadways and highways to expand geographical reach of businesses and people will positively influence bitumen market share. With the government and private entities increasingly investing in enhancing the infrastructural outlook, the product will witness growing adoption.
Royal Dutch Shell, Total S.A., Valero Energy Corporation, Exxon Mobil Corporation, Nynas AB, Indian Oil Corporation, Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Suncor Energy, Athabasca Oil Corporation, Bouygues S.A, Nustar energy, Villas Austria GmbH, Marathon Oil Corporation and Gazprom-Neft
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