Ocean View, DE -- (SBWIRE) -- 05/22/2020 -- Increasing urbanization across the globe is steering the development of roads, highways, and motorways, especially in developing countries. In India, the government had approved over USD 29.83 million up to 2018 towards the construction of highways joining major cities in the country. Moreover, the total number of national highways had increased to 122,434 km in FY 18. Reportedly, a total of 200,000 km of national highways is to be completed by the end of 2022.

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Bitumen is an integral component of asphalt, which is primarily used to build streets, roads, and to meet the requirements of other infrastructure construction activities. Owing to the evident increase in construction worldwide to meet the burgeoning demands of people, global bitumen market share is witnessing unprecedented growth.

With respect to the type of product, the industry is bifurcated into oxidized, cutback, paving, emulsion and polymer modified bitumen. Global bitumen market share is anticipated to cross USD 116 billion in value by 2026, with substantial consumption across adhesive, waterproofing and insulation applications.

Also referred to as penetrating grade bitumen, paving grade finds considerable scope in the construction and industrial sector due to the various types of manufacturing processes and favorable material properties. These are particularly developed at different viscosities and are ideal for road construction and the development of asphalt pavements with superior properties, while offering a unique cohesion and stability to the bituminous mix.

Temperature susceptibility, improved correlation at lower temperature, asphalt binder properties and cost-effectiveness are some of the benefits associated with the adoption of paving grade bitumen.

Booming construction industry in Asia Pacific

In terms of geographical expansion, Asia Pacific could emerge as one of the most significant revenue grounds for bitumen industry. Surging industrial developments owing to FDIs in the region has propelled construction of SEZs, corporate offices and manufacturing units.

According to the United Nations Conference on Trade and Development (UNCTAD), in 2018, the FDI in emerging countries in Asia rose to USD 512 billion. Increasing economic developments via higher investment by foreign and regional entities will magnify the scope of construction across APAC. Subsequently, requirements for roadways, energy efficient buildings and for adhesives used in various applications, driving bitumen market demand.

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Frontrunners in the industry:
- Royal Dutch Shell
- Total S.A.
- Valero Energy Corporation
- Exxon Mobil Corporation
- Nynas AB
- Indian Oil Corporation
- Chevron Texaco Corporation
- China Petroleum and Chemical Corporation
- Suncor Energy
- Athabasca Oil Corporation
- Bouygues S.A
- Nustar energy
- Villas Austria GmbH
- Marathon Oil Corporation
- Gazprom-Neft