The global bitumen market will expand at a CAGR of 3.90% from 2014 to 2020. The market was valued at US$71.44 bn in 2013. It is expected to reach US$93.38 bn by the end of 2020, according to a research report released by Transparency Market Research. The report titled “Global Bitumen Market – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020” is now available on the company website for sale.
According to the report, the global bitumen market is primarily driven by the growing rate of use in construction of roadways around the world. The report states that there is a rapid increase in the rate of creation of roadways and other related activities, creating a high demand for the global bitumen market. Polymer modified bitumen, a type of bitumen, is highly preferred due to the advantages it provides, such as high porosity, high skid resistance, and low noise. All three properties are the most sought-after ones in the global roadways industry, giving PMB an advantage over other materials.
The global bitumen market’s growth rate is, however, restrained to a high degree by the environmental hazards created by the use of bitumen.The report segments the global bitumen market in terms of products and applications, and also provides a geographical dissection.By products, the global bitumen market was dominated by PMB in 2013. The segment held more than 65% of the market for that year and is expected to be the fastest-growing segment for the report’s forecast period. PMB is also used for waterproofing purposes.
The report states that more than 80% of the global bitumen market, from the perspective of applications, was dominated by road construction in 2013. Other applications of bitumen arise in automotive, adhesives, paints and enamels, and the roofing industries.From a geographical point of view, the global bitumen market was led by North America in 2013. North America took up over 30% of the global bitumen market in 2013, a market share attributed to expansion of state infrastructure. However, the report states that the fastest growth rate in the global bitumen market for its given forecast period will be held by the Asia Pacific region owing to rapid rate of industrialization.
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The key players of the global bitumen market are Villas Austria GmbH, Valero Energy Corporation, Shell Bitumen, Petroleos Mexicanos, Nynas AB, NuStar Energy, JX Nippon Oil & Energy Corporation, Marathon Oil Company, Indian Oil Corporation, ExxonMobil, China Petroleum and Chemical Corporation ChevronTexaco Corporation, British Petroleum, Bouygues S.A., and Bau Holding Vermögensverwaltung AG. The report states that the global bitumen market is highly competitive and fragmented due to the presence of a large number of regional players.