How will the latest moves by core industry players influence the revenue prospects of plastomer market?
The global plastomer market is projected to amass substantial gains in the ensuing years, primarily driven by the boom in the packaging industry together with improved characteristics of plastomers compared to conventional plastics and elastomers. Plastomers are polymers which bridge the gap between elastomers and plastics. Plastomer industry thus, is known to procure substantial returns from a plethora of industries including adhesives, foams, industrial packaging, food packaging, automotives, wires & cables, and others.
U.S. Plastomer Market Size, By Application, 2014 – 2025 (USD Million)
Taking an example from the adhesive industry, the Dow Chemical Company’s Affinity™ GA Polyolefin Plastomers, a highly versatile range of polyolefin polymers, offers a host of cost, performance, and processing advantages such as no char, odor, or discoloration during application, as well as no clogging, plugging, or other oxidation-related device issues.
Adopting Affinity™ GA Polyolefin Plastomers result in reduced maintenance, amplified versatility, and increased coverage & more adhesive per pound of resin. Hence, the wide spectrum of advantages offered by plastomers across a range of applications will endorse product demand over the coming years.
Plastomer market size, however, is slated to be affected by the slow growth of the packaged food industry in several geographies, along with tough competition from other polymers. According to credible estimates, the share of groceries in packaged food sales in 2015 was 45 percent, which is expected to plunge to 37 percent in the year 2025. The decline in the consumption of packaged food will certainly influence plastomer market trends in the future and restrain market growth to some extent.
Enumerating the top three recent developments of the plastomer market which are projected to influence the growth graph of this business sphere
Healthcare industry gets its first controlled plastomer solution
Borouge and Borealis have recently introduced ethylene-based, octene-1 plastomer solution called the Bormed™ PL8830-PH, at CPhI in Madrid, the world’s biggest pharmaceutical exhibition. Bormed™ PL8830-PH is claimed to be the first-ever controlled plastomer solution for the health industry, and has been developed as a part of the expansion of the Borealis Bormed™ brand portfolio.
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Being a controlled plastomer, Bormed PL8830-PH amplifies the performance paradigms of polyolefins for healthcare applications. It has been explicitly designed to be used as a versatile blend with other polyolefins in extrusion, film, and moulding applications. Indeed, such innovations will define plastomer market trends in the future and open new growth avenues for market players.
CHINAPLAS 2019 witnesses a range of innovative solutions by SABIC
SABIC, a world leader in diversified chemicals, has reportedly introduced a range of innovative solutions at the recently held Chinaplas 2019, to cater to industry challenges arising from prime global megatrends.
The event witnessed SABIC’s new comprehensive solution for the food sector, named as COHERETM S POP (polyolefin plastomer), designed to offer strong support in handling the future food supply issues. It is claimed that COHERETM S POP supports superior performance with twenty percent decrease in sealing temperature. Food manufacturers can rely on the new polyolefin plastomer to enhance the efficiency of their production, augment the shelf life of food products, and decrease the damage during transit.
Holland adds Borealis’ polyolefins to its product range
M.Holland Co., a resin distribution company, has recently added offerings from the world’s leading polyolefins brand Borealis to its distribution product portfolio. Henceforth, M. Holland will look after the distribution of polypropylene and polyethylene resins, filled PP compounds, elastomers, and polyolefin plastomers for Borealis AG.
The filled PP materials which are a part of the new distribution channel will be produced at Borealis’ new manufacturing site in N.C. This strategic alliance is slated to support the growth of both the companies in target markets, thereby positively impacting plastomer market size over the future.
In the coming years, it will be interesting to see how these market developments impact the revenue graph and competitive ambit of the global plastomer industry. Some of the top companies to watch out for in the plastomer market are Royal Dutch Shell, ExxonMobil, Borealis, Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Chevron Phillips Chemical Company, Westlake Chemical Corporation, and LyondellBasell. According to a research report by Global Market Insights, Inc., plastomer market is projected to exceed a valuation of USD 3.1 billion by 2025.
