The global bitumen market is witnessing robust growth in the construction sector, especially in developing regions.

Selbyville, DE -- (SBWire) -- 01/28/2019 --Bitumen Market was estimated at USD 84.3 billion in 2017 and will exhibit growth of over 3.7% up to 2025. Bitumen Market will surpass USD 112 billion by 2025; according to a new research report by Global Market Insights, Inc. The growing construction expenditure, which as per estimates, is likely to touch USD 13 trillion over the coming seven years has in turn accelerated the growth of bitumen industry across the globe. Bitumen market is also witnessing other lucrative growth avenues, owing to exclusive product demand from tire, paints & coatings, battery manufacturing, thermal & acoustic insulation sectors. According to a report compiled by Global Market Insights, Inc., the global bitumen industry size is projected to register a y-o-y growth of 3.7% over the period of 2018-2025.

One of the chief factors driving the global bitumen market are increasing governmental initiatives towards infrastructure and road development worldwide. Increasing population in the world is giving rise to more traffic demanding wider roads. The United States highway and road construction in 2015 accounted for over USD 100 billion and will grow with a substantial rate in the coming years. The product displays high viscosity, stickiness and superior water resistance and hence is preferred in the road construction activities. These factors further drive the bitumen market largely.

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The growing trend of constructing wider roads and flyovers, owing to rising city traffic and population has impelled the growth of global bitumen market share from roadways applications. Indeed, roadways accounted for a prominent 80% of the overall bitumen market share in 2017 on account of the increased number of road construction projects. In this context, it is prudent to mention that polymer modified bitumen is a majorly used product in road surfacing and helps in maintaining the right consistency and strength, thus making the mixture more sustainable to various stresses.

An outline of North America bitumen market trends: waterproofing applications to gain ground in the region

Estimates claim that North America accounted for 30% of the overall bitumen market share in 2017. Driven by the rising number of suburban remodeling projects across the United States and the subsequently growing product demand for waterproofing applications, especially across the U.S., North America bitumen market size, in terms of volume, will register a CAGR of 2.5% over 2018-2025.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. BP
2. Total
3. Chevron
4. Valero Energy Corporation
5. China Petroleum and Chemical Corporation
6. Indian Oil Corporation Limited
7. Shell
8. JX Nippon Oil & Energy Corporation
9. PEMEX
10. Bouygues Group
11. NuStar Energy L.P.
12. Villas Austria GmbH
13. Marathon Oil Corporation
14. ExxonMobil
15. Nynas AB.

Considering geography, in the global bitumen market, North America holds a significant share owing to the increase in governmental initiatives for redevelopment and repairs of existing roads in this region. Asia Pacific is likely to witness gains with a decent CAGR of close to 5% owing to development and construction activities in countries like India, Japan and China. Latin America and Middle East & Africa are likely to be the next emerging markets due to the increasing infrastructural development in these regions.

Stringent regulations regarding the manufacturing and application of the product may affect the end-user industries as well as the downstream producers. Also, as the product is attained from crude oil distillation, fluctuation in the raw material prices may further hinder the bitumen market growth.

Based on the product category, the global bitumen market can be segmented into paving bitumen, polymer modified bitumen (PMB), bitumen emulsion, cutback bitumen, oxidized bitumen and others. Considering volume, the paving bitumen accounts for around 80% of the overall share in the market and is likely to witness gains with a 2.5% CAGR in the forecast period. The PMB has witnessed significant gains in the projected timespan and finds its extensive use in the industrial applications and road surfacing further augmenting the worldwide bitumen market share.

Considering applications, the global bitumen market can be classified into four major categories namely, waterproofing, roadways, insulations, and adhesives. In 2015, the waterproofing segment was valued at over USD 9 billion and is likely to showcase substantial growth owing to its wide uses as in roofing & piping. Developing standard of living paired with increasing population is driving the construction industry which in turn is enhancing the worldwide bitumen market share.

Key players operating in the global bitumen market include Indian Oil Corporation, Chevron Texaco, Total S.A, British Petroleum, Nynas, Exxon Mobil, Marathon Oil, China Petroleum and Chemical, Villas Austria, NuStar Energy, Bouygues, Petroleos Mexicanos, JX Nippon Oil & Energy, and Royal Dutch Shell to name a few.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.