The Global Bitumen Market is projected to grow at a faster rate owning to the continuous increase in the construction industry, especially in Asia Pacific.
Bitumen is a black, amorphous material found in different forms, such us rock asphalt, natural bitumen, tar and petroleum bitumen, which is derived from oil. Bitumen occurs in nature or can be obtained through petroleum processing in the form of residue. Bitumen is primarily used in road construction and repairing of road damage. It is also used in joint and sealing technology for concrete and asphalt surfaces. Concrete containing bitumen is used in the construction sector. Other applications of bitumen include waterproofing, insulation, and adhesives.
The growing demand for bitumen for road construction primarily drives the growth of the bitumen market. There has been an increased demand of bitumen from the construction sector, which supports the market growth. The growing construction sector, especially in Asia-Pacific region boosts the adoption of bitumen. The increasing development of infrastructure further supports the growth of the bitumen market. Rapid urbanization in emerging markets, and improving living standards boost the adoption of bitumen. There has been an increased demand of bitumen in emerging economies owing to growth in construction industry and infrastructure development. Global players are expanding their business in developing region to increase their customer base and improve the geographical outreach.
The global Bitumen market is segmented on the basis of type, application, and geography.
Geographically, the global Bitumen market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to dominate the global bitumen market during the forecast period. The increasing industrialization, and growing construction industry is expected to drive the growth of the bitumen market in this region. The growing disposable income and improving lifestyle of consumer also accelerates the growth of the bitumen market. There has been a growing demand of bitumen for applications such as waterproofing, adhesives, and insulation among others in the region. Increasing initiatives and investments by governments in the region infrastructure development boost the adoption of bitumen in the region.
Key players in the global Bitumen market are: