Albany, NY -- (SBWire) -- 05/25/2018 --The global bitumen market will be boosted by rising demand from the construction industry, states a market research document recently published by Transparency Market Research. The report states that the market will exhibit a healthy 3.9% CAGR over the period between 2014 and 2020, and will rise from a valuation of US$71.44 bn in 2013 to US$93.38 bn by 2020.The market report is titled "Global Bitumen Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."

Bitumen is a highly viscous hydrocarbon produced as a result of the distillation of petroleum. The distillation is carried out either in refinery units using crude oil or it may result from natural phenomenon, thereby leading to the formation of asphalt lakes or tar pits. Bitumen is commonly referred to as asphalt cement or asphalt in North America and is extensively used for the construction of roads and pavements in the region.

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The report states that a rapid rise in road development activities across the globe and the increased popularity of bitumen as an environmentally viable option for constructing these structures are the major factors driving the global bitumen market. Roads and pavements made from bitumen are recycled as base for new bitumen roads and utilize at least 20% less energy as compared to the construction of roads from conventional materials and concrete mixes. However, certain concerns pertaining to the potential toxic effects of bitumen on environment and workers handling it as well as the availability of the cheaper alternatives are expected to limit the market's growth to a certain extent over the forecast period.

The report presents a thorough overview of the crucial elements of the market presenting qualitative as well as quantitative information pertaining to these elements across major regional markets. The global bitumen market has been segmented on the basis of three criteria to present an in-depth analysis. These include product type, application, and geography.

On the basis of product type, the market has been segmented into paving grade bitumen, cutback bitumen, oxidized bitumen, polymer molded bitumen, bitumen emulsion, and others. Of these, the segment of paving grade bitumen dominated the market with a majority share in 2013. However, the segment of polymer modified bitumen is expected to register the fastest growth owing to its increased usage in road construction.

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The key applications of bitumen analyzed in the report include roadways, waterproofing, insulation, adhesion, and other. Of these, the segment of roadways dominated the market in 2013, holding more than 80% of the global market. Over the forecast period, however, the segment of waterproofing is expected to dominate the market in terms of pace of growth.

From a geographic perspective, North America dominated the global bitumen market in 2013, consuming over a 30% of the overall bitumen produced worldwide.

Some of the major vendors operating in the global bitumen market are British Petroleum, ChevronTexaco Corp., JX Nippon Oil & Energy Corp., ExxonMobil, Bouygues S.A., Petroleos Mexicanos, China Petroleum and Chemical Corp., Indian Oil Corp., NuStar Energy, Shell Bitumen, Marathon Oil Co., Villas Austria GmbH, and Nynas AB.

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