The Global Bitumen market growth is expected to surge in the upcoming years on an account of its increasing demand from the Asia-Pacific and the Middle East regions. Furthermore, the extensive application of the bitumen in the paints, waterproofing, and roof sealing, due to the upsurging construction activities across the commercial and residential sector would support the growth of the market.
Moreover, the widespread application of the bitumen in the construction of roads is leading to the increasing demand for the bitumen. The large-scale road construction and development projects and the extensive government investments on the infrastructure development including widening of highways, expansion of existing transportation routes, and construction of national highways, among others, are expected to lead to a considerable market size of the global Bitumen market in the future.
According to MarkNtel Advisors’ research report titled “Global Bitumen Market Analysis, 2020”, the Global Bitumen market is anticipated to grow at a CAGR of around 6.5% during 2020-25. On the basis of the application segmentation, the roadways segment held the largest market share in 2019. The increasing road construction and maintenance activities, majorly in the developing regions, are expected to have high market growth.
Oxidized Bitumen to Maintain its Leading Position
The oxidized bitumen type was the market leader in the Global Bitumen market in 2019, as stated in MarkNtel Advisors’ research report on “Global Bitumen Market Analysis, 2020”. The segment is also anticipated the attain the highest CAGR during the forecast period of more than 4%, followed by the polymer modified bitumen segment. Oxidized bitumen is a highly flexible and liquid resistant that offers durability.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Bitumen market include British Petroleum, Exxon Mobil Corporation, Chevron Texaco Corporation, Icopal Group, Bouygous S.A., Marathon Oil Company, and Indian Oil Corporation.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Bitumen Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of units sold.
Q. What would be the growth rate or CAGR of Global Bitumen Market during 2020-25?
A. The market size of Global Bitumen Market during 2020-25 is forecast to be around 6.5%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that North America will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Bitumen Market?
A. British Petroleum, Exxon Mobil Corporation, Chevron Texaco Corporation, Icopal Group, Bouygous S.A., Marathon Oil Company, Indian Oil Corporation are few of the leading players in the Global Bitumen Market.
Q. Does the report scope cover Global Bitumen sensor type wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Bitumen sensor type wise statistics such as market size, market segmentation based on various subcategories.
Q. Which type would emerge as an opportunity area for players in Global Bitumen Market?
A. The oxidized bitumen type will continue to grow and is also anticipated the attain the highest CAGR during the forecast period of more than 4%, presenting immense opportunities for manufacturers and suppliers of Global Bitumen Market.
Q. Which application segment would emerge as an opportunity area for players in Global Bitumen Market?
A. Roadway segment will continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Bitumen Market.
