Global Bitumen Market is Expected to Reach Around USD 94.0 billion in 2020
Deerfield Beach, FL -- (SBWIRE) -- 06/12/2017 -- Zion Market Research has published a new report titled "Bitumen (Paving Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen and Others) Market for Roadways, Waterproofing, Adhesives, Insulation and Other Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020". According to the report, global bitumen market was valued at around USD 75 billion in 2014 and is expected to reach USD 94 billion in 2020, growing at a CAGR of around 4% between 2015 and 2020. In terms of volume, the global bitumen market stood at above 110 million tons in 2014.
Bitumen is a semi solid form of petroleum which is sticky, black in color, and highly viscous liquid. Bitumen is obtained from crude oil by the process called fractional distillation. It is principally obtained as a residual product in petroleum refineries after higher fractions like gas, petrol, kerosene, and diesel, etc., are removed. It is generally used as a binder in road construction. Bitumen has many applications such as waterproofing for fabrics, electronics, roofing and adhesives due to its properties such as good water resistance, insulation properties, and high durability. The terms asphalt and bitumen are often used interchangeably to mean both natural and manufactured forms of the substance.
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Bitumen market is mainly driven by strong road construction activities across the world. Strong growth prospectus of infrastructure construction in developed, as well as emerging economies, is expected to fuel the growth of this industry. Additionally, growth in roofing industry is also expected to surge demand for bitumen in the years to come. However, manufacturers are expected to face some challenges such as growing environmental issues associated with the manufacturing of bitumen. Moreover, cement is growing in popularity as a replacement for bitumen across the world. Cement roads have proved their durability as compared to bitumen pavement. This is expected to hamper the growth of bitumen industry in the years to come.
On the basis of product type bitumen market can be segmented as paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, PMB (polymer modified bitumen) and others. Paving Bitumen was the largest product segment in 2014 and accounted for over 65% share of the total volume consumed. However, polymer modified bitumen is expected to exhibit rapid growth during the forecast period as compared to other segments.
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Key application markets for bitumen include roadways or road construction, waterproofing (roofing), adhesive and insulation. Road construction was the largest application market for bitumen in 2014, which accounted for about 75% of global consumption in 2014. Rising infrastructural activities for improving road networks in developed and developing nations is the major driving factor for bitumen market. Additionally, increasing applications of polymer modified bitumen (PMB) as chemical additives, adhesives, in household construction and road construction is expected to have a positive impact on the market. Waterproofing was the second largest application of bitumen in 2014. Waterproofing is an important part of roofing and building construction.
Bitumen market was dominated by North America with around one third shares in total volume consumption in 2014. North America is followed by Asia Pacific and Europe. However, owing to environmental concerns associated with the manufacturing of bitumen commercially and availability of alternatives such as cement is expected to hold the growth of this industry in regions like Europe and North America.
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Bitumen manufacturers have a significant impact on the value chain through a higher degree of forward integration. These companies manufacture raw materials as well as the final product and use it in various applications such as roadways, waterproofing, adhesives, insulation and other applications. Key players operating in this market includes Bau Holding Vermögensverwaltung AG, Bouygues S.A., British Petroleum, ChevronTexaco Corporation, China Petroleum and Chemical Corporation, ExxonMobil, Indian Oil Corporation, Marathon Oil Company, JX Nippon Oil & Energy Corporation, NuStar Energy, Nynas AB, Petroleos Mexicanos, Shell Bitumen, Valero Energy Corporation, Villas Austria GmbH.
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