Author Name : Nikita Chaurasia
Fluorinated ethylene propylene market to garner appreciable valuation from tube sales over 2019-2025, chemical processing industry to drive the application landscape
The global fluorinated ethylene propylene market is slated to experience immense growth prospects in the coming years owing to the product’s extensive use across the automotive, electronics, food & beverage, and medical industries. In the automotive sector, FEPs are widely used in compact and small-sized cars, in the tubing, bellows, and pressure hoses. The increasing shift among car buyers from sedans to more compact cars, especially in emerging economies will thus propel the growth of FEP industry.
U.S. Granules Fluorinated Ethylene Propylene (FEP) Market Size, 2018 & 2025, (Kilo Tons)
Small cars are also the most affordable vehicles to get on to the road and are easy to park as they don’t take up much space. For a middle-class family in emerging nations, a compact car facilitates savings since they are more fuel-efficient compared to sedans and SUVs. Hatchbacks also serve as the best option, in terms of passenger and driver safety with advanced collision control at affordable prices. In 2018, car manufacturers in India invested heavily on small cars to enhance sales records in smaller parts of the country.
For instance, Hyundai, relaunched its most loved hatchback Santro to appeal to Tier 1 and 2 cities where per capita vehicle ownership is still significantly small. Therefore, increasing demand for small vehicles from emerging and low-to-middle income nations will boost the global FEP market outlook.
Growing product demand for automotive ball bearings, paints, and adhesives, and sealants from the construction sector will also help the global FEP market gain traction in the coming years. Latest data from The Bureau of Labor Statistics and Timetric’s Construction Intelligence Center, estimates the construction industry to grow at a modest rate over the next several years. Industry professionals further predict one of the largest increase in real output for the construction space, with the business hitting the trillion-dollar remuneration space by 2020. This would remarkably surge the need for adhesives and sealants, driving FEP industry share.
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Construction of residential housing will witness growth in the years to come owing to the rising population in the United States. Government spending to support homeownership, housing developments and a sustainable community in a bid to provide access to affordable housing will further increase the demand for construction projects. The development in the construction industry will massively boost the demand for paints, adhesives, and sealants, which will eventually drive the fluorinated ethylene propylene market in the coming years.
Fluorinated ethylene propylene tubing is a robust engineering fluoropolymer which offers excellent fluid visibility, low-temperature resistance, and low coefficient of friction and is perfect for flow control monitoring. Hence, the product finds significant use in chemical processing applications as well as the petroleum and oil & gas industry.
For instance, the Indian government has come out with new policy reforms, which makes drastic changes in the country’s Hydrocarbon Exploration Licensing Policy and the Open Acreage Licensing Policy in a bid to garner more domestic and foreign investment for exploration of oil and gas, which if successfully implemented could drive the demand for FEP tubes. According to a report by Global Market Insights, Inc., FEP tubes market from chemical processing application is estimated to register more than 6% over 2019-2025.
These materials are also commonly used in solar panel applications. Fluorinated ethylene propylene films serve as the perfect protective front sheet for solar panels due to their smooth, flexible and light-weight features. The material also makes sheets stronger, thereby improving the durability and life span of solar panels, while enhancing its looks as compared to traditional glass. The adoption of these glasses will be fueled by growing energy consumption and issues concerning energy-efficiency.
Increasing efforts to generate energy from renewable sources, stringent government regulations and the benefits pertaining to efficient energy use and affordability of solar panels will further propel the solar power industry. Recently, in an effort to become America’s leading rooftop solar company, automotive and energy giant Tesla, slashed prices of solar panels. Such moves will accelerate the adoption of solar energy, which will boost the demand for FEP films, thereby driving the global FEP market growth over 2019-2025.
Fluorinated ethylene propylene will continue to attract huge demand from numerous industries owing to its vast benefits. According to Global Market Insights, Inc., the fluorinated ethylene propylene market valuation is anticipated to reach $1.2 billion by 2025.
