Bitumen Market to Reach US$93.38 Billion by 2020, Driven by Growing Rate of Use in Roadwork Construction - Transparency Market Research
ALBANY, New York, February 8, 2016 /PRNewswire/ --
The global bitumen market will expand at a CAGR of 3.90% from 2014 to 2020. The market was valued at US$71.44 billion in 2013. It is expected to reach US$93.38 billion by the end of 2020, according to a research report released by Transparency Market Research. The report titled "Global Bitumen Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020".
According to the research report, the global bitumen market is primarily driven by the growing rate of use in construction of roadways around the world. The report states that there is a rapid increase in the rate of creation of roadways and other related activities, creating a high demand for the global bitumen market. Polymer modified bitumen, a type of bitumen, is highly preferred due to the advantages it provides, such as high porosity, high skid resistance, and low noise. All three properties are the most sought-after ones in the global roadways industry, giving PMB an advantage over other materials.
Browse the full Research Report at http://www.transparencymarketresearch.com/bitumen-market.html
The global bitumen market's growth rate is, however, restrained to a high degree by the environmental hazards created by the use of bitumen. The report segments the global bitumen market in terms of products and applications, and also provides a geographical dissection. By products, the global bitumen market was dominated by PMB in 2013. The segment held more than 65% of the market for that year and is expected to be the fastest-growing segment for the report's forecast period. PMB is also used for waterproofing purposes.
The report states that more than 80% of the global bitumen market, from the perspective of applications, was dominated by road construction in 2013. Other applications of bitumen arise in automotive, adhesives, paints and enamels, and the roofing industries. From a geographical point of view, the global bitumen market was led by North America in 2013. North America took up over 30% of the global bitumen market in 2013, a market share attributed to expansion of state infrastructure. However, the report states that the fastest growth rate in the global bitumen market for its given forecast period will be held by the Asia Pacific region owing to rapid rate of industrialization.
The key players of the global bitumen market are Villas Austria GmbH, Valero Energy Corporation, Shell Bitumen, Petroleos Mexicanos, Nynas AB, NuStar Energy, JX Nippon Oil & Energy Corporation, Marathon Oil Company, Indian Oil Corporation, ExxonMobil, China Petroleum and Chemical Corporation ChevronTexaco Corporation, British Petroleum, and Bouygues S.A., The report states that the global bitumen market is highly competitive and fragmented due to the presence of a large number of regional players.
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Key segments of the Global Bitumen Market
Bitumen Market - Product Segment Analysis
- Paving grade bitumen
- Oxidized bitumen
- Cutback bitumen
- Bitumen emulsion
- Polymer Modified Bitumen (PMB)
- Others (including bitumen formed due to addition of zinc, copper, etc.)
Bitumen Market - Application Analysis
Roadways
- Hard grade
- Soft grade
- Polymer Modified Bitumen (PMB)
Waterproofing (Roofing)
- Hard grade
- Soft grade
- Polymer Modified Bitumen (PMB)
Adhesive
Insulation
Others (including decorative and industrial applications)
Browse Research Article: http://www.transparencymarketresearch.com/article/bitumen-market.htm
Bitumen Market - Regional Analysis
- North America
- Europe
- China
- Asia Pacific (Excluding China)
- Rest of World (RoW)
Browse Other Research Reports:
- Bituminous Paints Market: http://www.transparencymarketresearch.com/bituminous-paints-market.html
- Bituminous Roofing Market: http://www.transparencymarketresearch.com/roofing-market.html
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