Rising road and other public transportation facilities, increasing demand for commercial and residential building, in the developing nations and the ongoing construction and development projects under the national missions of the several developed and the emerging nation is expected to augment the global bitumen market growth in the years to come.
Bitumen is the most essential component in the designing and engineering of the roads, highways, sport and play way area, and the overall infrastructure development activities. Based on the chemical composition and the viscosity grade of the bitumen, the asphalt roads can be designed as per the suitability of the region and its climatic conditions.
According to MarkNtel Advisors’ research report “Global Bitumen Market Analysis, 2020”, the Bitumen market is anticipated to grow at a CAGR of around 6.5% during 2020-25. The surging traffic congestion, owing to the rise in auto sales amid improvement in living standards and improved economic conditions across the globe, is leading to the rampant construction of flyovers, heavy-duty toll roads, and expansion of the existing routes. The increasing government spending on the development of secondary sector infrastructure and the upcoming government projects is anticipated to proliferate the product market growth.
Furthermore, the increasing R&D initiative by the operators in the global bitumen market and the technological upgradations in the product such as Polymer Modified Bitumen is expected to contribute to the increasing revenues. Polymers enhance the physical properties of the Bitumen in terms of elasticity, viscosity, etc.
Asia-Pacific Region Projected to Emerge as the Fastest Growing Regions
Based on the geographical segmentation, the Asia-Pacific region is expected to emerge as the fastest-growing region during the projected period 2020-25. The government of China and India are making heavy investments towards the development of highways, international link roads, etc.
For instance, the Ministry of Road Transportation & Highways of India decided to make 2018-19, as the year of construction, with the completion of the existing assigned projects. Under the Bharatmala Initiative, launched in 2017, the government of India allocated USD74.73 billion for the construction and up-gradation of the National Highways of 34,800 Km of length, over the period of the next five years. Similarly, China is developing the New Silk Road with an investment of USD 900billion. The country has already started the construction of road and railway lines between Addis Ababa & Djibouti, Nairobi & Mombasa, and is likely to start projects in Uganda, Rwanda, and the Democratic Republic in the coming years.
According to MarkNtel Advisors’, some the of key competitors operating in the Bitumen market includes British Petroleum, Exxon Mobil Corporation, Chevron Texaco Corporation, Icopal Group, Bouygous S.A., Marathon Oil Company, Indian Oil Corporation., and others, etc.
“Global Bitumen Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for automotive lubricant providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Industry Segmentation:
1. By Application (Water Proofing, Adhesive, Insulation, Others)
2. By Type (Paving Grade Bitumen, Oxidized Bitumen, Bitumen Emulsions, Polymer Modified Bitumen, Cutback Bitumen)
3. By Region (North America, South America, Europe, Middle East, and Africa, Asia- Pacific)
4. By Country (US, Canada, Mexico, Brazil, Argentina, Germany, Russia, France, Italy, UK, Saudi-Arabia, UAE, South Africa, China, India, Japan, Australia)
5. By Company (British Petroleum, Exxon Mobil Corporation, Chevron Texaco Corporation, Icopal Group, Bouygous S.A., Marathon Oil Company, Indian Oil Corporation., and others)
Key questions answered in the study:
1. What are the current and future trends of the Bitumen industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Bitumen industry?
5. What are the customer orientation, purchase behavior, and expectations from the Bitumen suppliers across various regions?