New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global bitumen emulsifier market is expected to generate a revenue of $154.3 million by 2026, exponentially growing at a CAGR of 3.9% during the forecast period (2019-2026). The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figure Pre and Post the COVID-19 Pandemic
According to the report, the bitumen emulsifier market is predicted to grow at a CAGR of 3.9% during the forecast period, while it was anticipated to be 4.3% in the pre-pandemic scenario from 2019-2026. This decline is majorly due to the temporary stoppage of construction activities across the globe during the pandemic, owing to the prevalence of lockdowns. This adversely reduced the demand for bitumen emulsifier worldwide. In addition, the short storage time of bitumen is further expected to impede the growth of the market during the forecast period.
Factors Influencing the Market Size Pre and Post the COVID-19 Outbreak
According to the report, the real-time bitumen emulsifier market size has substantially decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $98.0 million in 2020, while its estimations were $122.5 million in the pre-pandemic scenario.
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Stringent restrictions imposed by the government led to the cancellation of current and future construction projects and activities in order curb the spread of the coronavirus during the pandemic. So, the already produced bitumen would be of no use, since average time frame for storing of bitumen emulsifier is only up to 6 days. In addition, negative impact of bitumen on the environment like wind and temperature have affected the market growth.
Post Pandemic Insight
As per the report, the global bitumen emulsifier market is expected to recover by 3rd/4th quarter of 2022. However, subsequent increase in the road construction activities and tremendous initiatives taken by the government for expanding the infrastructure activities are expected to create immense opportunities for the growth of the market after the pandemic. Moreover, rapid urbanization around the world is further anticipated to drive the growth of the market during the forecast period.
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Key Players of the Market
The prominent players of the bitumen emulsifier market include
- British Petroleum
- Nynas AB
- Total S.A
- Marathon Oil Company
- Indian Oil Corporation
- Royal Dutch Shell Plc
- JX Nippon Oil & Energy Corporation
- China Petrochemical Corporation
- Chevron Texaco Corporation, and many more.
These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in July 2020, Indian Oil Corporation, India’s largest refiner and marketer of petroleum products, and Total, a dominant bitumen manufacturer and supplier in Europe, announced the formation of Joint Venture company, in order to combine their R&D and marketing strengths to manufacture and market high-quality bitumen derivatives and specialty products for the surging road-building industry.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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