Author Name : Krithika Krishnan
A succinct outline of the global industrial solvents market in terms of the application landscape: paints & coatings to emerge as a prominent revenue ground
The global industrial solvents market is anticipated to make promising gains in the forthcoming years, on account of burgeoning demand for printing inks, paints & coatings, and cosmetics products across the globe. In addition to this, industrial solvents are also widely used in the pharmaceutical sector, impelling the industry share. For instance, pet shampoos utilize solvents to dissolve a medicinal drug for topical treatment, provide moisture, and soften animal hair & skin.
U.S. Oxygenated Solvents Market Size, By Application, 2017 & 2024, (Kilo Tons)
Industrial solvents are often used to dissolve ingredients and empower various solutions & manufacturing processes. They offer additional value in cosmetics, paints & coatings, adhesives, and lubricants because of their high solvency rate. For instance, Isopropyl alcohol is a multi-use solvent, which is often used as disinfectant in homes, and as an industrial solvent to dissolve substances, such as resins and oils, in production processes across various industries. The growth in manufacturing sector coupled with favorable regulatory outlook, especially in emerging economies, would positively favor industrial solvents market growth in the ensuing years.
The paragraphs below explore the growth prospects of the industrial solvents market with respect to the application landscape:
Paints & Coatings
The global paints & coatings market is anticipated to witness an upswing in terms of revenue in the approaching years, due to rising adoption across the building and construction sector. The paints & coatings industry is one of the biggest consumers of industrial solvents, attributable to the capability of solvents to disperse or dissolve the components in paint formation, to create paints of the desired consistency and eliminate globs or clumps. Apart from the construction sector, paints and coatings are widely used in the automobile industry. For instance, glycol ether esters are at times added to certain spray paints to avoid drying up in mid-air. The slow-paced evaporation of this powerful solvent group enables cars and other vehicles to get a smooth and flawless paint application for an appealing and durable finish.
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In addition to the factors mentioned above, it is important to note that no single solvent has the capability of dissolving all of the film-forming ingredients employed in contemporary coatings. The application of optimal thinners and reducers is usually needed, which consists of blends of various solvents, wherein each can dissolve one or more ingredients within a given coating formula. This has been leading to increased product usage per application, thereby considerably contributing towards industrial solvents market growth.
Numerous printing inks, used worldwide to print everything from books to food packs and labels, rely heavily on industrial solvents for accurate application to attain the vivid colors. In printing inks applications, solvents are implemented to regulate viscosity and permit flow without harming printing rollers. As with paints and coatings, solvents advance drying for contemporary fast-paced printing presses.
Printing inks applications have leveraged the potential of industrial solvents in a number of ways. For instance, the use of smudge-resistant ink in newspapers means no more finger staining and illegible print. Speaking of computer printer inks, they dry really very fast and are highly smudge resistant. Thus, the wide application spectrum of printing inks and brisk advancements in ink technology will create a powerful launch pad for industrial solvents market to reach new heights.
Cosmetic and Fragrances
The cosmetic industry relies heavily on industrial solvents to dissolve ingredients and increase the efficiency of products. Industrial solvents are widely used in lotions, shaving creams, face creams, and talcum powders to maintain the consistency of the product. For instance, Ethanol is hugely preferred by perfume companies as their solvent of choice due to its low odor. Indeed, the low boiling point of ethanol allows the solvent to evaporate rapidly and does not let it remain on the skin.
Likewise, acetone or Ethyl acetate is an important ingredient of nail paints and is especially looked upon for its fast-drying potential. Besides, it also finds applications in nail paint removal products, owing to its high solvency characteristic which enables the nail paint to be removed easily from the nail. Amidst this backdrop, it is prudent to mention that industrial solvents market share will soar high in the years to come, because of abundant product demand from cosmetic and fragrances applications.
