The Global Bitumen Market is rapidly growing sector with demand from various regions of the world. This is a combination of highly viscous organic liquids soluble in carbon disulfide which consists of extremely condensed polycyclic aromatic hydrocarbons. Bitumen is a naturally occurring tar like form of petroleum that is liquids soluble in carbon disulfide which consists of extremely condensed polycyclic aromatic hydrocarbons.
The rise in use in various applications such as roadways, insulation, waterproofing, and adhesives is expected to boost the global bitumen market growth over the forecast period. Furthermore, the growing urbanization in emerging markets has contributed to increasing infrastructure activities will positively influence the market growth. The bitumen binder is an essential element in roadways applications on account of its higher strength, resilience, and durability. Concrete contains small amount of bitumen which is acting as a binder to enhance its resistance characteristics, which is anticipated to propel the global bitumen market growth during this forecast period. The increase in demand for infrastructure on account of increasing the population & improving the standard of living is expected to support the global bitumen market growth.
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The increase in environmental concerns associated with product extraction is expected to hamper the global bitumen market growth. Also, fluctuations in raw material prices may limit the market growth.
The Global Bitumen Market is segmented into type such as Paving Grade Bitumen, Hard Grade Bitumen, Oxidized Grade Bitumen, Polymer Modified Bitumen, and Bitumen Emulsions. Further, market is segmented into end user such as Waterproofing, Paints & Coatings, Inks & Dyes, Road Construction, and Others.
Also, the Global Bitumen Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Exxon Mobil Corporation, Nynas AB, British Petroleum, Royal Dutch Shell PLC, Indian Oil Corporation, Marathon Oil Corporation, Villas Austria GmbH, Petroleos Mexicanos, Sinopec, Nippon Oil Corporation, etc.
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