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2020-02-18
655
Global
Bitumen is produced by the partial distillation of crude petroleum oil, also known as mineral tar and is present in asphalt. It constitutes of 87% carbon, 11% hydrogen and 2% oxygen. Bitumen is a combination of hydro carbons and thermoplastic material having strong tarry odor while stiffness is dependent on temperature. The temperature-vs.-stiffness relationship of bitumen is pivot on the source of crude oil and the method of refining and available in bulk and packed in drums. Crumb Rubber Modified Bitumen (CRMB) is like bitumen with alteration in physical properties like addition of crumb rubber making it more resistant to temperature variations, weather and high traffic loads, reduced maintenance costs and excellent driving comfort.
Overall construction expenditure was valued at approximately USD 9.46 trillion in 2017 and is anticipated to mark USD 12.75 trillion by 2025 and is likely to increase the bitumen industry demand. Global bitumen market size is poised to exceed USD 110 billion by 2025. 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.
Geographically, APAC region has overtaken North America as the largest regional market for asphalt and will continue to record the swift advances through 2025, primarily due to the strong growth in China and India. Western Europe asphalt demand tend to recover slowly due to the factors like increased expenditures on road maintenance and repair applications after years of very low spending on infrastructure improvements. MEA is projected to show remarkable volume gains with CAGR of 2.2% from 2017 to 2025 as a consequence of growing construction sector predominately in UAE and Qatar coupled with rising infrastructure activities in the region.
On the basis of application, road construction share is forecast to witness highest gains over the projected timeframe while waterproofing applications was valued at over USD 8.78 billion in 2016.
The Sunrise project is a joint venture (50/50) between BP (British Petroleum) and Husky where Husky operates the Sunrise leases and BP operates the Toledo refinery in Ohio in the US, processing some of the Sunrise bitumen. Sunrise is anticipated to have more than 3 billion barrels of recoverable bitumen resources.
Factos Impacting Bitumen Market Growth
Significant expansion on account of the growing need for rebuilding existing assets such as bridges, highways, and buildings, increasing modern construction systems having waterproofed flat roofs, long supply chain, rapid urbanization in emerging markets, increase in traffic require wider roads and characteristics like water insolubility, superior water resistance, high stickiness and viscosity tends to drive the bitumen market.
Declining oil prices has resulted in tight raw material supply and caused price fluctuation and volatility in the market, large contractors have begun directly selling to the refineries, development of bio-based bitumen and stringent regulation by REACH (regulation of the European Union) tend to hinder the bitumen market.
The report comprises of the following companies as the key players in the global bitumen market.
Market Synopsis
Market Segmentation
Global Bitumen Market is segmented as follows:
Insights of below mentioned regions:
Market Dynamics: Growth Drivers, Restraints and Opportunities
Key Market Players
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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