Increasing application of bitumen and related products in
modern buildings to increase life-cycle of infrastructure,
increasing road repair and expansion of road networks, and
increasing use of bitumen in chemical industry are key factors
expected to drive market growth
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Reports and
Data has published its latest report titled "Bitumen Market by
Product Type (Paving, Oxidized, Cutback, Emulsion, Polymer
Modified), By Application (Roadways, Waterproofing, Adhesives,
Insulation, Others), and Region Forecast to 2028."
According to Reports and Data, the global bitumen market size
was USD 85.03 billion in 2020 and is
expected to reach USD 112.01 billion
in 2028 and register a revenue CAGR of 4.7% during the forecast
period, 2021-2028.
Download Report Sample PDF -
https://www.reportsanddata.com/sample-enquiry-form/1271
Drivers, Restraints, and Opportunities
Bitumen is a low-grade crude oil comprising complex and heavy
hydrocarbons and is generally produced by removing lighter
fractions from crude oil during refining process. Refined bitumen
is majorly used in the construction industry – including for paving
and roofing applications. Increasing use of bitumen in road repair
and maintenance activities, rising awareness regarding various
advantages of bitumen uses, and increasing use of bitumen in
soundproofing applications are among some key factors expected to
drive market revenue growth over the forecast period.
Bitumen is widely used owing to robust adhesive property and
high resistance to damage and wear and tear caused by water,
abrasion, and chemicals. Bitumen is widely used as binder for
materials used to deploy surfaces in parking lots and road topping,
among numerous others. Different specifications of binders can be
produced – majorly depending on the end-use, but it is primarily
produced by distilling crude oil. Bituminous materials are
extensively used in the building industry owing to adhesive and
waterproofing properties and ability to create a waterproofing
surface. In addition, several bitumen types – such as direct
distilled, cracked, oxidized, emulsions – are available
commercially for immobilization of radioactive wastes. Bitumen is a
dark viscous liquid or semi-solid that is non-volatile at ambient
temperatures and soften gradually on heating. Bitumen is also known
as asphalt cement or asphalt binder and bitumen products can be
tailored to needs depending on required physical properties. Over
80% of the materials are used in different forms of road
construction and maintenance. Bitumen is also used for paving roads
and airfields, hydraulic uses such as sea defense works, dams, and
water reservoirs, roofing and flooring, and for providing
protection to metals against corrosion.
Bitumen roofing products can be cold-applied, hot-applied, or
soft-applied, and over the last few years, cold-applied roofing has
largely replaced hot-applied roofing in countries in Europe and North
America. In addition, bitumen is widely used in
waterproofing, electrical insulation, sound insulation, and pipe
coatings, among others and this is expected to further drive
revenue growth of the market going ahead. However, major negative
impacts of bitumen extraction on the environment, human health, and
wildlife owing to emissions of sulfur dioxide, VOCs, and hydrogen
sulfide in the environment is a key factor expected to restrain
market growth to a certain extent over the forecast period.
To identify the key trends in the industry, research study
at
https://www.reportsanddata.com/report-detail/bitumen-market
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted
businesses and operations
- Lockdowns caused disruptions in transportation and
logistics
- Impacted manufacturing activities and mining operations
globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced
disposable income
- Emergence of variants continue to cause concerns and impact
normal routines
Paving Bitumen Segment to Account for Largest Revenue
Share:
Paving bitumen segment is expected to account for largest
revenue share over the forecast period, which is attributable to
increasing application of bitumen in asphalt concrete for roads,
airfields, parking spaces and areas, and sidewalks, among others.
In addition, availability of cost-effective paving grade bitumen,
increasing construction activities across the globe, and growing
need for deployment of more robust road networks are some other key
factors expected to drive revenue growth of this segment.
Ask for Customize Research Report @
https://www.reportsanddata.com/request-customization-form/1271
Rising use of Bitumen in Road Construction and Repair to
Drive Revenue Growth:
Increasing need better quality roads and robust highway
networks, increasing number of roadways and highways maintenance
and repair projects, and rising government focus on development of
robust roadways to facilitate easy traffic management during busy
hours in major cities are key factors expected to fuel revenue
growth of the roadways segment.
