The global bitumen market has been segmented on the basis of application into roadways, waterproofing, adhesives, insulation, and others.

Sellbyville, DE -- (SBWire) -- 10/08/2018 --Bitumen Market in adhesives segment growth will be driven by increasing usage of bituminous adhesive in cold-applied bonding, sealing, interply and surfacing. Cold applied bituminous adhesive is used for sticking roofing felts on asbestos, tiles including roofs on trains and railway carriages. Oxidized bitumen are processed by streaming air through penetration grade process, which gives the bitumen more rubbery texture than its original form. The insulation segment will exhibit a growth rate of over 2.5% due to growing usage of oxidized bitumen in electric cable joint protection, joint filling compound, sealant compound and many others.

Global bitumen market growth is mainly bounded by various macro and micro-economic factors. Population across the world is growing at a rapid pace which is driving the increased need for housing and infrastructure. To support this growth, the transportation and road construction industry is playing an active role day-by-day. The Asia Pacific infrastructure market is anticipated to rise from 7% to 8% a year in near future, reaching a milestone of USD 5.36 trillion annually by 2024 and constituting nearly 60% of the world total. Development of improved bitumen and admixture technologies that enables substantial safety of workers, environmental conservation and advanced road surfacing treatment opens the industry for new opportunities. As infrastructure improves and connectivity becomes greater, increased efficiencies can be derived. Hence, these factors will strongly contribute towards exponential growth of bitumen market during the forecast spell.

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Strict mandates by REACH and other governmental regulations towards the product manufacturing and utilization will hinder the bitumen market growth. For instance, in countries such as Finland, Germany, UK and Spain the occupational exposure limit is restricted to 5mg/m3, 10 mg/m3, 5 mg/m3 and 0.5 mg/m3 respectively. Further, the product is extracted from fractional distillation of petroleum, it follows the same price trend as crude oil, therefore volatility in crude oil prices might negatively impact the bitumen market during the forecast spell.

Based on revenue, cutback bitumen will hold approximately USD 3.9 billion of the overall bitumen market share by 2025. This is due to its growing utilization in sprayed sealing, especially in cold weather conditions where it yields initial stone retention due to their lower viscosity. The product is directly sprayed over the primed pavement on which final aggregate is laid. Bitumen emulsion segment will hold a lesser market share than the cutback secor in 2025 and will grow with a CAGR of close to 3.5% during the forecast spell.

Asia Pacific will hold the maximum bitumen consumption with a market share of close to 40% by the end of forecast period. The growing infrastructure development projects due to government initiatives and maintenance of existing ones to gain greater access to rural areas is the major driving force behind the growing demand for bitumen across the APAC region.

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Competitive landscape of the global bitumen market includes key industry players such as, Indian Oil Corporation, British petroleum, Royal Dutch Shell Plc, Total S.A., Chevron Texaco Corporation, NuStar Energy, China Petroleum and Chemical Corporation, Marathon Oil Corporation, Villas Austria GmbH, Exxon Mobil Corporation, Nynas AB, etc.

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