Asphalt Varnish Market Brief Overview by Research Cosmos
Asphalt Varnish Market Growth Rate:
Asphalt Varnish Market is projected to grow at a CAGR of 3.5% over the forecast period 2017 to 2021.
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Asphalt Varnish Market Growth Drivers and Restraints:
Concrete contains a small percentage of asphalt varnish, which acts as a binder to enhance its resistance characteristics and this is expected to boost demand over the forecast period. Increasing awareness about climate changes, along with extensive global warming will drive roofing requirements, which in turn is supposed to drive the product demand over the next eight years.
The long supply chain is a crucial feature owing to asphalt varnishes being a strong product to handle. This feature is however, being challenged as large contractors have begun directly selling to the refineries.
Geographical Overview of Asphalt Varnish Market:
Asia Pacific will increase its varnish consumption due to the extensive automobile manufacture in the region. North America market was valued over USD 19.00 billion in 2015 and is expected to witness significant expansion on account of the growing need for rebuilding existing assets such as bridges, highways, and buildings.
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Asphalt Varnish Market Segmentation:
The asphalt varnish market has been segmented into paving, cutback, and oxidized varnish, bitumen emulsion, polymer modified varnish and others. The paving segment contributed almost 70% in the global market and is expected to retain its share due to rapid road maintenance and construction activities all over the world, especially in Asia Pacific. The product also has got extended benefits in construction of greenhouse floors, running tracks, bicycle paths, runways, railway beds etc.
On the basis of application, the market is divided into roadways, waterproofing, adhesives, insulation, and others. Waterproofing industry held the second highest market share of the industry and will witness growth close to 4% CAGR from 2018 to 2025.
Key Players of Asphalt Varnish Market:
Some of the leading market players of Asphalt Varnish Market are ExxonMobil, Shell Bitumen, British Petroleum, Sika AG, Nynas AB, Total S.A. and others.
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