North America to Account for
a Significantly Large Revenue Share:
North America is expected to
account for a significantly larger revenue share over the forecast
period, attributable to increasing construction and maintenance of
highways and roadways, development of state-of-the-art
infrastructure, rising number of on-road vehicles, and presence of
key market players in the region.
Asia Pacific Market Revenue to Expand at Robust Revenue
CAGR:
Asia Pacific market is expected
to register robust revenue CAGR between 2021 and 2028 owing to
fast-paced development of roads and highways in countries such as
China and India, rapid urbanization, increasing sales of
automobiles due to rising disposable income among individuals, and
increasing investment by governments to accelerate repair and
maintenance of existing and new roadways.
Major Companies in the Market Include:
- Indian Oil Corporation
- Chevron Texaco Corporation
- China Petroleum and Chemical Corporation
- Total
- British Petroleum
- JX Nippon Oil & Energy Corporation
- Villas Austria GmbH
- Royal Dutch Shell
- Marathon Oil Corporation
- Petróleos Mexicanos (Pemex)
- NuStar Energy
- Nynas
- Exxon Mobil
- Bouygues
- Imperial Oil
Inquire Before Buying @
https://www.reportsanddata.com/inquiry-before-buying/1271
For this study, Reports and Data has segmented the bitumen
market based on product type, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD
Billion; 2018-2028)
- Paving Grade Bitumen
- Oxidized Bitumen
- Cutback Bitumen
- Bitumen Emulsion
- Polymer Modified Bitumen (PMB)
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Billion; 2018-2028)
- Roadways
- Waterproofing
- Adhesive
- Insulation
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Billion; 2018-2028)
- North America
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Middle East and Africa
-
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of Middle East &
Africa
Do you want to understand more in details about market,
schedule a meeting with our expert -
https://www.reportsanddata.com/call-schedule/1271
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast
(2021–2028) data points, revenues, and CAGR in table, figure, and
chart formats, with detailed and qualitative, supporting written
information for each.
- Revenue break-up is provided for each segment in these formats
for global, regional, and for each country in the respective region
for each year between 2018 and 2028.
- The report contains insights regarding growth drivers,
restraints, opportunities, trends, company profiles, strategic
developments, expansion details, product launches, and various
other aspects related to the market.
- The report contains data and information on customers,
competitors, vendors/distributors, and other players and in the
global marketplace.
- Market research analysis is vital for all crucial business
strategies and can aid in numerous ways and to provide a clearer
understanding about strategies being deployed by competitors,
product launches, competitive analysis, technological advancements
and various other factors that enhance sales of a firm or perhaps
provide insights to focus on merger and acquisition as a strategy
or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies
operating in the market along with their respective revenue and
operating segments, geographical reach, market footprint,
headquarters, growth rates, recent developments, product /services,
expansion strategies, investments in expansion, and more.
Explore Latest Press Release Published by Reports
and Data:
- Global Dental Imaging Market Size to Reach USD 4.88 Billion in 2028
- Global Tire Market Size to Reach USD
318.57 Billion in 2028
- Medical Device Cleaning Market Size to Reach USD 3.28 Billion in 2028
- Global Medical Alert Systems Market Size to Reach USD 13.43 Billion in 2028
- Global Insect Pest Control Market Size to Reach USD 23.77 Billion in 2028
- Global Electric Vehicle (Car) Polymers Market Size to Reach
USD 418.27 Billion in 2028
- Global Mine Ventilation Market Size to Reach USD 475.2 Million in 2028
About Reports and
Data
Reports and Data is a market research and consulting company
that provides syndicated research reports, customized research
reports, and consulting services. Our solutions purely focus on
your purpose to locate, target, and analyze consumer behavior
shifts across demographics, across industries, and help clients to
make smarter business decisions. We offer market intelligence
studies ensuring relevant and fact-based research across multiple
industries, including Healthcare, Touch Points, Chemicals,
Products, and Energy. We consistently update our research offerings
to ensure our clients are aware of the latest trends existent in
the market. Reports and Data has a strong base of experienced
analysts from varied areas of expertise. Our industry experience
and ability to develop a concrete solution to any research problems
provides our clients with the ability to secure an edge over their
respective competitors.
Contact Us:
John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs
Read Latest Press Release @
https://www.reportsanddata.com/press-release/global-bitumen-market
Logo:
https://mma.prnewswire.com/media/1579615/Reports_and_Data_Logo.jpg