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