The
global market for bitumen is expected to reach USD 95.77 billion by 2020.
Bitumen is primarily used in road construction activities and increased road
development in high growth markets of India, China and Brazil is expected to be
a key driver for the growth of the market.
Roadway
constructions were the major consumers of bitumen in 2013, accounting for over
80 million tons of global consumption. Other key applications include
waterproofing, insulation and adhesives. Water proofing is expected to be the
fastest growing application market for bitumen, at an estimated CAGR of 2.9% on
volume basis, primarily on account of improved Polymer Modified Bitumen (PMB)
quality in water resistance. Environmental issues associated with the
extraction of bitumen from oil sands are expected to remain a key challenge for
the growth of the market in the near future.
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Further key findings from the study
suggest:
Global
bitumen consumption is expected to reach 135.07 million tons by 2020, growing
at a CAGR of 2.7% from 2014 to 2020.
The
improvement in technology with regards to transportation war mix asphalt from
Canada is expected to present market participants with growth opportunities
over the next six years.
North
America was the largest regional market for bitumen; with demand estimated at
over USD 21.0 billion in 2013 and is expected to remain the leader over the
next six years. The region is expected to be a key market, owing to the vast
network of roads in the regions coupled with the implementation of MAP - 21
(Moving Ahead for Progress in 21st Century Act) which funds road development
program for the U.S. over the next two years.
China
and Asia Pacific are expected to outpace North America in terms of growth on
account of the rapid infrastructure development in India, South Korea and
China. The governments of these countries have special focus on road
construction activities in their current five year plans, with the Chinese
construction spending expected to grow at a CAGR of nearly 4.0% from 2014 to
2020.
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The
global bitumen market is fragmented with the top four companies accounting for
less than 25% of the global market share. This is largely due to the logistic
issues associated with bitumen making the presence of large number of domestic
manufacturers inevitable.
For
the purpose of this study, Grand View Research has segmented the global bitumen
market on the basis of application, product and region:
Bitumen
Application Outlook (Volume, Million tons; Revenue, USD Billion, 2012 - 2020)
Roadways
Adhesives
Waterproofing
Insulation
Others
Bitumen
Regional Outlook (Volume, Million tons; Revenue, USD Billion, 2012 - 2020)
North America
Europe
China
Asia Pacific (excluding China)
RoW
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