Bitumen Market to witness massive demand from the soaring road construction sector, North America to hold the largest industry share
The growing trend of constructing wider roads and flyovers, owing to rising city traffic and population has impelled the growth of global bitumen market share in roadways application. Polymer modified bitumen is a majorly used product in road surfacing and helps in maintaining the right consistency and strength, thus making the mixture more sustainable to various stresses. The global polymer modified bitumen market is projected to witness lucrative gains over the coming years, subject to its enhanced elasticity and viscosity properties. Paving bitumen is another type of product used in roads and highways construction. This product is specifically used in the construction of barn floors, running tracks, railway beds, bicycle paths, and tennis courts. As per estimates, the global paving bitumen market is projected to expand at 2.5% per year between 2016-2024.
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Rising government spending and initiatives for redevelopment and repair of roads and highways in North America have set the regional bitumen market in motion. The region will witness a substantial rise in product demand especially in the waterproofing application, owing to growing residential remodeling projects. The global bitumen market for waterproofing application collected revenue over USD 9 billion in 2015, subject to increasing piping & roofing activities in the construction and remodeling projects. Primarily driven by the strong growth in the United States, North America dominated the global landscape in 2015.
A significant rise in the construction projects and infrastructural developments in Asia Pacific have further propelled growth of bitumen market in the region. India, China, and Japan are likely to observe lucrative growth prospects, owing to robust development projects and upsurge in consumer disposable income. Moreover, the market is likely to experience high product demand as a considerable rise is witnessed in the number of construction projects including airports, runways, road & highways, flyovers, and railway beds constructions. Asia Pacific bitumen market is anticipated to record a CAGR of 5% over 2016-2024.
Prominent industry players contributing to bitumen market expansion are Chevron Texaco, Exxon Mobil Bouygues S.A, British Petroleum, Petroleos Mexicanos, Indian Oil Corporation, Marathon Oil, NuStar Energy, Nynas AB, JX Nippon Oil & Energy, Villas Austria GmbH, and Total S.A.
Author Name : Ojaswita Kutepatil