Bitumen Market to reach US$93 billion by 2020 on Account of Rapid Rise in Road Construction : Transparency Market Research
A market study has been recently released by Transparency Market Research (TMR), projecting the global bitumen market to expand at a CAGR of 3.9% during the period from 2014 to 2020 and reach a market value of US$93.38 billion by the end of the forecast period. In 2013, the global bitumen market stood at US$71.44 billion and produced a total of 108,348.9 kilo tons of bitumen.The report, titled “Global Bitumen Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, presents a comprehensive analysis of the worldwide bitumen market, considering the historical as well as current performance of each segment of this market.The report states that the rapid increase in activities associated to road development across the world has fuelled the growth of the bitumen market significantly. However, the harm that bitumen extraction causes to the environment is restricting the development of this market to a great extent. Other than this, the ample availability of bitumen alternatives is also expected to hamper the market growth during the forecast period.
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Holding more than 80% of the market, roadways emerged as the leading application segment of the global bitumen market in 2013. However, over the forecast period, the market for waterproofing is expected to report the fastest growth among all other application segments.Among product segments, the paving grade bitumen market led the global market with a majority share in 2013. However, analysts project the polymer modified bitumen (PMB) segment to register the fastest growth over the forecast period, on account of the rise in the usage of PMB in road construction. Qualities of PMB such as high skid resistance, low noise, and high porosity are the main features that are driving this market segment. In addition to this, the high resistance of PMB to water has increased its usage in the roofing industry, expanding its range of application.
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In 2013, North America emerged as the biggest consumer of bitumen on account of the huge road network in the U.S. The region consumed more than 30% of overall bitumen produced in the global market. However, the bitumen market in Asia Pacific is likely to record the fastest growth among all the regional markets during the forecast period owing to the rapid rise in infrastructural development in this region.According to the report, the global bitumen market is a highly fragmented industry owing to the presence of a huge base of manufacturers. Bau Holding Vermögensverwaltung AG, British Petroleum, Bouygues S.A., ChevronTexaco Corp., ExxonMobil, China Petroleum and Chemical Corp., Indian Oil Corp., JX Nippon Oil & Energy Corp., Marathon Oil Co., NuStar Energy, Petroleos Mexicanos, Nynas AB, Shell Bitumen, Villas Austria GmbH, and Valero Energy Corp. are the key players in the bitumen market across the globe.
The global bitumen market is segmented into:
Others (including decorative and industrial applications)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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