Having realized the immense potential of the industrial solvents market, prominent companies such as Shell, Arkema, Honeywell, BASF, and Total have made considerable investments in R&D programs and product innovation to serve the evolving consumer demand better. Powered by the rapid expansion of the paints & coatings applications in tandem with growing infrastructure industry, the industrial solvents market is projected to attain commendable gains in the approaching years.
Author Name : Nikita Chaurasia
North America soy chemicals market to emerge as a pivotal regional contender over 2018-2024, escalating demand for soy-based food products and medicines to fuel the industry expansion
Pertaining to the surging importance of soybean pertaining to its many medicinal benefits, soy chemicals market has emerged as one of the most profitable spheres of the healthcare cosmos. Experts assert that the consumption of soy can lead to a reduction in cardiovascular diseases, breast cancer, as well as cosmetic and dermatological problems. In addition, soy injections help patients with diabetes mellitus to improve metabolism. Considering the nutritional benefits of soy, most of the nutritionists have been encouraging the consumption of soy and its food derivatives that has resulted in the demand upsurge for soy-based drugs and food products on a large scale. On these grounds, several medical companies have been developing soybean oil-based medicines, providing a push to soy chemicals market trends.
U.S. Soy Polyols Market Size, By Application, 2017 & 2024, (Kilo Tons)
Nowadays, several restaurants and food companies have been making tall claims about having incorporated heart-healthy oils in their products such as dressings, bottled oils, baked goods, snacks, and dips to attract more consumers who have been trying to reduce the inclusion of saturated fat in their diet. The U.S. is one of the largest producers of soybean, accounting for more than 30 percent of worldwide production. In America, soybean is one of the most used ingredients owing to its health potential. In this regard, the U.S. Food and Drug Administration (FDA) has been providing suitable support to pharmacies and biomedical companies that have been involved in the development of soybean oil-based medicines for reducing the risks associated with coronary heart disease and cancer.
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Recently, the agribusiness and food ingredient company, Bunge North America received an approval from the U.S. FDA for its claim related to the consumption of soybean oil and its connection to coronary heart diseases. With its versatile portfolio, Bunge is continuously striving to disseminate the importance of soybean oil and its health benefits. Moreover, facilitated with in-depth scientific and clinical research, Bunge is looking forward to strengthening its business with strategic acquisitions and joint ventures. The growing North America soy chemicals industry is slated to generate such attractive business opportunities for players such as Bunge over the years ahead. Indeed, driven primarily by Canada, U.S., and Mexico, North America soy chemicals market, claim estimates, will register a CAGR of more than 5% over 2018-2024.
In order to target the leading consumers of soybean and its food products, globally renowned companies have been establishing suitable partnerships to commercialize their activities by reducing import costs. Validating the aforementioned fact, on February 2018, Cargill and Archer Daniels Midland company formed a JV to supply soybean meal and oil across Egypt. This JV has also acquired the crush plant of the Egypt based oil company located in Borg Al-Arab. In addition, Cargill also has been investing to expand its daily crush capacity from 3000 metric tons to 6000 metric tons with which it will decrease the soybean meal imports in Egypt. This strategy will help Cargill to expand its business across Egypt and North Africa to enhance its customer base by supplying affordable, safe, and healthy food. With the adoption of such business tactics, the players in the soy chemicals market are aiming to utilize their existing facilities and infrastructure in order to meet the growing regional product demand.
