January 21, 2020
According to the research report titled ‘Bitumen Market Size by Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available at MarketStudyReport.com, the global bitumen market is expected to surpass USD 116.3 billion by the year 2026.
According to the report, increasing remodeling and renovating of existing structures coupled with rising infrastructural development are major factors driving the bitumen market growth. Bitumen is used in construction of railways, highways, bridges and roads.
Bitumen has excellent properties such as hardness, hydrophobicity, elasticity, and high adhesion, which are known to aid the market expansion. However, since bitumen is extracted from crude oil, it contains harmful substances which can adversely impact the environment. Having said that increasing environment awareness may hinder the bitumen market growth to certain extent.
As per product, the report cites that paving segment is projected to hold 70% share in the bitumen market. Rapid urbanization has led to increasing road construction and maintenance activities, especially in Asia-Pacific region, which is constantly propelling market size from this segment.
As per the regional analysis, Latin America and Asia-Pacific bitumen markets are anticipated to register substantial growth during the forecast period. Rapid urbanization and rising disposable income have boosted the count of on road vehicles which in turn is augmenting the demand of bitumen for road construction in the two regions. Moreover, favorable government reforms which promote infrastructural development in tandem with rising renovation trend are facilitating the business scenario.
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Gazprom-Neft, Marathon Oil Corp., villas Austria GmBH, Nustar Energy, Bouygues S.A., Athabasca Oil Corporation, Suncor Energy, China Petroleum & Chemical Corporation, Chevron Texaco Corporation, Indian Oil Corporation, Nynas AB, Exxon Mobil Corporation, Valero Energy Corporation, Total S.A., and Royal Dutch Shell are the prominent companies operating in the bitumen market.
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