New York, NY, June 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Bitumen Market By Type, Product (Paving grade Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen (PMB), and Others), By Application (Roadways, Waterproofing, Adhesive, Insulation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global bitumen market accounted for USD 26.06 million in 2017 and is expected to reach USD 34.36 million by 2024, growing at a CAGR of around 4.0% between 2018 and 2024.
The global bitumen market is expected to witness significant growth over the forecast period on account of increasing demand from the construction industry. Bitumen is a combination of highly viscous organic liquids soluble in carbon disulfide, which consists of extremely condensed polycyclic aromatic hydrocarbons. Naturally occurring bitumen is a tar-like form of petroleum which is dense, thick, and heavy, and it needs to be heated or diluted before being allowed to flow.
Browse through 29 Tables & 21 Figures spread over 110 Pages and in-depth TOC on "Global Bitumen Market Size & Share Analysis 2017: Industry Demand, Trends, Growth, and Forecast, 2024”.
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The growing construction industry and the extensive infrastructure activities in the developing economies are expected to drive the demand for bitumen within the forecast period. Furthermore, increased government spending on construction activities is expected to drive the demand for the bitumen market. However, increased regulations on the manufacturing of bitumen and the long supply chain could prove a hindrance to the growth of the bitumen market within the forecast period.
Polymer modified bitumen (PMB) segment dominated the bitumen market. PMB segment dominated the bitumen market. PMB is also expected to witness significant gains within the forecast period owing to its beneficial characteristics such as high porosity, high skid resistance, and low noise. Paving bitumen is the most consumed bitumen following PMB.
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Roadways segment held a major share among the application segments and accounted for most of the global market revenue share of the global bitumen market. and roadways segment is also expected to witness significant growth within the forecast period owing to the demand for improved road networks across the globe. A superior road network is the most crucial feature of a developed country. This has led to the rising demand for bitumen. Innovative modern construction systems having waterproofed flat roofs are expected to stimulate demand for bitumen in waterproofing applications to demand within the forecast period.
Asia Pacific region accounted for most of the global revenue. This region is expected to witness significant growth within the forecast period owing to the rising construction industry in the region, especially in countries such as China, India, Thailand, and Vietnam. Moreover, the presence of major players in the region including British Petroleum, ExxonMobil, and Shell Bitumen could drive the demand for bitumen within the forecast period. In addition, the extensive road network in the countries of the Asia Pacific region will lead to the increase in the consumption of bitumen.
Browse the full "Bitumen Market By Type, Product (Paving grade Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen (PMB), and Others), By Application (Roadways, Waterproofing, Adhesive, Insulation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/bitumen-market
Europe accounted for a large market share of bitumen. The region is expected to witness growth on account of increased government spending on developments of roadways and repair activities. However, environmental concerns associated with the manufacturing of bitumen and the availability of alternatives is expected to curb the growth of the bitumen market.
North America is one of the largest consumers of bitumen and is expected to witness significant growth within the forecast period. The economic growth coupled with growing construction activities is expected to fuel the market growth. In addition, the need for the maintenance of the existing assets such as roads, highways, bridges, etc. is expected to increase the demand for bitumen in North America.
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Latin America bitumen market is expected to witness decent growth over the forecast period as a result of the low GDPs in the region. However, the increasing touristic activities in countries such as Brazil and Chile have increased the requirement for infrastructure development such as roadways, highways, etc. This is expected to drive the demand for bitumen in Latin America.
The Middle East & Africa bitumen market is expected to witness significant growth within the forecast period as a result of increasing infrastructure activities in the region and the growing construction sector especially in countries such as UAE and Qatar. In addition, increased government spending on construction activities is also expected to spur the bitumen sector.
The key players in this industry are Bouygues S.A., China Petroleum and Chemical Corporation, Villas Austria GmbH, ChevronTexaco Corporation, JX Nippon Oil & Energy Corporation, ExxonMobil, British Petroleum, Marathon Oil Company, Nynas AB, Valero Energy Corporation, NuStar Energy, Bau Holding Vermögensverwaltung AG, Petroleos Mexicanos, Indian Oil Corporation, and Shell Bitumen, among others.
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This report segments the global bitumen market as follows:
Global Bitumen Market: Product Analysis
- Paving grade bitumen
- Oxidized bitumen
- Cutback bitumen
- Bitumen emulsion
- Polymer modified bitumen (PMB)
- Others
Global Bitumen Market: Application Analysis
- Roadways
- Waterproofing
- Adhesive
- Insulation
- Others
Global Bitumen Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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