MARKET INTRODUCTION
Bitumen is a dark, sticky, and highly viscous petroleum-based hydrocarbon formed during the distillation of crude oil. It is composed of complex hydrocarbon molecules such as asphaltenes and hydrocarbon resins as well as metal and non-metal elements such as vanadium, nickel, calcium, sulfur, iron, nitrogen, oxygen, etc. Bitumen is primarily used in paving roads as it is easy to produce, non-toxic, and reusable. It has a low melting point of 240 degrees Fahrenheit, making it more convenient to heat and melt the asphalt during the recycling process. It is also used in waterproofing applications, roof shingles, stucco boards, wallboards, etc.
MARKET DYNAMICS
Construction of roadways and pavements continuous to remain the most significant application of bitumen. Bitumen is increasingly consumed by the civil engineering sector to create asphalt concrete. It is the chief construction material used in the construction of roadways, airport runways, taxiways, paved crossings, freight yards, bridge decks, driveways, etc. Expansion of road networks, construction of new motorways, as well as repair works of the existing roads are anticipated to drive the demand for bitumen in the forecast period. The growing demand for modified bitumen with altered properties such as higher fatigue life and better elastic and tensile strength is expected to support the growth of the bitumen market. The use of bitumen in waterproofing applications, caulking compounds, acoustic blocks, and as adhesives in the furniture and wood industry will further propel the sales of bitumen. The growing concerns over climate change and global warming has led to significant demand for non-petroleum based bitumen substitutes based on renewable raw materials such as lignin and oil plants.
MARKET SCOPE
The "Global Bitumen Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the bitumen market with detailed market segmentation by type, end-use industry, and geography. The global bitumen market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading bitumen market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global bitumen market is segmented on the basis of type and end-use industry. On the basis of type, the bitumen market is segmented into, paving grade bitumen, hard grade bitumen, oxidized grade bitumen, polymer modified bitumen, and bitumen emulsions. On the basis of end-use industry, the market is bifurcated into, road construction, waterproofing, paints and coatings, inks and dyes, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global bitumen market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The bitumen market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the bitumen market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the bitumen market in these regions.
MARKET PLAYERS
The reports cover key developments in the bitumen market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from bitumen market are anticipated to lucrative growth opportunities in the future with the rising demand for bitumen in the global market. Below mentioned is the list of few companies engaged in the bitumen market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the bitumen market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BRITISH PETROLEUM
- EXXON MOBIL CORPORATION
- INDIAN OIL CORPORATION
- MARATHON OIL CORPORATION
- NIPPON OIL CORPORATION
- NYNAS AB
- PETROLEOS MEXICANOS
- ROYAL DUTCH SHELL PLC
- SINOPEC
- VILLAS AUSTRIA GMBH
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