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Global Bitumen Market Poised to Hit US$ 94,748.2 Million by 2022
Bitumen Market
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A mixture of highly sticky, black, viscous organic liquids that is entirely soluble in carbon disulfide and primarily composed of highly condensed polycyclic aromatic hydrocarbons is called bitumen. Naturally occurring bitumen is a tar-lie form of petroleum which is so dense, heavy, and thick that it must be heated or diluted before it could flow. Bitumen mostly contains sulfur and various heavy metals such as vanadium, lead, nickel, chromium, mercury, and other toxic elements.
Among the various regions, the market in North America is expected to account for 31.69% volume share of the overall global bitumen market, followed by APAC and Western Europe, by 2022. Due to rise in road construction activities in APAC, the bitumen market in the region is projected to expand at a higher than average CAGR of 7.0% between 2016 and 2022 in terms of revenue. The market in the MEA, which is anticipated to account for 8.21% revenue share of the overall global market by 2022 end, is expected to be driven by an increase in the use of bitumen in the paints and coatings industry in the region. The bitumen market in Latin America is estimated to witness an average increase in revenue due to lower GDP growth in the region.
The hard grade segment in the global market is expected to expand at a lower than average CAGR of 3.4% in terms of volume between 2016 and 2022 when compared to the paving grade segment, which is expected to expand at a CAGR of 5.9% during the same period. Application of paving grade bitumen is expected to be the highest in APAC, due to its cost effectiveness as well as increasing road construction activities in the region. Use of oxidized grade bitumen in North America is expected to grow significantly by 3.3%, in terms of value, during the forecast period.
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By end-use, the road construction segment is expected to expand at a higher than average CAGR as compared to other end-use segments, such as waterproofing and others, both in terms of value and volume. The increase in GDP output is one of the major factors driving the market currently. The bitumen market in APAC, with an exponential increase in GDP of various developing economies of the region, is expected to witness high revenue growth during the forecast period. Meanwhile, the market in developed economies is expected to decline in the near future due to lower GDP growth, thereby implying lower consumption compared to other economies.
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