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Bitumen Market to reach US$ 116 million by 2026 | Total, Exxon Mobil, Suncor Energy, Bouygues, Nustar energy, Gazprom-Neft
bitumen market
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Speaking of the application landscape though, roadway applications are expected to emerge dominant in the bitumen market, with a projection of accumulating over 80 percent of the industry share by the end of 2025. Global bitumen industry share is anticipated to cross USD 116 billion in value by 2026, with substantial consumption across adhesive, waterproofing and insulation applications.
North America, primarily driven by U.S., is expected to emerge as a pivotal regional ground for the expansion of the global bitumen market. Estimates claim that North America bitumen market size will register a CAGR of 2.5 percent over 2018-2025.
The introduction of a few feasible alternatives to bitumen such as concrete, as well as stringent regulatory compliances related to the extraction of bitumen is predicted to curtail the growth of bitumen market in the upcoming timeframe. Furthermore, development of green products such as bio-asphalt, an alternative produced from non-petroleum based renewable resources, may also slow down the bitumen market growth.
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The global bitumen market share is anticipated to grow at a commendable pace, pertaining to the fact that bitumen is one of the most pivotal raw materials used in the construction sector. The product is deployed for manufacturing bridges, dams and water tanks due to its high viscosity, water resistance and stickiness properties. The increasing number of modern construction systems and property renovation projects will thus prove to majorly drive bitumen market.
The competitive landscape of the global bitumen market is quite competitive as well as consolidated owing to the presence of several industry players. Some of the key participants in this business space are Imperial Oil, Exxon Mobil, Nynas, Bouygues, Villas Austria, NuStar Energy, Marathon Oil Corporation, Petroleos Mexicanos, Royal Dutch Shell, British Petroleum, JX Nippon Oil & Energy Corporation, Total, China Petroleum and Chemical Corporation, Indian Oil Corporation and Chevron Texaco Corporation.
Browse More News:
https://www.globenewswire.com/news-release/2019/07/29/1892694/0/en/Bitumen-Membranes-Market-to-cross-USD-3-5-Bn-by-2025-Global-Market-Insights-Inc.html
https://www.globenewswire.com/news-release/2017/12/07/1247312/0/en/Bitumen-Emulsifiers-Market-to-cross-150mn-by-2024-Global-Market-Insights-Inc.html
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