Bitumen Market
Asian and European countries getting involved in the Silk Route reconstruction, the paving bitumen market is expected to be strengthened. Moreover, developed regions such as the U. K. and the U. S. making progress with maintenance and reconstruction activities are adding to the demand. The elevating interest in road development taken by India, China, and Brazil is also envisaged to contribute to the rise of the paving bitumen segment.
Howbeit, PMB products are foretold to penetrate the global bitumen market at a remarkable pace on the back of the inflating demand in the roofing and road construction applications. As these products help to enhance the performance of roadways and waterproofing applications and allow heating at low temperatures, the PMB market is expected to gain further impetus.
Oxidized bitumen, cutback bitumen, bitumen emulsion, and bitumen formed due to the addition of zinc and copper are the other significant products prevailing in the global market.
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While there are numerous applications of bitumen, its application in road construction is anticipated to take hold of a colossal share of more than 80.0 % in the global bitumen market by 2020. Much of the demand in the roadways application segment is accounted to the high viscosity and stickiness attributes of bitumen. The waterproofing market is predicted to grow at a sharp pace while riding on infrastructure development activities in emerging nations such as India and China.
Other segments that hold prominence in the global bitumen market are adhesives, insulation, decorative, and industrial applications.
Significant Global Consumption Accredited to North America With a cosmic network of roads in the U. S., the North America region had made itself noticeable in 2016 by consuming bitumen at a larger volume of over 38,000 kilo tons. The region primarily consumes bitumen during the repair and redevelopment of the existing roads. Asia Pacific and other developing regions, contrastingly, consume bitumen for the development of new infrastructure. Asia Pacific, including China, is expecting significant infrastructure development in the forthcoming years. This has no doubt led to the anticipation of the Asia Pacific market to emerge as a rapidly expanding segment during the forecast period on the back of extensive industrialization.
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