Bitumen Market for Paving Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen

They say there is nothing in our house that has not been transported via road at some point of their product cycle before reaching us. A number of governments, particularly those in BRICS nations, are emphasizing on improving their highways or freeways in order to improve efficiency of the transportation industry. As a result, heavy investments are being made to prepared roadways and as a result, the demand for bitumen is expanding. A recent business intelligence study developed at the headquarters of Transparency Market Research (TMR) has projected that the demand in the global bitumen market will be incrementing at a CAGR of 3.90% during the forecast period of 2014 to 2020. Revenue-wise, the analyst has estimated the market to attain a value of US$93.38 billion by the end of 2020.

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Most Players Dominating in their Respective Regions

The analyst of the report has detected a fairly competitive scenario among the bitumen market leaders, notifying that some of the prominent players are Marathon Oil Company, NuStar Energy, ExxonMobil, Shell Bitumen, and Valero Energy Corporation. Most of the players are dominant in their respective regions. However, to gain greater shares, the vendors are consistently improvising their products to suite other applications, such as roofing and airport runways. Going forward, the tussle for leadership position is expected to intensify as a few promising new players make an entry.

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Based on product type, the vendors of bitumen market are gaining most prominent chunk of demand for paving grade bitumen. The analyst has evaluated that there was a demand for 80,000 kilo tons of paving grade bitumen in 2016, constituting for the most significant chunk of the overall market that had a demand for 129,673.2 kilo tons of bitumen. However, increasing preference of concrete is curtailing the progress of this segment. Application-wise, roadways continues to be most important segment, promising to consume more than 80% of the total demand by the end of 2020. Geographically, Asia Pacific has been highlighted as the region with enormous potential, although North America provided for a greater demand for bitumen as of 2016.