Bituminous Paints Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4003
Bituminous Paints Market size is projected to witness a substantial growth in the coming years owing to widespread product demand in the construction industry. The heavy demand for bituminous paints is sustaining across the industry due to its weather and corrosion proof attributes. These paints are convenient to apply on the desired surfaces using paint brushes or sprays. Additionally, it is a superior waterproofing agent and protective coating, that works best on exteriors such as concrete foundations. Bituminous paints also termed as asphalt coatings, comprises of drying oils and coal tar that are generally black colored owing to the high percentage of bitumen in the formulations. The product offer exceptional cathode resistance required for underground steel pipes. Increasing product demand owing to its low cost and cathode protection characteristic in the casing tubes such as road bores is expected to further advance the bituminous paints market share in the forecast timeframe. In addition, they are also largely used in waterproofing applications in water tanks, painting pipes and machinery. The UV and chemical resistant properties of bituminous paints make it applicable as protective coatings against weather and corrosion. It is impermeable to acids and alkalis of low concentrations, that can endure elongated oxidation.
However, the fluctuation in prices and availability of crude oil is one of the major restraint for market growth in future as this is the key raw material for producing bituminous paints. Moreover, it can cause unpleasant effects on human health and the environment. This has obligated the responsible government organizations globally to enforce strict regulations on their manufacture and sale. Nonetheless, the innovation of bio based bituminous paints coupled with growing utility in several end-use industries such as marine, aviation and furniture is likely to offer copious opportunities for bituminous paints market size in the coming years.
Based on product type, bituminous paints market is segmented into protective coating, corrosion prevention, water & vapor proofing and few others. Water and vapor proofing product type is projected to swell at an inflating rate over the anticipated period due to the mounting use of bituminous paints as water proofing materials in roofs. These paints offer improved water proofing activities when in contact with non-pressurized liquid, moisture and seeping water is anticipated to further fuel the overall market size in the near future. Furthermore, additional product properties such as fast drying is expected to boost its consumption in various applications such as metals and concrete surfaces.
According to applications, bituminous paints market is categorized into building & construction, iron & steel, marine and few others. Building and construction applications is likely to lead the market in the forecast period. The product has widespread applications in the construction industry in applying these paints to the building surfaces to provide protection from corrosion and weather. It is also used for offering water proofing solutions especially to the roofs and exterior surfaces of the structures.
The bituminous paints market size is expected to be subjugated by North America during the estimated time period. The growing North America industry size is contributed by the strong product demand by the end-use industries, such as marine, steel and construction among others. Furthermore, Asia Pacific is likely to be the rapidly escalating region owing to the growing government spending on various construction projects majorly in China, India, Malaysia, Indonesia etc. Rapid urbanization and industrialization and substantial growth in the marine industry in the region is anticipated to further propel the regional market growth in the coming years.
Bituminous paints market is aided by the major companies present in the market share. Some of the key players involved in the industry are Hebei Tuohua Metal Products, Juno Bitumix, and Tianjin Haiyunda Metal Material, Geocel Ltd., Crown Paints Kenya PLC, Firewood, Sealocrete PLA Ltd., Bird Brand etc.
Bituminous Paints Market, By Product type, 2014-2025
- Protective coating
- Corrosion prevention
- Water and vapor proofing
Bituminous Paints Market, By Application, 2014-2025
- Building & construction
- Iron & steel
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa
- Hebei Tuohua Metal Products Co. Ltd.
- Juno Bitumix Pvt. Ltd.
- Tianjin Haiyunda Metal Material Co. Ltd.
- Geocel Ltd.
- Crown Paints Kenya PLC
- Firewood, Sealocrete PLA Ltd.
- Bird Brand
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