Bitumen Market Size, Share, Growth, Trend Analysis and Industry Outlook Report, 2016 to 2024
by Susan Hill Business ConsultantThe
global bitumen market is expected to reach USD 79.91 billion
by 2024, according to a new report by Grand View Research, Inc. Rise in
infrastructure development in emerging economies including China, India and
Brazil has resulted in propelling demand for bitumen in the last few years.
Road connectivity is among the most important features of any developed
economy. This factor has resulted in product market growth on account of
growing need for roads in emerging economies.
Road
widening and rebuilding existing assets including buildings and roads are some
key areas where product need is expected to increase constantly. Rising demand
from the construction sector has been influencing growth of the product.
Changing
government requirements owing to environment regulations coupled with low cost
roofing solutions are major factors propelling demand for polymer modified
bitumen (PMB) in roofing applications. Excellent durability, water resistance
and ability to withstand extreme temperatures have resulted in increasing
demand for PMB.
Further key
findings from the report suggest:
- European
bitumen market is expected to grow at a CAGR of 1.8% from 2016 to 2024 in
terms of volume. Turkey is projected to be a key market for the product on
account of increasing infrastructure spending by the government over the
past few years.
- Asia Pacific is
expected to be the fastest growing market and is expected to witness gains
at a CAGR of 3.0% from 2016 to 2024 in terms of volume. Government
initiatives to construct roads to access rural areas is projected to
propel demand for bitumen over the forecast period.
- Bitumen demand
in roadways was 62,716.8 kilo tons in 2015. The intervention of various
government policies such as FDI is expected to drive the Indian
construction industry. The increasing trend of using paving techniques
including micro-surfacing on heavy traffic roads is contributing towards
PMB demand. This trend is supposed to continue over the forecast period.
- The increasing
need to provide cost effective solutions for roofing applications is
expected to influence the growth of bitumen industry over the forecast
period. Increasing need for waterproofing solutions across the globe is
projected to propel growth. Demand for the product in roofing solutions is
likely to account for 21.4% of the overall volume by 2024.
- Key industry
players including Marathon Oil Corporation, Nynas AB, ExxonMobil, Nippon
Oil Corporation, Indian Oil Corporation, Sinopec, Petróleos Mexicanos,
Shell Bitumen. Companies including Syncrude, Imperial Oil Limited,
Athabasca Oil Corporation, Suncor Energy, NuStar Energy and Valero Energy
Corporation produce crude bitumen from oil sands.
Access full
research report on global bitumen market:
www.grandviewresearch.com/industry-analysis/bitumen-market
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Created on Oct 7th 2019 01:07. Viewed 512 times.