January 06, 2021
According to the research report titled ‘Global Bitumen Market Analysis, 2020’, available with Market Study Report LLC, global bitumen market is predicted to expand with a CAGR of 6.5% during the period of 2020-2025.
Increasing application of the product in roof sealing, waterproofing, and paints is one of the key factors driving the growth of global bitumen market. Bitumen is extensively used in the construction of roads.
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Thus, escalating investments towards infrastructural development coupled with increasing road construction and maintenance activities, widening of national highways, and expansion of current transportation routes have augmented the demand for the product, thereby augmenting global bitumen market remuneration.
Global bitumen market analysis offers critical information regarding the various growth stimulants, challenges, and other expansion trends prevailing in this business domain. It also compares the past records and the current market trends in order to derive the growth rate of this business sphere over the period of 2020-2025.
With that being said, the research report also elaborates on the various segmentations such as application scope, type, and regional outlook. Based on application spectrum, the market is split into insulation, adhesive, water proofing and others.
By type, the industry is classified into cutback bitumen, polymer modified bitumen, bitumen emulsions, oxidized bitumen, and paving grade bitumen. Among these, the report states that global bitumen market share from oxidized bitumen segment is likely to showcase a y-o-y growth rate of 4% between 2020 and 2025. It is worth mentioning that oxidized bitumen is not only highly flexible, but also offers improved liquid resistance as well as durability, thereby contributing towards its worldwide popularity.
Considering the geographical landscape, global bitumen market is segmented into North America, Europe, Middle East & Africa, and Asia-Pacific. The country-level fragmentation consists of United States, Mexico, Canada, Argentina, Brazil, Germany, France, United Kingdom, Italy, Belgium, Saudi Arabia, UAE, South Africa, South Korea, Japan, China, and India among others.
The report cites that Asia-Pacific and Middle East & Africa are likely to emerge as major revenue generators for global bitumen market in the upcoming years, primarily due to high product demand from the two regions.
The major companies defining global bitumen market dynamics are NuStar Energy L.P., Shell Bitumen, Nippon Oil, Indian Oil Corporation, Marathon Oil Company, Bouygues S.A., Icopal Group, Chevron Corporation, Exxon Mobil Corporation, and BP plc among others.