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Bitumen Market Size, Share & Industry Analysis, By Type (Paving Grade, Hard Grade, Oxidized Grade, Polymer Modified, Bitumen Emulsion), By Application (Roadways, Waterproofing, Adhesives, Insulation, Others) And Regional Forecast 2021-2028

Region : Global | Report ID: FBI104300 | Status : Ongoing

 

KEY INDUSTRY INSIGHTS

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.


Market Segmentation:


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.


Key Players Covered:


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.


Key Insights



  • New Advancements in Production Technologies

  • Key Trends in the Bitumen Market

  • New Product Launches, Expansions, Key Players

  • Ranking of Key Players in the Market


Regional Analysis:


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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Segmentation






















 ATTRIBUTE


  DETAILS

By Type




  • Paving Grade

  • Hard Grade

  • Oxidized Grade

  • Polymer Modified

  • Bitumen Emulsion



By Application




  • Roadways

  • Waterproofing

  • Adhesives

  • Insulation

  • Others



By Geography




  • North America (U.S., and Canada)

  • Europe (Germany, UK, France, Italy, and Rest of Europe)

  • Asia Pacific (China, India, Japan, and Rest of Asia Pacific)

  • Latin America (Mexico, Brazil, and Rest of Latin America)

  • Middle East & Africa (UAE, South Africa, and Rest of Middle East & Africa)



Bitumen Industry Developments



  • In March 2019, Shell launched a new bitumen product that is designed to help to reduce the impact of asphalt production and paving on native air quality.

  • In October 2020, Exxon Mobil is maintaining production cuts at its bitumen unit in Singapore. The unit has capacity of 120000 tons per month for bitumen.


Bitumen Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

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