Global Bitumen Market Forecast to Grow at around 4.2% CAGR to 2024

“Bitumen Market to gain substantial valuation via heavy demand from road construction and waterproofing applications, U.S. to exhibit relatively high gains over 2017-2024.”
Considering the regional coverage, Asia Pacific bitumen market dominated by Japan, China, and India will record an annual growth rate of 5% over the coming seven years, as North America held the largest industry share in 2015.

Bitumen Market is witnessing a renewed attention, subject to the increasing governmental initiatives in upgrading public infrastructure. The escalating growth in the construction sector worldwide is primarily responsible for the expansion of the market, as bitumen is being widely used as a binder in road construction. Regionally, U.S. market is likely to observe notable growth in the years ahead, given the massive revenue generated by the country from road and construction sector which approximately was almost USD 100 billion in 2015.

Overall global construction spending which is projected to cross USD 13 trillion by 2024, is expected to leave a proportional impact on bitumen market dynamics. In addition, bitumen’s extensive usage as sealants and adhesives for marine applications is likely to complement the business landscape. As per a report by Global Market Insights, Inc., “Bitumen market is slated to register a lucrative revenue of over USD 110 billion by 2024, with 4.2% estimated CAGR over 2016-2024.”

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Based on product trend, the industry is predominantly bifurcated into polymer modified, paving, oxidized, emulsion, and cutback bitumen. PMB or polymer modified bitumen is widely deployed for road surfacing and industrial applications, owing to which polymer modified bitumen market is anticipated to observe a significant growth in the coming seven years. Polymer amalgamated with bitumen strengthens its viscosity and elasticity, thereby making it suitable for elevated stresses. Paving bitumen market will also experience steady gains with an expected CAGR of over 2.5% over 2016-2024, owing to the product’s wide utilization in road and highway construction.

In 2015, Road construction sector procured a major chunk of the overall bitumen industry share. Growing population along with upgraded living standards, urbanization, increasing vehicular traffic are the major factors driving the application demand. Bitumen market size from the waterproofing applications also accounted for a significant share in 2015. Estimates depict that waterproofing applications collected a revenue of USD 9 billion in 2015.

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Considering the regional coverage, North America held the largest bitumen market share in 2015. Growing government emphasis on repairing the existing public infrastructure is a major factor pushing the regional market. Furthermore, U.S. observes a considerable product demand in waterproof applications, which will also push the U.S. bitumen industry trends.

Asia Pacific bitumen market dominated by Japan, China, and India will record an annual growth rate of 5% over the coming seven years. Rapid industrialization, increasing construction spending, and strong project pipelines for roads, airports, and highways are likely to give a tremendous boost to the regional bitumen market outlook.

Browse key industry insights spread across 125 pages with 153 market data tables & 12 figures & charts from the report, “Bitumen Market Size By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation) Forecast, 2016 – 2024” in detail along with the table of contents:

Despite the fact that stringent environmental regulations pertaining to the manufacturing process of bitumen is hampering the growth to some extent, introduction of bio based bitumen is anticipated to open new opportunities for the industry players. Overall bitumen industry is fiercely competitive with some of the prominent companies involved including Chevron Texaco, Total S.A., British Petroleum, Indian Oil Corporation, Chemical Corporation, and China Petroleum.

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