SELBYVILLE, Del., Dec. 3, 2019 /PRNewswire/ -- The global Bitumen Market is projected to cross USD $116 billion by 2026, as reported in the latest study by Global Market Insights, Inc. The growing focus on building new infrastructure, along with renovating present structures across the globe, will lead the bitumen demand.
Bitumen is an essential component used in asphalt-based pavement construction, such as roads, bridges, highways, and railways. It has exceptional characteristics including high adhesion, elasticity, hydrophobicity, hardness etc. Most importantly, such roads can be constructed while keeping in mind the regional climate and expected wear and tear from vehicle loads.
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Bitumen is distilled from crude oil. Its composition makes it a harmful substance with regards to the surrounding environment, especially asphalt fumes during construction. Thus, the prevailing environmental impact of its production and application process may hamper business growth by 2026. However, the growing demand for PMB is gaining traction in the market, thereby indicating a lower threat to the environment.
Some major findings of the bitumen market report include:
- Demand is growing on account of increasing roadway building on account of maintenance in developed economies and massive urban expansion in developing economies across the globe.
- Paving bitumen demand will be increasing in the Asia-Pacific, where the emerging economies are focusing on building roadways and repairing related complex structures.
- The expansion of the urban population in the Asia-Pacific and Latin America will drive the demand.
- Major players operating in the bitumen market are Exxon Mobil Corporation, China Petroleum and Chemical Corporation, Royal Dutch Shell, JX Nippon Oil & Energy Corporation, Total S.A., Suncor Energy, Petroleos Mexicanos, Nynas AB and others.
- Companies are actively investing in the development of PMB to lower its ill effects on the environment. Currently, Shell Bitumen had heavily invested in the development of a PMB plant at Stanlow near Ellesmere Port. The PMB market has grown hugely over the past five years.
Browse key industry insights spread across 354 pages with 462 market data tables and 31 figures and charts from the report, "Bitumen Market Share By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026," in detail, along with the table of contents:
Paving grade is the most commonly used product, with a significant share of over 70% in the overall bitumen industry. The product type will retain this share on account of rapid road maintenance and construction activities all over the world, especially in the Asia-Pacific. Paving bitumen is mainly used in the production of hot mix asphalt for bases and wearing courses. Over 80% of resulting asphalt is used as a binder in asphalt concrete for road construction, making paving grade an indispensable product.
To achieve their economic goals, governments of emerging economies in the Asia-Pacific are focusing on strengthening their infrastructure and road network by building new roads and refurbishing existing ones. With an ever-increasing sum of vehicles over the globe, especially in the emerging economies of Asia-Pacific and Latin America, the requirement for road expansion will witness a notable rise in the coming years. It will mainly include countries such as China, Malaysia, India, Indonesia and Thailand, where the number of vehicles is increasing on account of rising urbanization and growing middle-class spending. As per Asia Development Bank, in the Asia-Pacific, China has the highest number of vehicles on the road, while Malaysia has higher quality roads. Additionally, China, India, Japan and South Korea have the highest density of roads per 1,000 sq km area, thereby projecting the substantial growth of the bitumen market over the forecast period to maintain this density at an optimum scale.
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Bitumen Emulsifiers Market Share 2024: Based on products, the global bitumen emulsifiers industry has been categorized into cationic, non-ionic and anionic types. Non-ionic bitumen emulsifiers are mixed in asphalt emulsions, where the bitumen droplets are neutral in charge and, consequently, will not migrate to either of the poles. Water-soluble, polar chemicals such as highly ethoxylated nonylphenol are used to prepare nonionic emulsions. Major bitumen emulsifier manufacturers include Arkema, AkzoNobel, Opal Paints Products, Industrial Oleochemical Products, Kao Corporation, Petrochem Specialties, Ingevity, The Dow Chemical Company, Chemoran, Evonik, RX Marine International, Vizag Chemicals, Pinova, etc.
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Bitumen Industry Forecasts 2026
Bitumen Market revenue is expected to register around a 4% CAGR up to 2026, propelled by the growing utilization of bitumen in industrial roofing applications.
SOURCE Global Market Insights Inc.