Global Bitumen Market - Industry Drivers and Growth Analysis
Bitumen is black/brown coloured viscous liquid/solid extracted from crude oil; it has waterproofing and adhesive properties which makes it popular in road .construction. Bitumen is fast to install and is durable along with hard wearing. It is safe to use and is recyclable. The bitumen market has shown steady growth in recent years due to its various applications in different infrastructural activities. This market is anticipated to experience augmented growth in developing countries due to urbanization, road development, and other infrastructural applications like water proofing of roofs, insulation and as adhesives. Asia- pacific is estimated as the fastest growing market since the major developing countries such as India, China, Japan, and Korea fall into this region.
There has been a startling growth in the bitumen market owing to the increase in the road development activities around the globe. Robust growth is estimated in the future with the changing lifestyles and better economic developments in developing countries. Moreover there has been a substantial growth in the roofing market which has boosted the growth of bitumen industry. However, cement has been used as a replacement for bitumen and has been proved to be more durable than bitumen. This factor could restrain the growth of bitumen.
DecisionDatabases.com adds a new research report on "Global Bitumen Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2021". The report does an in-depth study of the current market dynamics and future projections using analytical tools such as Porter’s Five Forces Model, value chain analysis, market attractiveness analysis, company share analysis, and brand share analysis.
Road construction is estimated to be the largest market owing to the growing urbanization in developing countries. Moreover the rising infrastructural activities around the globe are pushing the bitumen market uphill. Though environmental concerns over bitumen extraction and high competition in the market can hamper the growth of global bitumen market in the next six years.
Bitumen is available in the market as warm mix, hot mix and cold mix bitumen. This segmentation is based on temperatures essential to melt bitumen used for different applications. The various other forms of bitumen are oxidized bitumen, cutback bitumen, bitumen emulsion and Polymer Modified Bitumen (PMB). PMB comprises the addition of different polymers to bitumen to augment its properties. PMB segment is estimated to be the fastest growing segment owing to the application of bitumen in different activities in developed countries such as U.S.A, Germany etc.
North America dominates the bitumen industry and has been the major consumer in recent years. The growth scope of this industry is highest in the Asia Pacific region. Government is taking huge initiatives for developing infrastructure as this will boost the economic condition of this region.
Bitumen manufacturers have a very powerful impact in the value chain as they manufacture from raw material to finished product and use it for various applications. The global bitumen market is a disintegrated market with Shell Bitumen and Nustar Energy being the largest manufacturers. The various other key players in this market include British Petroleum, Exxon Mobil, Marathon Oil Corporation and Valero Energy Corporation. This market has experienced innovation and product development owing to the competition in this sector. Lately Shell came up with fire resistant bitumen used in roofing applications. Thus, innovation and capturing new regional markets will be the broad strategy adopted by these companies to grow its market share.
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