What is a Bitumen?
It is a black viscous mixture of hydrocarbons obtained naturally or as a residue from petroleum distillation. It is used for road surfacing and roofing.
Asphalt, also known as bitumen.
The global Bitumen Market is estimated to develop at a substantial CAGR for the duration of the prediction due to growing usage in Adhesives, Waterproofing, Insulation, and Roadways. Speedy expansion in developing marketplaces has contributed to growth in substructure actions. The combination of carbon-based fluids that are black, sticky, solvable in carbon disulfide and extremely sticky in nature, is regularly obtained from petroleum processing plant, by means of a left over product once the abstraction of advanced portions similar to Diesel, Petrol, gas etc. is done. It is termed as “Bitumen”. It has glue possessions and is largely utilized in waterproofing and construction of roads. This directed the producers to come up with innovative products. It also utilized as an adhesive or binder.
It is normally mixed with collective constituents to produce bitumen concrete. Growing usage particularly in the construction of road in a number of emerging markets throughout the world is making vibrant openings for the market. The Bitumen market on the source of Type of Application could span Insulation, Adhesives, Water proofing for Roof, Paints & Coatings, Road Construction, Inks & Dyes, and Others.
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The sub division of Road Construction was the biggest sector of application during the year 2015 and it is projected to reach US$ 39.29 billion during the forecast period. The connectivity of road is the maximum essential element of any industrialized nation. This aspect has brought about market growth, because of increasing necessity for transportation in developing markets. The effective carrying arrangement in a number of nations together with the U.S.A, China and India, will inspire demand for the product in the nearby future.
Growing demand for flooring uses throughout diverse areas of the world particularly in Middle East Asia and Asia Pacific will endorse the development of the product above the following eight years. Increasing fresh erection methods having waterproofed flat rooftops will motivate the demand above the prediction period.
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The Bitumen market on the source of Type of Product shows the Manufacture, Profits, Price, Market stake and Development percentage of respective category. The Bitumen market is divided into Polymer Modified Bitumen [PMB], Hard Grade Bitumen, Soft Grade Bitumen, Paving Grade Bitumen, Bitumen Emulsions, Oxidized Grade Bitumen. The market on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage in these areas, for the duration of the prediction could span North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
By the source of geography, Asia Pacific was the leading market during the year 2015. It was responsible for around 33.0% stake of the international capacity and will display development, due to growing construction manufacturing in the nations like Vietnam, Thailand, China, and India. Furthermore, the existence of the most important companies in the area comprising British Petroleum, ExxonMobil and Shell Bitumen will expand the business above the following eight years. In addition, Asia Pacific will upsurge its ingestion due to the wide-ranging road setup in the area.
The North American market was prized above US$ 19.00 billion during the year 2015.It is projected to observe important growth because of the increasing necessity for reconstruction of present properties for example buildings, bridges, and highways. Middle East Asia is projected to display important capacity improvements by means of CAGR of 2.0% during the period of prediction. This is because of increasing subdivision of construction mainly in Qatar and UAE combined with growing actions of substructure in the area. In addition, growing government expenses on building will boost the growth of the business in the neighboring future.
The statement revises Trades in terms of intake of Bitumen in the market; particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field on international level are Sinopec, Villas Austria GmbH, Marathon Oil Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC, Petr oleos Mexicanos, Nippon Oil Corporation, Nynas AB, Indian Oil Corporation, British Petroleum, Athabasca Oil Corporation, Suncor Energy, Imperial Oil Limited, NuStar Energy and Valero Energy Corporation.
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)