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Bituminous Paints Market size is expected to experience significant growth during the period of 2023 to 2032.
The increasing number of R&D activities focused on developing bio-based bituminous paints will support this growth. Bitumen is a by-product of oil production, which has become a significant environmental concern. To address this, researchers and companies are working on developing new alternatives to traditional bitumen, such as bio-bitumen. In August 2022, Shell completed its first road trial in India using new bio-based materials. The move comes as part of the company’s aim to become a net-zero emissions energy business by 2050.
Bituminous paint, also called asphalt coating, is a specialized paint utilized in construction projects for waterproofing, damp proofing, and corrosion resistance of various structures. It is made from bitumen dissolved in a mineral spirit and can be applied to walls in either liquid or semi-liquid form.
Bituminous paints market is expected to see significant growth in the marine segment by 2032, due to the increasing use of the product for waterproofing boats. Bitumen is naturally insoluble in water, making coatings made from it a sealant or effective repellent against water flow. In addition to its strong adhesive characteristics, these properties allow bituminous paints to provide strong barrier protection against corrosion caused by exposure to moisture and air.
North America bituminous paints market is expected to be a significant growth by 2032. One of the main factors that are estimated to drive the regional industry is the thriving marine sector and the increased demand for recreational boats. According to estimates from the National Marine Manufacturers Association, retail sales of new powerboats in the United States increased by nearly 12% in 2020, as compared to the previous year, due to growing interest in outdoor recreation and new forms of social distancing. These factors are likely to increase the demand for bituminous paints across North American countries.
Global bituminous paints market key players includes Hebei Tuohua Metal Products, Juno Bitumix, Geocel Ltd., Sealocrete PLA Ltd., Tianjin Haiyunda Metal Material, Bird Brand, Crown Paints Kenya PLC, etc. These companies are implementing various strategies to gain a competitive advantage over related firms.
The Russia-Ukraine war may have an impact on the global bituminous paints market, but the specific extent of the impact is uncertain and would depend on various factors such as the duration and severity of the conflict, the industries affected, and the trade relations between the countries involved and other countries. The disruption of supply chains, decrease in demand for goods and services, and economic sanctions can potentially affect the market to some extent.