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
Active calcium silicate market to witness massive demand from construction industry, Asia Pacific to prominently drive the global demand
Strong growth in the infrastructural spending has carved a profitable growth map for the global Active Calcium Silicate Market. Active calcium silicate finds extensive application in the construction industry, owing to its properties such as high-temperature stability and sound absorption. Active calcium silicate market offers a wide product availability in the form of powder, boards, blocks and is used for fire protection, in Portland cement, acoustic insulation, ceramics, and paints & coatings. Active calcium silicate industry has witnessed an upsurge with rising demand from the construction projects including airports, flyovers, highways, fire stations, and other commercial complexes. As per statistics, the global construction spending in 2015 exceeded USD 7 trillion and is projected to record over USD 15.5 trillion by 2024, expanding at 7.5% CAGR over 2016-2024. Within the global construction expenditure, Asia Pacific held for more than 20% in 2015, owing to rapid infrastructural growth in the emerging economies.
U.S. active calcium silicate market size, by application, 2013-2024 (USD Million)
China is witnessing significant government initiatives toward installing fire protection in commercial and residential buildings, which in turn is stimulating the regional active calcium silicate market. Moreover, presence of huge industries including plastics, paint & coatings, rubber, and cements manufacturing units have accelerated the product deployment for high temperature insulation applications. This has boosted the product demand in China and the regional active calcium silicate market is projected to surpass 15 kilo tons in term of volume by 2024.
The global active calcium silicate industry is set to garner huge profit from its fire protection applications. The product is widely used in boards & blocks form in oil refinery, blast furnace, building walls, and electric arc furnace. Active calcium silicate market share from the fire protection application is estimated to generate sales of USD 135 million by 2024. The EAPFP (European Association for Passive Fire Protection) has imposed regulations and guidelines regarding the harmonization of fire safety standards for the commercial and residential buildings. Properties of active calcium silicate which includes adhesiveness, intumescent, and fire resistance have broadened the application scope to acoustic tiles and wallboards.
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Supportive regulations by ASTM in the United States to formulate, direct, and regulate fire safety standards and to conduct test methods on acoustic and thermal insulations have significantly favored the regional market growth. U.S. active calcium silicate industry, owing to such favorable support, is expected to grow at 3.5% CAGR over the period of 2016-2024. Apart from US, these test methods and quality standards are also heavily regulated across Germany, Italy, and France.
Another strong application trend of active calcium silicate is in Ceramic Tiles Market, which is anticipated to grow at a rate of 9% over 2016-2024. The overall active calcium silicate market from ceramic application is likely to register a growth rate of 3.5% from 2016-2024, owing to growing application in false ceiling, plaster of Paris, tiles, and roof manufacturing products as it possesses properties such as hardness, high melting point, corrosion resistance, and light weight.
These advantages of ceramics have propelled its heavy demand in replacement of tiles for improved aesthetic appearance. Brazil active calcium silicate market is poised to see a consumption exceeding 90 tons by 2024, owing to growing trend toward high quality ceramic tiles as a substitute for conventional walls and floors.
According to Global Market Insights, Inc., active calcium silicate market is projected to generate revenue worth USD 215 million with the global consumption target of 119 kilo tons by 2024. The global active calcium silicate market is also witnessing an upliftment with surging trade statistics. South Africa, UAE, and Saudi Arabia may witness product shortfall and can thus increase its product import. However, this scenario can provide a fair opportunity for the regional manufacturers to boost their manufacturing activities to balance the regional demand. The global market experiences a fierce competition among the industry players. Prominent active calcium silicate industry players include Promat International, Ramco Industries, American Elements, Imerys Filtration Minerals, 2K Technologies, Anglitemp, and HIL Limited.
Author Name : Ojaswita Kutepatil