Global Bitumen Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz delivers in-depth insights on the global bitumen market in its upcoming report titled, “Global bitumen Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global bitumen market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global bitumen market report has been segmented on the basis of product, application, and region.

Bitumen is a black colored viscous mixture of hydrocarbon occurring in oil sand deposits, and is manufactured from distillation of crude oil during petroleum refining process. Bitumen normally contains high level of sulphur, nitrogen, and various heavy metals such as vanadium, mercury, and chromium.

Rising demand for bitumen for roadways, and paving, and increasing construction activities across the globe is a major factor expected to fuel growth of the global bitumen market over the forecast period. High demand for bitumen in paving airfields, runways, and taxiways, as waterproofing agent, paints & coatings industry, manufacturing batteries, and tires, are other factors expected to support growth of the global bitumen market. Furthermore, use of bitumen for thermal and acoustic insulation, water pipe coating, and as sealing materials are other factors contributing growth to global bitumen market.

However, bitumen is created from refining of petroleum, which is expensive and also leads to pollution. Moreover, growing preference towards cement for being a more cost-effective, eco-friendly and safer substitute for bitumen is expected to hamper growth of the global bitumen market over the forecast period.

Asia Pacific accounted for the highest share in terms of revenue in the global bitumen market, owing to increasing government initiatives in developing countries such as India, and China for infrastructural developments such as roadways, highways, airports, etc. The market in North America accounted for the second-highest share in the global bitumen market, owing to increasing use in the paint and coatings industry, since paints produced from bitumen are of superior quality and provide waterproofing and anti-corrosive properties. North America is followed by markets in Europe, Latin America, and Middle East & Africa. The market in Europe is projected to have fastest growth in terms of revenue, owing to high demand from airfield construction, and sealing materials in countries in the region.

Global bitumen market segmentation:

Segmentation by product:

• Paving Grade
• Hard Grade
• Oxidized Grade
• Bitumen Emulsions
• Polymer Modified Bitumen

Segmentation by application:

• Roadways
• Waterproofing
• Adhesives
• Insulation

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa