New York, NY -- (SBWIRE) -- 06/17/2016 -- According to a new market report published by Persistence Market Research, titled "Global Market Study on Bitumen: Paving Grade Bitumen to Hold Significant Share during the Forecast Period, 2016 - 2022 ", the global bitumen market is estimated to reach US$ 94,748.2 Mn by 2022.

A mixture of highly sticky, black, and viscous organic liquids that is entirely soluble in carbon disulfide and primarily composed of highly condensed polycyclic aromatic hydrocarbons is called bitumen. Naturally occurring bitumen is a tar-lie form of petroleum which is so dense, heavy, and thick that it must be heated or diluted before it could flow. Bitumen mostly contains sulfur and various heavy metals such as vanadium, lead, nickel, chromium, mercury, and other toxic elements.

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Drivers and Trends

The market for bitumen is indirectly related to the GDP of various countries across the globe due to its widespread usage in road construction, waterproofing, and industrial applications. Due to the surge in production of bitumen in North America, the MEA and APAC, the bitumen market in the aforementioned regions is estimated to increase at a significant CAGR over 2016–2022 in terms of revenue. With an anticipated increase in production of bitumen in APAC in the coming years, demand for bitumen in the region is expected to increase between 2016 and 2022. Currently, some of the major factors driving growth of the global bitumen market are increasing road construction activities, use of bitumen in commercial and domestic building constructions, and supportive initiatives by governments of various countries.

Market Taxonomy

Persistence Market Research, in its report titled "Bitumen Market: Global Industry Analysis and Forecast, 2016-2022," has categorized the bitumen market into key segments based on product type, end-use industry, and region. On the basis of the product type segment, the global bitumen market is divided into five segments: paving grade, hard grade, oxidized grade, bitumen emulsions, and polymer modified bitumen. On the basis of end-use industry, the global bitumen market is divided into road construction, waterproofing, and others. Finally, on the basis of region, the global bitumen market is segmented into North America, Latin America, Europe, APAC, and the MEA.

Analysis, by Region

The bitumen market in APAC is expected to expand at a CAGR of 7.0% in terms of volume during the forecast period. The region is expected to account for a volume share of around 29.4% of the global bitumen market by the end of the 2022. In terms of value, the North America market is expected to account for a major value share of the global bitumen market during the forecast period.

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Analysis, by Product Type

By product type, the paving grade segment in the global bitumen market is slated to expand at the fastest CAGR during the forecast period in terms of volume. Growth of this segment is primarily driven by increase in use of paving grade bitumen in road construction and road surfacing activities. In terms of market value, the bitumen emulsions segment is expected to expand at a CAGR of 4.0% during the forecast period.

Some of the market players featured in this report are as follows:

Exxon Mobil Corporation
Total S.A.
Indian Oil Corporation Ltd.
Royal Dutch Shell Plc.
Marathon Oil Corporation
Calumet Specialty Partners Ltd. LP
Chevron Texaco Corporation
Nynas AB

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About Persistence Market Research
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