New York, United States , Jan. 16, 2023 (GLOBE NEWSWIRE) -- The Global Bitumen Market Size to grow from USD 100 Billion in 2021 to USD 135.10 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.49% during the forecast period. Bitumen's expansion in various fields, including roads, waterproofing, insulation, and adhesives. The rapid urbanization of emerging markets has influenced the expansion in infrastructure activity due to these factors the bitumen market is anticipated to drive market revenue growth. Asia Pacific is expected to grow the fastest during the forecast period.
Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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Browse 52 market data Tables and 62 Figures spread through 200 Pages and in-depth TOC on “Global Bitumen Market Size, Share, and COVID-19 Impact Analysis, By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified and Others), By Application (Roadways, Waterproofing, Adhesives, Insulation and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.”
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The Paving segment to account for the largest market size during the forecast period
Based on the product, the Bitumen Market is categorized into Paving, Oxidized, Cutback, Emulsion, Polymer Modified and Others. The Paving segment accounts for the largest market size during the forecast period. Throughout the forecast period, the Paving segment is anticipated to maintain its leading position Due to its durability and fast repair ability, asphalt concrete is used as the binder in around 85% of all bitumen produced for roads, parking lots, airport runways, and footways. A paving grade bitumen with a penetration grade of 60/70 is made from carefully monitored refining procedures using precisely chosen crude oils. To create asphalt concrete, fine and coarse aggregates, such as gravel or crushed stone, must be combined with asphalt, which serves as the binding agent.
The Roadways segment to hold a higher CAGR during the forecast period.
Based on the application, the Bitumen Market is categorized Roadways, Waterproofing, Adhesives, Insulation and Others. The Roadways segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Roadways segment is anticipated to maintain its leading position while expanding at the fastest CAGR this is a result as Bitumen is most often used in road construction, where it serves as a binder for the production of asphalt concrete. This section discusses using bitumen to build new roadways and pave existing ones, including flyovers, motorways, platforms, and airport runways.
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Asia Pacific to hold a higher CAGR during the forecast period.
The Global Bitumen Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is estimated to account for the highest market share in 2022. The rising acceptance by the market are driving the demand for Bitumen. The North America region dominated the market for Bitumen this is explained Due to the rising need for bitumen in the US to repair and rebuild existing roads; North America accounted for the greatest portion of the global bitumen market.
Some of the Key Developments:
In March 2022, Dl Chemical and Kraton Corporation have completed their merger. DL Chemical Co., Ltd. was announced by Kraton Corporation, a major worldwide sustainable manufacturer of speciality polymers and high-value bio-based products generated from pine wood pulping co-products ("DL Chemical").
In June 2022, Shell has finished buying the Landmark convenience store and gasoline network. Through its wholly-owned subsidiary Shell Retail and Convenience Operations LLC, Shell Oil Products US (Shell) has purchased particular company-owned gasoline and retail convenience locations from the Landmark group of firms (Landmark). Supply contracts for independently owned and run convenience shops and petrol stations are also part of the deal.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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