Latest industry research report on Bitumen Market. A mixture of organic liquids that are black, sticky, soluble in carbon disulfide and highly viscous in nature usually obtained in petroleum refineries as a residual product after the removal of higher fractions like petrol, gas, diesel etc. is called bitumen. Bitumen possesses adhesive properties and is mainly used in road construction and waterproofing.
This led the manufacturers to come out with advanced bitumen products. Bitumen is also used as a binder or glue, generally mixed with aggregate particles to form bitumen concrete. Increasing use of bitumen especially in road construction activities in various developing economies across the globe is creating vivid opportunities for the bitumen market.
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Currently, the world bitumen market is witnessing rapid growth due to advancements in technology of bitumen production along with increase in use of bitumen in road construction and renovation activities across the world. The world bitumen market is anticipated to exhibit substantial magnification during the forecast period, attributed to an increase in use of bitumen in waterproofing purposes, ceiling-binding and as adhesives in wood industry.
Other factors driving the global bitumen market include growing application of bitumen in paints & coatings and inks & dyes etc. However, cement as an alternative of bitumen, especially in road construction is a key factor hampering the growth of the global bitumen market. Also, release of toxic gases after heating bitumen is also restraining the growth of the global bitumen market.
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BITUMEN MARKET KEY SEGMENTS:
Market by Type
- Paving Grade Bitumen
- Hard Grade Bitumen
- Oxidized Grade Bitumen
- Polymer Modified Bitumen
- Bitumen Emulsions
Market by End-use Industry
- Road Construction
- Paints & Coatings
- Inks & Dyes
Market by Geography
- North America
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