Global Bituminous Paints Market: Overview
The robust growth of the construction industry in several parts of the world is helping the global bituminous paints market in gaining traction. There is a high demand for bituminous paints across the industry owing to its corrosion and weather proof properties. They are easy to use and can be applied to the desired surface using conventional painting techniques such as spraying and paint brushes. The demand for these paints is also increasing in the marine and aviation sectors.
Applications of bituminous paints include waterproofing, protective coating, corrosive, concrete, and steel. They are primarily used for waterproofing and are thus, used in painting pipes, machinery, and water tanks. Continuous research and development activities are expected to widen the scope of applications of bituminous paints, thereby augmenting the growth of the market in the near future.
The research report on the global bituminous paints market provides an immaculate understanding of all the vital aspects of the market. It serves as a professional study offering insights into regional segmentation and vendor landscape. It includes statistics pertaining to the market at both global and regional levels. It performs a detailed analysis of the global bituminous paints market for the forecast period between 2016 and 2024.
Global Bituminous Paints Market: Drivers and Restraints
Bituminous paints are gaining popularity worldwide due to their easy applicability. They are manufactured in ready to use form and generally do not require the addition of any external agent before use. Since the demand for these paints is extensively dependent on industrial activities in any region, the improving economic conditions and rapid industrialization in developing countries are providing a fillip to the global bituminous paints market.
On the flip side, the protean prices of crude oil, which serves as a primary raw material, are hampering the growth of the market. Moreover, bituminous paints have adverse effects on the human health and the environment. This has compelled governments worldwide to impose stringent regulations on their production and sales, thereby limiting the market from realizing its utmost potential. Nevertheless, the rising research and development activities for the introduction of bio-based bituminous paints are unfolding tremendous growth opportunities for the market.
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Global Bituminous Paints Market: Regional Outlook
The report segments the global bituminous paints market on the basis of geography into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America will account for a substantial share in the global arena, with the U.S. at the forefront of growth. The booming marine and aviation industries are contributing to the growth of the region. Europe is anticipated to exhibit moderate growth during the forecast period due to the stringent regulatory framework.
Asia Pacific is expected to register significant growth during the same period. The flourishing growth of the construction sector in emerging countries such as India and China is one of the key factors stoking the growth of the market in the region. Increasing industrialization is also propelling the growth of the region.
Global Bituminous Paints Market: Competitive Landscape
The global market for bituminous paints is moderately fragmented in nature. The majority of companies operating in the market are focusing towards offering products that comply with government regulations and also enhance their visibility. Thus, players are paying high attention to research and development and product innovation. Some of the prominent participants in the global bituminous paints market are Hebei Tuohua Metal Products Co. Ltd., Juno Bitumix Pvt. Ltd., and Tianjin Haiyunda Metal Material Co. Ltd.