Asia-Pacific to Generate High Demand for Bitumen During Forecast Period
Rising use of bitumen for
construction of roads in regions with different climatic conditions to drive
global bitumen market during forecast period
According to
TechSci Research report, “Global Bitumen
Market By Product Grade, By Application, By Region, Competition, Forecast
& Opportunities, 2024”, global bitumen market is
expected to grow at a CAGR of over 6% during forecast period on
account of increase in road construction activities and government
spending on infrastructure activities. Bitumen is witnessing adoption in
the construction and infrastructure industry on account of its high durability,
strength and resilience. With rising population across the globe, the demand
for commercial and domestic building constructions is also increasing, which is
fueling construction of road and repair activities, globally. However, strict mandates
by Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH)
and use of cement in place of bitumen, are likely to hamper the growth of the
market during forecast period.
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Global
bitumen market can be segmented based on product grade, application and region.
In terms of product grade, the market can be segmented into paving, industrial
and polymer modified bitumen. Paving product grade dominates global bitumen
market and the segment is anticipated to continue its dominance during forecast
period as well on account of increasing use of paving products in road
construction and maintenance activities. Moreover, paving product grade also finds
application in the construction of bicycle paths, runways and railway beds,
among others, which is positively influencing the growth of this market
segment.
China
National Petroleum Corporation (CNPC), Indian Oil Corporation Limited (IOCL), Total
S.A., Exxon Mobil Corporation, Royal Dutch Shell Plc, Sinopec, Valero Energy
Corporation, Bouygues S.A., NuStar Energy L.P., Villas Austria GmbH, Marathon
Oil Corporation, Nynas AB, Kraton Corporation, etc., are some of the leading
players operating in global bitumen market. The companies operating in the market
are using organic strategies such as product launches, mergers and
collaborations to boost their share. For instance, Kraton Corporation developed
Highly Modified Asphalt Technology (HiMA) in order to serve the growing demand
from roofing and paving sectors.
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“Asia-Pacific accounts
for the largest share in global bitumen market and is anticipated to maintain
its position during forecast period as well on account of increasing industrial
and infrastructural activities in economies such as China, India, Japan, among
others. Moreover, factors like growing population, rising living of standard coupled
with surging traffic are further anticipated to fuel demand for bitumen across
Asia-Pacific over the next five years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Bitumen Market By Product Grade, By
Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global bitumen
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global bitumen market.
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