Bitumen Market annual growth rate is xx percent
Bitumen Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Bitumen Market was valued at USD 82.5 billion in 2017 and projected to reach USD xx billion by 2024 growing at a CAGR of xx% during the forecast period 2016 to 2024.
Bitumen is a highly sticky, black and viscous mixture of organic liquids, completely soluble in carbon disulfide and composed mainly of highly condensed polycyclic aromatic hydrocarbons. Natural bitumen is an extremely dense, heavy and thick form of oil that must be heated or diluted before it can flow. It contains mainly sulfur and various heavy metals such as vanadium, lead, nickel, chromium, mercury and other toxic elements. It is also used as a binder or glue, usually mixed with aggregates to form asphalt concrete. The increasing use of bitumen, especially in road construction activities in several developing countries, creates brilliant opportunities for the bitumen market.
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Bitumen Market Growth Drivers and Restraints:
Currently, the global bitumen market is growing rapidly due to advances in bitumen production technology and increased use of bitumen in road construction and renovation activities around the world. It is expected that the global market will grow substantially during the forecast period as a result of the increased use of bitumen for sealing, roof fixing and adhesive in the automotive industry. The increasing use in paints and coatings, inks and dyes, etc., is another key factor in the global market. However, cement is used as an alternative to bitumen, particularly in road construction, which is a key factor that impedes the growth of the global bitumen market. In addition, the release of toxic gases after heating of bitumen also slows the negative impact on the world market.
Geographic Insights of Bitumen Market:
From the geographic perspective, Asia Pacific dominates the global bitumen market and is expected to maintain its dominant position in the coming years. The rapid expansion of the construction sector and the numerous infrastructure development activities observed in countries such as China, India, Thailand and Vietnam are the main factors in the predominance of the market in the Asia Pacific. The presence of key market players such as British Petroleum, ExxonMobil and Shell Bitumen in Asia-Pacific is another important factor behind the demand and growth of this regional market. In addition, the solid road infrastructure observed in the countries of the region will increase the demand for products during the forecast period.
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Key Players of Bitumen Market:
Exxon Mobil Corporation, Total S.A., Indian Oil Corporation Ltd., Royal Dutch Shell Plc., Marathon Oil Corporation, Calumet Specialty Partners Ltd. LP, Chevron Texaco Corporation, and Nynas AB are the major players of the market.
Bitumen Market Segmentation:
By Grades:
- Hard Grade
- Soft Grade
- Polymer Modified Bitumen (PMB)
By Product:
- Paving grade bitumen
- Oxidized bitumen
- Cutback bitumen
- Bitumen emulsion
- Polymer Modified Bitumen (PMB)
By Application:
- Roadways
- Waterproofing
- Adhesives
- Insulation
- Others
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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