Bitumen Market size to exceed $116.2bn by 2026
Published Date: December 3, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Global Bitumen Market size is expected to surpass USD 116.2 billion by 2026; according to a new research report by Global Market Insights, Inc.
Bitumen is essential material for asphalt production, which is inevitably used in road construction. It is commonly used to build highways, railroads, and motorways. At high temperature, it acts as liquid and can be mixed with other construction components as required.
Growing need for infrastructure in the Asia Pacific will be a key growth driver
Developing economies of Asia Pacific such as India, Vietnam, Malaysia, Thailand, and Bangladesh have been showing positive economic growth in recent times. To achieve their principal growth targets, these economies need to boost its infrastructure, which shall propel industry demand. Additionally, this region is also home to largest number of population and their income is growing along with better economic prospects. The region is witnessing high government as well as private spending to build and develop roads to improve the connectivity throughout the landmass and thus promote trade and tourism.
Paving bitumen will preserve its largest share in bitumen industry
Paving grade accounts approximately 70% in the bitumen market, on account of its essential use in the roadway’s construction on account of its excellent adhesive and unique cohesive properties. Paving bitumen is also called as penetration grade bitumen. It is generally used in the manufacture of hot mix asphalt for bases and wearing course, which are further used in roadway construction and other industrial applications. The biggest attributes of paving bitumen is its hardness and viscosity, which can be adjusted as per the end use. It provides wider avenue for its use for construction variety of roads with differing factors such as vehicle loads, rain, and other.
Browse key industry insights spread across 354 pages with 462 market data tables & 31 figures & charts from the report, “Bitumen Market Share By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Motorization in Asia Pacific
Growing population coupled with improved living standards has considerably resulted in upsurge of global traffic, resulting in high demand of heavy-duty roads and flyovers, which will complement bitumen market growth. Thus, bitumen use for construction of roadways will be the prime application over the forecast timeframe.
Growing construction of high standard freeways and highways
The growing need of new infrastructure such as railways, roadways, and renovation of present highways along with expansion of cities in Asia Pacific will be a chief factor that will propel bitumen demand over the forecast timeframe. Additionally, the Middle East has ensued in increased rate of construction spending for major projects such as airports which will further complement growth. For example, in last 5 years, middle east population saw an addition of over approximately 7 million people, which is projected to double by 2050. This trend will have consequent bearing on the construction spending including commercial as well as residential sector.
Other than that, in North America and Europe, renovation of existing structure is observing a steep rise on account to sustain their current growth. Even though, these markets are observing a slowdown, its effects are expected to be for shorter spell, where the bitumen market is expected to grow at faster rate over the forecast period.
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