Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Holding more than 80% of the market, roadways emerged as the leading application segment of the global bitumen market in 2013. However, over the forecast period, the market for waterproofing is expected to report the fastest growth among all other application segments.Among product segments, the paving grade bitumen market led the global market with a majority share in 2013. However, analysts project the polymer modified bitumen (PMB) segment to register the fastest growth over the forecast period, on account of the rise in the usage of PMB in road construction. Qualities of PMB such as high skid resistance, low noise, and high porosity are the main features that are driving this market segment. In addition to this, the high resistance of PMB to water has increased its usage in the roofing industry, expanding its range of application.
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In 2013, North America emerged as the biggest consumer of bitumen on account of the huge road network in the U.S. The region consumed more than 30% of overall bitumen produced in the global market. However, the bitumen market in Asia Pacific is likely to record the fastest growth among all the regional markets during the forecast period owing to the rapid rise in infrastructural development in this region.According to the report, the global bitumen market is a highly fragmented industry owing to the presence of a huge base of manufacturers. Bau Holding Vermögensverwaltung AG, British Petroleum, Bouygues S.A., ChevronTexaco Corp., ExxonMobil, China Petroleum and Chemical Corp., Indian Oil Corp., JX Nippon Oil & Energy Corp., Marathon Oil Co., NuStar Energy, Petroleos Mexicanos, Nynas AB, Shell Bitumen, Villas Austria GmbH, and Valero Energy Corp. are the key players in the bitumen market across the globe.
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The global bitumen market is segmented into:
By Product
- Paving grade bitumen
- Oxidized bitumen
- Cutback bitumen
- Bitumen emulsion
- Polymer Modified Bitumen (PMB)
- Others (including bitumen formed due to addition of zinc, copper, etc.)
By Application
Roadways
- Hard grade
- Soft grade
- Polymer Modified Bitumen (PMB)
Waterproofing (Roofing)
- Hard grade
- Soft grade
- Polymer Modified Bitumen (PMB)
Adhesive
Insulation
Others (including decorative and industrial applications)
By Region
- North America
- Europe
- China
- Asia Pacific (Excluding China)
- Rest of World (RoW)
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