Press release
Bitumen Market to grow at over 4.2% CAGR from 2017 to 2024
Bitumen Market size is poised to exceed USD 110 billion by 2024; according to a new research report by Global Market Insights, Inc.
The global bitumen market size is chiefly driven by increasing government spending towards road construction, maintenance and repair. It is widely used as binder in road constructions. In 2015, the U.S. road & highway construction business was valued at approximately USD 100 billion and is likely to grow significantly in coming years. In addition, growing roadway usage in cities and counties in Asia Pacific will pave the way for broader roads. High water resistance, viscosity and stickiness, combined with a growing demand for widening roads and creating new roadways will help stimulate bitumen market growth.
Request for a sample of this report @ https://www.gminsights.com/request-sample/detail/1100
Highly water insolubility of bitumen enables it to be used as sealants and adhesives in marine applications for waterproofing applications. It is also used in water tank manufacturing to help preserve the precious commodity by curbing evaporation and leakage in storage. This demand in the construction industry was a major driving factor in the past and will be a strong driver in coming years.
Overall construction expenditure was valued at approximately USD 7 trillion in 2013 and is anticipated to mark USD 13 trillion by 2024 and is likely to help industry demand. The product is used in manufacturing tires, paints & coatings, batteries, insulation products and acoustic applications. Growing automotive industry will positively impact the global bitumen market.
Browse key industry insights spread across 125 pages with 153 market data tables & 12 figures & charts from the report, “Bitumen Market Size By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/bitumen-market
Key insights from the report include:
• Polymer modified bitumen market size is expected to gain significantly over the next 8 years. It is widely used in industrial applications and road surfacing. Polymers are added to the product in order to enhance physical properties such as elasticity and viscosity, of the product making them desirable high stress applications.
• Paving bitumen market size is shall witness gains at over 2.5% CAGR by 2024. The product segment shall witness promising gains mainly due to rapid road construction and maintenance globally. It is used in constructing runways, railway beds, playgrounds, tennis courts, running tracks, bicycle paths, greenhouse floors and barn floors.
• Growing population along with improved consumer lifestyles has substantially propelled vehicular traffic across the globe, resulting in rising demand for wider roads, which has enhanced demand.
• In 2015, the global bitumen market for waterproofing generated revenue more than USD 9 billion. Increasing waterproofing activities such as piping and roofing in the construction will drive business growth.
• In 2015, North America held the largest overall bitumen market share. Increasing road development and repair in the U.S. is the prime factor contributing the regional industry growth. In addition, rising residential renovation activities in the U.S. will consequently boost the industry growth in the region.
• Asia Pacific, led by China, is analyzed to observe growth at over 5% by 2024. Strong growth in the regional business is the crucial factor propelling regional growth.
• Key industry share contributors are Chevron Texaco, British Petroleum, Total S.A., Indian Oil Corporation, China Petroleum and Chemical Corporation, Shell., JX Nippon Oil & Energy, NuStar Energy, Petroleos Mexicanos, Villas Austria GmbH, Bouygues S.A, Marathon Oil, Exxon Mobil and Nynas AB.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1100
About Global Market Insights:
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.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/
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