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Bituminous Paints Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2022 – 2028

  • Report ID: GMI4003

Global bituminous paints market share is expected to register commendable growth over 2022-2028, owing to the escalating demand for the product from end-use industries like construction. Bituminous paint, also known as asphalt coating, refers to special paint used in construction applications for damp proofing, waterproofing, and corrosion resistance in various structural elements. Made using coal tar or bitumen dissolved in naphtha or mineral spirit, bitumen paint can be applied to the structures in either semi-liquid or liquid form.

One of the major trends propelling global bituminous paints market growth over 2022-2028 is the growing number of research and development activities pertaining to the development of bio-based bituminous paints. Bitumen is predominantly a by-product of oil production, which has become a key area of environmental concern for many entities worldwide. To address this, researchers are rapidly working towards developing a substitute for conventional bitumen, such as bio-bitumen. For instance, in May 2021, Indian biotechnology firm Praj Industries introduced a new bio-based bitumen, produced using samples processed from purified lignin. These bio bitumen samples have received approval from a premier European consortium advocating for bioeconomy, the CBBD (Circular Biobased Delta) based in the Netherlands, as part of the company’s flagship programme CHAPLIN.

Based on application, the bituminous paints industry from the marine segment is set to gain significant traction by 2028, owing to the rising usage of the product for waterproofing on boats. Bitumen’s natural insolubility in water makes coatings derived from it an effective repellent or sealant against water ingress. These attributes, alongside strong adhesive characteristics, enable bituminous paints to deliver strong barrier protection against corrosion due to exposure of the substrate to moisture and air. Also, these paints are economical, chemical resistant, and safeguard against UV (ultraviolet) degradation, making them ideal for coating structures like marine vessels that operate in harsh conditions.

From a regional perspective, North America is expected to emerge as a major revenue pocket for the bituminous paints market by 2028. One of the main factors driving this growth is the thriving marine industry in the region and the rapid rise in demand for recreational vessels in 2020. For instance, according to NMMA (National Marine Manufacturers Association) estimates, retail unit sales of new powerboats in the United States increased by nearly 12% in 2020, as compared to a year earlier, due to the heightening interest in outdoor recreation and new methods of social distancing. Developments such as these could in turn amplify demand for bituminous paints in the region.

Key players operating in the bituminous paints industry include Juno Bitumix, Hebei Tuohua Metal Products, Geocel Ltd., Tianjin Haiyunda Metal Material, Sealocrete PLA Ltd., Crown Paints Kenya PLC, Bird Brand, etc.  These entities are undertaking various strategic initiatives to gain a competitive edge in the global market space.

COVID-19 Impact on Bituminous Paints Market Trends

The onset of the COVID-19 pandemic created several unprecedented challenges across the industrial spectrum, particularly in the construction sector, which could in turn have an impact on peripheral products like bituminous paints. Building material shipment delays, disruptions to the supply chain, and evolving demand have led to an increase in price for construction materials as well as an increase in lead times. For instance, according to estimates from the According to the National Roofing Contractors Association in 2020, construction material prices were 23.1% higher than the previous year. However, with the gradual recovery of the construction sector in recent months, the availability of construction materials, including roofing supplies like bituminous paints, could improve which may contribute to industry expansion over the years ahead.

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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