The increasing popularity of soybean oil and its byproducts among the manufacturers of consumer and industrial products over petroleum and other hazardous ingredients is slated to stimulate the industry trends over the years ahead. In addition to medicinal usage, the deployment of soybean products for manufacturing coatings, plastics, solvents, adhesives, rubber, and lubricants will also have a positive influence on business growth. Driven by the rising number of facility expansions, soy chemicals market size is anticipated to be pegged at USD 44.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Oxo alcohols market to garner hefty proceeds over 2017-2024, driven by the extensive product demand from the plasticizers industry
The robust expansion of pivotal end-use domains such as packaging and construction will undoubtedly steer oxo alcohols market along a profitable growth path. With the demand for plasticizers observing an increase in the construction, consumer goods, and automotive sectors, oxo alcohols industry size is certain to increase in the ensuing years, given that these hydrogenated aldehydes are primarily used to manufacture plasticizers such as dibutyl phthalate and diiso-octyl phthalate. Despite the fact that this business sphere is essentially not a niche vertical, the product is extensively demanded from numerous end-use domains, thereby providing a slew of avenues for the growth of oxo alcohols industry. Pertaining to its widespread requirement, in tandem with the vast expanse of its deployment spectrum, oxo alcohols market size was pegged at USD 14.5 billion in 2016.
U.S. Oxo Alcohols Market Size, By Application, 2016 & 2024 (USD Million)
An insight into oxo alcohols market trends from plasticizers
As per estimates, global plasticizers industry size was valued at a massive 7.5 million tons in 2016 and is likely to depict an upward growth potential in the years ahead. This comes as no surprise, given how massively plasticizers are deployed in the polymer industry. When added to polymers, plasticizers apparently decrease the molecular attraction between polymeric chains, making them much more durable and flexible. With the increasing demand for polymer products such as PVC (polyvinyl chloride) products, ester-based plastics, plasticizer-based concrete, and more from the wiring, cabling, and flooring sectors, it would be profitable for investors to pour in their coffers in oxo alcohols market in the coming years.
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The plastic industry has been on a robust incline since the last decade, subject to the widespread product demand across a plethora of applications, which has been claimed to be a principal driving force behind the transformative oxo alcohols market outlook. In 2015, plastic production surpassed 322 million metric tons globally, 58 million metric tons out of which was manufactured in Europe alone. Driven by the profound deployment of plastics in the automotive, consumer goods, construction, packaging, and aerospace domains, plastic industry growth is slated to depict an extensive ascent in the years to come. By extension, oxo alcohols market size is also anticipated to exhibit a substantially huge growth rate, pertaining the fact that they are used massively for producing plasticizers, further deployed in plastic and polymer manufacturing. In fact, a report put together by Global Market Insights, Inc., states that oxo alcohols industry size from plasticizers will exceed a valuation of USD 8.5 billion by 2024.
The commercial production of oxo alcohols involves intermediaries such as ethylene, propylene, and acetylene that are used to manufacture plasticizers, acetates, ether, and solvents. It is prudent to mention however, that these raw materials are essentially obtained from petrochemical based feedstock, indicating that any fluctuations in crude oil price and volume trends may have a direct influence on the revenue graph of oxo alcohols market. Companies partaking in oxo alcohols industry share have been focusing on improving their production capacity in order to combat the demand-supply gap. In consequence, oxo alcohols market, in recent years, has been ablaze with a slew of M&As, partnerships, and expansion deals. With companies shifting their base toward the South East Asian topographies for the reasons of lower production cost, in conjunction with the increasing product demand from the ever-growing automotive, packaging, and construction arenas, oxo alcohols market is certain to traverse a profitable growth map in the forthcoming years.
Author Name : Saipriya Iyer
A regional overview of Barite Market: APAC and North America to emerge as prominent investment avenues
The recent news about Suricate Minerals looking out for hydrothermal barite deposits in North Mauritania depicts the reach of Barite Market across the globe. Mauritania reportedly represents extensive mining investment opportunities, pertaining to the socio-economic and political conditions affiliated with the region. The government has also initiated a favorable mining policy, which is a major factor that may drive the global barite industry. In the milieu of this background, Suricate Minerals has planned to invest USD 4 million for the development of barite, gold, quartz, and lithium projects.
U.S. barite market size, by application, 2013 – 2024 (USD Million)
Barite is basically a naturally occurring, barium-based mineral, and is found extensively across United States, Morocco, China, and India. Endowed with the properties of chemical inertness and high density, barite finds utilization across a humongous range of applications, across pharmaceuticals, adhesives, oil & drilling, rubber & plastics, paints & coatings, and textiles. Subject to its widespread application terrain, barite market size was pegged at USD 2.2 billion in 2016, and is apparently poised to cross a valuation of USD 4.1 billion by 2024.
