A mixture of highly sticky, viscous, and black organic liquids which is soluble in carbon disulfide and primarily composed of condensed polycyclic aromatic hydrocarbons is known as bitumen. The compound is known as ‘asphalt’ in the US.
The bitumen is increasingly used during the construction activities owing to its properties such as higher strength, durability, and resilience. The increasing construction of government and private buildings such as roadways, government, and commercial buildings in order to fulfill the demand for infrastructural development. This factor is driving the growth of the global bitumen market. Additionally, increasing awareness about the advantages of the bitumen when mixed with the concrete coupled with effects of climate change and global warming on the concrete used for roofing is bolstering growth of the global bitumen market over the forecast period.
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According to the report by TMR, the global bitumen market is expected to expand with a CAGR of 3.90% over the forecast period to attain the value of US$93.38 bn by the end of 2020. The consumption of the bitumen stood at 116,338.7 kilo tons and is expected to reach up to 129,673.2 kilo tons by the end of the forecast period.
Growing Infrastructural Development to be Beneficial for Growth
On the basis of product type, the bitumen market is segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen, and bitumen formed due to the addition of zinc and copper. Of these, paving bitumen dominated in the year 2016, in terms of demand of more than 80,000 kilo tons. This growth is attributable to the growing initiatives for infrastructural development in the developing countries such as India and China.
On the basis of application, the bitumen market is segmented into roadways, waterproofing, adhesives, insulation, decorative, and industrial. Of these, road construction is anticipated to dominate the market with accounting for a larger share of 80.0% by the end of 2020. This growth is attributable to the high viscosity and stickiness of the bitumen. The waterproofing segment is predicted to grow at a sharp pace while riding on infrastructure development activities in emerging nations such as India and China.
Rising Repair and Redevelopment Activities in the US to Influence Growth of Market
On the basis of region, the global potassium chloride market is segmented into North America, Europe, Asia Pacific excluding China, China, and Rest of the World. Of these, North America is dominating the global market for bitumen with consuming over 38,000 kilo tons. This growth is attributable to the higher consumption of bitumen in the US for repair and redevelopment of the existing roads. However, the market in Asia Pacific is expected to witness lucrative growth owing to increasing initiatives for infrastructural development.
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The global bitumen market has highly fragmented competitive landscape. In 2013, the top eight players operating in the global market for bitumen collectively accounted for 39.0% shares. Some of the companies operating in the bitumen market are NuStar Energy, Marathon Oil Company, Shell Bitumen, ExxonMobil, and Valero Energy Corporation. These companies are increasingly investing in the research and development (R&D) activities for development of the cost-effective waterproofing material which can withstand high temperatures.