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Bitumen, also known as asphalt is a black colored, highly viscous, sticky, semi-solid form of petroleum found naturally as well as refined form. Primarily, bitumen is used in road construction, waterproofing products, insulation, adhesives and other applications. Bitumen is highly employed in construction and infrastructural activities attributed to its binding ability and easy manufacturing process.
Increasing demand from construction sector is driving the market growth. Bitumen is excellent binder for aggregates and other road construction materials. Increasing government initiatives to develop the public infrastructures and roadway networks to increase the internal as well as external connectivity is expected to boost the demand for bitumen.
However, bitumen is byproduct of petroleum refineries. Petroleum rapidly depleting petroleum reserves is likely to hamper the market growth.
Key Market Driver -
Increasing demand from construction sector.
Key Market Restraint -
Limited reserves of petroleum.
Based on type, the global bitumen market is segmented into paving grade, hard grade, oxidized grade, polymer modified, bitumen emulsion. Based on application, is segmented into roadways, waterproofing, adhesives, insulation, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global bitumen market consists of global & regional players operating. Some of the key players in the market include Royal Dutch Shell, Valero Energy Corporation, Total S.A, Exxon Mobil Corporation, Indian Oil Corporation, China Petroleum and Chemical Corporation, Suncor Energy, Villas Austria GmbH, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to account for largest share in market due to the rising construction sector in India, South Korea, Thailand, Indonesia, Vietnam and other countries. North America is expected to witness significant growth attributed to the large manufacturing base for petroleum. Europe is expected to experience significant growth attributed to the demand for road construction and other infrastructural activities like waterproofing, insulation and other. Latin America and Middle East & Africa is likely to exhibit sluggish growth by the end of forecast period.
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