It is noteworthy to mention that some of the African countries also serve as major mining grounds for barite, which are heavily imported by the countries across the North America belt. As per surveys, Asia Pacific and North America are expected to be major growth avenues for barite industry. This is obvious from the slew of mining and export activities that are being undertaken in both the regions.
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Barite market trends across North America
Here’s a breakdown of the contributions made by the regional players toward the growth of North America barite industry in the years 2016 and 2017 (until now)
|Year – 2016|
|Companies involved||Contribution toward barite market|
|Schlumberger||Texas-based Schlumberger’s M-I Swaco unit had proposed to develop a classic barite resource in Scotland, which had been approved by the local regulatory authority. The initiative aimed to mine 120,000 tons of barite annually.|
|Voyageur Minerals Ltd.||Canada-based Voyageur Minerals Ltd. strengthened its position in regional barite market by executing 3 prime projects for barite exploration project. The firm had then, planned to drill 500,000 tons of industrial grade barite at Frances Creek, undertake drilling beyond 100 m of the mined-out zones at Jubilee Mountain, and perform geological research to mine 20,000 to 50,000 ton of barite at Pedley Mountain.|
|Year – 2017|
|Companies involved||Contribution toward barite market|
|Honey Badger Exploration||Honey Badger Exploration recently announced the acquisition of three essential zinc and barite assets in Quebec, thereby contributing its bit toward the regional barite market growth.|
|Voyageur Minerals Ltd.||Voyageur Minerals Ltd. built a strong portfolio of three wholly-owned BaSO4 (barium sulfate) deposits in British Columbia.|
|Benz Mining Corp.
Silver Range Resources Ltd.,
|Benz Mining Corp. entered into a partnership with Silver Range Resources Ltd., though which the former can buy 100% of the latter’s Mel zinc-lead-barite project, for a valuation of CAD 2.7 million in southeast Yukon.|
North America barite market size was valued over USD 1 billion in 2016. This comes as no surprise, considering the enormous number of shale gas exploration and oil drilling activities in the area. The region will continue to remain a major contributor of barite industry, with U.S. retaining its paramount position. The continent has also experienced the usage of unconventional energy sources to meet the never-ending demand across the power generation, automotive, and oil & gas sectors, on the grounds of which, analysts claim North America barite market to register a growth rate of 4.5% over 2017-2024.
Barite deposits in North America:
|United States||Missouri, Tennessee, Georgia, Nevada|
|Mexico||Durango, Hermosillo, Pueblo, and Monterrey|
|Canada||Nova Scotia, Newfoundland, and Yukon Territory|
One of the major states that has been achieving great heights in barite production is Nevada. Barite production in this state had risen by more than 20% from 2010 to 2013. In 2012, the numbers had increased to more than 740,000 tons from that of around 690,000 tons in 2011. With the continued shale gas boom and the robustly growing oil & drilling industry North America barite industry will carve out a lucrative roadmap over the years ahead.
Barite Market Trends across the Asia Pacific
Here’s a breakdown of the contributions made by the regional players toward the growth of Asia Pacific barite industry in the years 2015, 2016, and 2017 (until now)
|Year – 2015|
|Companies involved||Contribution toward barite market|
LY Resources (LYR Group)
|AsiaPhos, the mineral resource group had declared the acquisition of LY Resources for USD 36.8 million. The deal aimed to acquire the ownership of 55% of Deyang Fengtai Mining, which held the license for the barite rocks in Sichuan.|
|Year – 2016|
|Companies involved||Contribution toward barite market|
|Andhra Pradesh Mineral Development Corp. (APMDC)||Andhra Pradesh Mineral Development Corp. had announced the approval of the Indian barite tender that provided the company with exclusive rights to mine and sell barite for a 12-month period. The govt. approval was a major milestone in the development of the regional barite market.|
|Year – 2017|
|Companies involved||Contribution toward barite market|
|Thermax recently acquired Denmark-based Barite Investment with a view to establish barite facilities in the region.|
Asia Pacific barite market is expected to emerge as one of the most lucrative growth avenues for barite market, given that the region has been experiencing a commendable growth across numerous sectors. As per analysts, the continent is anticipated to generate substantial revenue from the sales of white and off-white barite, which is slated to grow at a CAGR of 3% over 2017-2024. This is primarily due to the growing prominence of the paints & coatings sector in the region, since the product is heavily utilized in this industry.
