Bitumen Market Size By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024
Published Date: January 2017 | 125 Pages | Report ID: GMI1100 Report Format: PDF
Bitumen Market size generated USD 75 billion in 2015 and is forecast to witness 4.2% CAGR by 2024.
U.S. Bitumen Market size, by application, 2013 - 2024 (USD Billion)
Increasing government initiatives towards road development across the globe is analyzed to be the key factor propelling the global bitumen market size. The product is extensively used as a binder in the road construction. The U.S. road and highway construction sector generated revenue roughly around USD 100 billion in 2015 and will continue to grow at a steady rate till 2024. Furthermore, increasing global traffic in the emerging nations will require wider roads, which will consequently boost the bitumen market size substantially over the forecast timeframe. The product offers superior water resistance, high stickiness and viscosity, which makes it desirable in the road construction applications.
The product is also used as an adhesive and sealant. It is also extensively used in the water proofing of ships and boats owing to its water insoluble characteristics. In the construction sector, it is used in manufacturing water tanks, dams and bridges. Robust growth in construction industry on account of government initiatives to upgrade public infrastructure will positively influence the bitumen market size over the forecast timeframe. For instance, in 2013, the global construction spending was close to USD 7 trillion and is likely to touch USD 13 trillion over the projected period. Furthermore, it is also used in manufacturing battery, tire and for the thermal and acoustic insulation purposes. Growing paint & coatings sector on account of growing end user industries including automotive is another factor driving the industry growth. Paints manufactured with the product, provides superior corrosion and weatherproofing traits.
Stringent legislations by REACH regarding the product manufacturing and applications is likely to affect all the downstream producers as well as the end users. In addition, the product is derived from fractional distillation of crude oil. Therefore, oscillating crude oil prices may negatively impact on the bitumen market price trend by 2024. However, development of bio-based bitumen will create new growth prospects for the industry participants.
(PMB) Polymer modified bitumen market share is forecast to witness highest gains over the projected timeframe. PMB is extensively used in road surfacing and industrial applications. The addition of polymers in the product upscale its viscosity and elasticity, which makes the resultant product much more suitable for applications with elevated stresses.
Paving bitumen market is forecast to witness gains more than 2.5% CAGR over the estimated period the product is majorly used in the road and highway construction. The segment is analyzed to witness escalating gains mainly due to rapid road maintenance and construction across the globe. The product is also used in construction of railway beds, runways, bicycle paths, playgrounds, tennis courts, running tracks, barn floors and greenhouse floors.
Global bitumen market size for road construction dominated the global industry in 2015. Increasing population paired and upgraded living standards has significantly increased the global traffic across the globe, resulting in construction of wider roads and flyovers. This trend is analyzed to boost the industry growth over the projected timeframe.
Bitumen market share for waterproofing applications was valued at over USD 9 billion in 2015. The product is widely used in waterproofing applications such roofing and piping. Superior water resistance characteristics of the product makes it suitable to finds widespread applications across construction industry, owing to boost the business growth by 2024.
North America dominated the global demand in 2015. Increasing government initiatives towards repair and redevelopment of the existing roads is the major factor stimulating the product demand in the region. Furthermore, increasing residential remodeling practices in the U.S. will subsequently boost the product demand for waterproofing applications over the forecast timeframe. Latin America and Middle East & Africa are forecast to experience promising gains by 2024 owing to increasing infrastructure development in the region.
Asia Pacific, mainly by China, India and Japan bitumen market size is forecast to experience gains close to 5% CAGR over the projected timeframe. Regional growth was mainly attributed by increasing construction spending in the region. With more number of cities coming up and rising consumer disposable income resulting in increasing number of private vehicles, the regional bitumen market share will experience escalating gains for road & highway construction by 2024. Furthermore, upcoming construction projects such as airports, in the region, will propel product demand for constructing runways.
Europe bitumen market size is slated to exceed 29 kilo tons by 2024.
Competitive Market Share
Global bitumen market share was competitive in 2015. Key market competitors are British Petroleum, Total S.A., Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Indian Oil Corporation, Royal Dutch Shell Plc., JX Nippon Oil & Energy Corporation, Petroleos Mexicanos, Bouygues S.A., NuStar Energy, Villas Austria GmbH, Marathon Oil Corporation, Exxon Mobil Corporation and Nynas AB.
Various companies including Petróleos Mexicanos (PEMEX), Valero Energy Corporation, and Shell have their presence across multiple levels of the industry ecosystem with enhances their global presence.
The global bitumen market size is primarily driven by rising product application in road construction. The product is also used in paints & adhesives, which are extensively used in roofing applications. Roofing industry is one of the prominent growth drivers for the industry. Increasing temperature of the earth due to global warming will ultimately increase the rooftop insulation demand, which will subsequently boost the industry growth. However, fluctuating crude oil prices may obstruct business growth.
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