Bitumen Market to Reach USD 112.01 Billion by 2026 | Reports and Data
Market Size - USD 76.91 Billion in 2018, Market Growth - CAGR of 4.7%, Market Trends - The rising number of property renovation plans and advanced construction systems globally is fueling the market growth.
NEW YORK, August 28, 2019 (Newswire.com) - Accelerated urbanization in emerging regions across the globe will boost Market growth.
The global Bitumen Market is estimated to reach 112.01 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the rising government policies toward infrastructural and roads development by using Public models such as Public-Private Partnership (PPP) across developed as well as developing nations.
Rising utilization of the product in the maintenance industry and road construction are also some of the important driving factors of the market. The product is used extensively to form asphalt concrete as a binder mixed with aggregate particles. The rise in bitumen usage, especially in waterproofing, roadways, insulation, etc. will spur the market in the construction and infrastructure industry. Bitumen is a mixture of black, very sticky, and viscous organic liquids that are sufficiently soluble in carbon disulfide and composed initially of highly compressed polycyclic aromatic hydrocarbons. Generally, bitumen is a tar-like sort of petroleum which is so thick, heavy, and dense that it must be diluted or heated before it could flow. It mostly contains sulfur and several heavy metals such as lead, vanadium, nickel, mercury, chromium, and other toxic elements. However, the growth of cement as an alternative to bitumen, mainly in road construction is a fundamental factor hindering the growth of the global bitumen market. Also, the release of toxic gases after heating bitumen is also restraining the growth of the market worldwide.
APAC accounts for the largest share of 33.70% in 2018, encouraged by the expanding land connectivity in India, China, Japan, Vietnam, and other countries will slowly drive the bitumen market during the forecast time. This connectivity mostly depends on roads that act as a catalyst for the financial growth of a state.
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Further key findings from the report suggest
- Generally, bitumen is a tar-like sort of petroleum which is so thick, heavy, and dense that it must be diluted or heated before it could flow. Bitumen mostly comprises sulfur and several heavy metals such as lead, vanadium, nickel, mercury, chromium, and other toxic elements.
- Stringent regulatory compliances regarding the extraction of bitumen and the initiation of some of the available alternatives to the product like concrete are anticipated to prevent the progress of the bitumen market soon. Moreover, the addition of a bio-based product like bio-bitumen may reduce market growth during the forecast period.
- However, companies have expanded R&D spending to innovate and develop affordable new technologies to overcome the challenges, which are expected to create enough opportunities for the existing as well as new market players. It needs low maintenance which is further expected to create profitable opportunities for the market players.
- The polymer modified segment (PMB) is valued at USD 5.14 Billion in 2018 and is estimated to reach USD 7.44 Billion by 2026, at a CAGR of 4.6% during the forecast period, due to its widespread usage in road surfacing and industrial applications. The addition of polymers in natural bitumen makes the mixture more cohesive with notable resistance to deformations for road pavements.
- Oxidized bitumen is valued at USD 14.84 Billion in 2018 and is estimated to reach USD 21.69 Billion by 2026 at a CAGR of 4.7% during the forecast period.
- The roadways market of the application segment accounts for the largest market share of 31.50% in 2018 and is estimated to reach USD 33.51 billion by 2026.
- The other sector of the application segment includes minor sectors such as paints, turfs & grounds, and coatings, etc. The market players are primarily focused on developing new technologies to meet the requirement of users. Various companies are also involved in numerous merger & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Growing population coupled with excellent living standards have significantly given rise to traffic globally which are leading to the construction of some heavy-duty roads and flyovers along with the extension of the existing roadways. This trend is predicted to boost the overall industry growth during the forecast period.
- Various emerging and leading players are launching extensive and advanced solutions with new applications for various clinical settings, with a move to consolidate their shares in various regions.
- The market players are primarily focused on developing new technologies to meet the requirement of users. Various companies are also involved in numerous mergers & acquisitions, as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Other regions such as North America are estimated to register a CAGR of 4.8%, during the forecast period. Europe is valued at USD 17.00 Billion in 2018 and is estimated to reach USD 24.87 Billion by 2026 at a CAGR of 4.7% during the forecast period.
- Key participants include Indian Oil Corporation, Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Total, British Petroleum, JX Nippon Oil & Energy Corporation, Villas Austria, Royal Dutch Shell, Marathon Oil Corporation, Petroleos Mexicanos, NuStar Energy, Nynas, Exxon Mobil, Bouygues, and Imperial Oil.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/bitumen-market
For the purpose of this report, Reports and Data have segmented global Bitumen Market on the basis of Type, Application, Product type and region:
Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Rapid setting (RS)
- Medium setting (MS)
- Slow setting (SC)
Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Paving grade bitumen
- Oxidized bitumen
- Cutback bitumen
- Bitumen emulsion
- Polymer modified bitumen (PMB)
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- South-east Asia
- Latin America
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