APAC barite market is expected to register a CAGR of 7% over 2017-2024, with India and China at the helm. The substantial shale gas exploration activities in China, say experts, will serve to be one of the major drivers pushing the growth of the regional barite market. Besides, the ever-growing construction, automotive, paints & coatings, and consumer goods will prove to make a marked impact on the growth path of APAC barite industry.
Experts predict that major companies operating in global barite market will make substantial investments toward the global revenue in the future. Having established its footprints across major geographies, barite market is also likely to tap into the areas on lesser potential, especially across Europe. Considering the fact that the mineral is used across numerous sectors, barite market is slated to exhibit an appreciable growth rate over the forthcoming years of 2017-2024.
Author Name : Saipriya Iyer
North America bitumen market to accrue substantial proceeds by 2025, rising number of waterproofing projects to drive the regional industry growth
The global bitumen market is expected to show an exponential growth curve with the rising road construction, maintenance, and repair activities. Bitumen, also known as asphalt is a necessary binder used in the road construction activities as the product offers high stickiness, viscosity, and superior water resistance properties. Bitumen is also utilized as a sealant and adhesive and finds huge demand in the construction of damns, water tanks, and bridges.
The growing construction expenditure, which as per estimates, is likely to touch USD 13 trillion over the coming seven years has in turn accelerated the growth of bitumen industry across the globe. Bitumen market is also witnessing other lucrative growth avenues, owing to exclusive product demand from tire, paints & coatings, battery manufacturing, thermal & acoustic insulation sectors. According to a report compiled by Global Market Insights, Inc., the global bitumen industry size is projected to register a y-o-y growth of 3.7% over the period of 2018-2025.
U.S. Polymer Modified Bitumen (PMB) Market size, by Application, 2013 – 2024 (USD Million)
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 from roadways applications. Indeed, roadways accounted for a prominent 80% of the overall bitumen market share in 2017 on account of the increased number of road construction projects. In this context, it is prudent to mention that 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.
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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, paving bitumen held an astonishing 70% of the overall bitumen market share and is projected to expand at a commendable growth rate over 2018-2025.
An outline of North America bitumen market trends: waterproofing applications to gain ground in the region
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 the rapidly growing number of residential remodeling projects. As per estimates, in 2017, waterproofing applications held the second-highest share of the overall bitumen market. Driven by the massive deployment in numerous establishments across North America and other geographies, bitumen market size from waterproofing applications will grow at a CAGR of 4% over 2018-2025.
Estimates claim that North America accounted for 30% of the overall bitumen market share in 2017. Driven by the rising number of suburban remodeling projects across the United States and the subsequently growing product demand for waterproofing applications, especially across the U.S., North America bitumen market size, in terms of volume, will register a CAGR of 2.5% over 2018-2025.
The competitive landscape of bitumen market is slated to be highly ferocious, and inclusive of prominent industry players such as 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. Brainstorming highly advanced asphalt technologies is a standard tactic adopted by players such as Kraton Corporation, that believes in bringing forth newer products to meet the ever-rising product demand for roofing and paving applications. As per Global market Insights, Inc., the overall bitumen market size is slated to cross a mammoth USD 112 billion by 2024.
Author Name :Saipriya Iyer