Improve safety and environmental standards, mounting demand for better road surfaces, develop cost effective constructions for low volume roads, large number of modified binders, recycling possibilities and utilization in asphalt recycling and cold mix technology propel demand of bitumen in construction industry.
Global bitumen market size is expected to reach USD 110 billion by 2024. Bitumen/Asphalt is the 110 million metric ton (as of 2017) industry owing to the need for maintenance on the massive regional network of roads and highways.
On the basis of application, waterproofing applications was valued at over USD 8.78 billion in 2016. On the basis of product, paving bitumen market is forecast to witness gains more than 2.25% CAGR over the estimated period.
Geographically, MEA is projected to show remarkable volume gains with CAGR of 2.2% from 2016 to 2024 as a consequence of growing construction sector predominately in UAE and Qatar coupled with rising infrastructure activities in the region.
Shell’s Innovation: Trade Worldwide
Shell’s research location is spread worldwide with over 10,000 out of 90,000 employees working in Projects and Technology division. The Bangalore Research and Development Centre is the major driver in the Shell Bitumen trade worldwide, selling around 12,000 tonnes of bitumen daily to 1,600 clients in 28 countries surfacing 450 kms of roads every day. Scientists have been working at a molecular level to make bitumen possess the properties necessary to make it more durable, sustainable and energy-efficient.
“Global Bitumen Market Outlook 2024” contains detailed overview of the global bitumen market in terms of market segmentation by grade, product and application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global bitumen market report also provides competitive outlook for some of the major players which includes profiling of companies such as British Petroleum, Total S.A., Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Indian Oil Corporation, Royal Dutch Shell Plc., JX Nippon Oil & Energy Corporation, Petroleos Mexicanos, Bouygues S.A., NuStar Energy, Villas Austria GmbH, Marathon Oil Corporation, Exxon Mobil Corporation and Nynas AB, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global bitumen market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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