Global Bitumen Market Expected To Grow Around USD 94.0 billion in 2020
Zion Research has published a new report titled “Bitumen (Paving Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen and Others) Market for Roadways, Waterproofing, Adhesives, Insulation and Other Applications – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020”. According to the report, global bitumen market was valued at around USD 75 billion in 2014 and is expected to reach USD 94 billion in 2020, growing at a CAGR of around 4% between 2015 and 2020. In terms of volume, the global bitumen market stood at above 110 million tons in 2014.
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Bitumen is also known as asphalt. Bitumen is used as a binder in road construction. Bitumen is a sticky, black and highly viscous liquid or semi-solid form of petroleum. Bitumen can be obtained as a refined product in petroleum refineries and also found in natural deposits as well. The vast majority of bitumen used commercially is obtained from petroleum. Bitumen can be derived by removing the lighter fractions such as liquid petroleum gas, petrol and diesel from heavy crude oil during the refining process. However, large volumes of bitumen occur in concentrated form in nature. Naturally occurring deposits of bitumen are formed from the leftovers of primeval microscopic algae and other once-living things.
Paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, PMB (polymer modified bitumen) and others are the key product segments of the bitumen market. Paving bitumen dominated the global bitumen market owing strong demand for road construction applications. Paving bitumen accounted for over 70% share of the total bitumen volumes consumed in 2014. PMB is expected to be the fastest growing segment of bitumen market during the forecast period. This can be attributed to the rapidly growing demand for polymer modified bitumen in construction of roadways and waterproofing applications as it offers various advantages such as heating at lower temperatures, ability to increase porosity of roads and enhancement of performance of the applications.
On the basis of applications bitumen market can be segmented as roadways, waterproofing (roofing, piping, etc.), adhesives, insulation and others. Roadways application market holds the largest share of bitumen market. Roadways accounted for over two third of the total bitumen volume consumed in 2014. Strong economical growth in emerging economies and support from governments has resulted into rapid growth in road construction activities across the region. This in turn resulted into strong growth of bitumen in Asia Pacific region, especially in China and India. Adhesives, waterproofing and insulation are also expected to exhibit moderate growth in the years to come.
Bitumen market was dominated by North America with around one third shares in total volume consumption in 2014. North America is followed by Asia Pacific and Europe. However, owing to environmental concerns associated with manufacturing of bitumen commercially and availability of alternatives such as cement is expected to hold the growth of this industry in regions like Europe and North America.
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Global bitumen market is highly competitive, with the presence of well-established global market participants. Bau Holding Vermögensverwaltung AG, Bouygues S.A., British Petroleum, ChevronTexaco Corporation, China Petroleum and Chemical Corporation, ExxonMobil, Indian Oil Corporation, Marathon Oil Company, JX Nippon Oil & Energy Corporation, NuStar Energy, Nynas AB, Petroleos Mexicanos, Shell Bitumen, Valero Energy Corporation, Villas Austria GmbH are some of the key vendors in the market.
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