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Bitumen Market Segmented By Paving Grade, Hard Grade, Oxidized Grade, Blown Grade, Bitumen Emulsion, Polymer Modified Binders Grade Used in Road Surfacing, Waterproofing
Bitumen is composed of highly condensed polycyclic aromatic hydrocarbon and is soluble in carbon disulfide. It is a mixture of organic liquids, which are viscous, black, and highly sticky.
Natural bitumen is a tar-lie form of petroleum, which is so thick, dense, and heavy that it must be heated or diluted before it will flow. Bitumen consists of sulfur and other heavy metals such as nickel, vanadium, lead, mercury, chromium, and various other toxic elements. Generally, bitumen finds its application in road surfacing, waterproofing, insulating, sealing, and others.
This global report offers our perspective on how the development of the bitumen market will unfold. The global bitumen market is projected to grow with a CAGR of ~4% by value during the forecast period and it is anticipated to grow from ~US$ 60 Bn in 2019 to ~US$ 86 Bn in 2029.
The global volume demand for the bitumen market was pegged at ~107,700 KT in 2018, which is estimated to indicate a CAGR of ~3% to reach ~153,613 ‘000 units by the end of 2029. The rapid growth in road construction activities with significant use of bitumen for paving and surfacing purposes is likely to stimulate the global bitumen market growth during the period of 2019-2029.
Due to the highly sticky and viscous nature of bitumen, it is widely used as a waterproofing agent on the roofs of residential and commercial buildings. Bituminous waterproofing is done to protect the roof from water leakage and seepage. Bitumen is used to protect roof decks from rain before installation or roofing.
It also provides an extra barrier in case of blow-offs or water penetration through roofing, ceilings or flashings. Bitumen, particularly used in waterproofing of buildings and roofs, is also called as roofing felt or tar paper, which is a sheet or a membrane made of bitumen, and is deployed to separate roof deck from the roof covering thus, providing secondary weather protection.
Bitumen is widely used as a chemical additive in several applications such as solvents and black paints. As a chemical additive, bitumen helps in improving the efficiency of paints & coatings, and also improves the viscosity of waterproofing agents. Use of chemically-modified bitumen in road construction and waterproofing as well as a candy coated chemical additive in emulsions are some other factors driving the adoption of bitumen across several industries worldwide.
When mixed with organic amines and amides, bitumen helps provide better adhesion properties and when mixed with lime and fly ash, it provides excellent and smooth road surfaces. In the paints industry, bitumen is used in the manufacturing of anti-corrosive paints and black paints. Thus, these factors are projected to boost the bitumen market during the forecast period.
Manufacturers of bitumen are developing special product grades targeted at specific end-use applications in specific conditions to provide the most suitable option for end users.
For example, different viscosity grades are preferred for road surfacing in different regions with different climatic conditions. Average road surface temperature, expected traffic loads, type of whether (hot, cold or humid), type of vehicles to be used frequently, and many such factors are being considered to design specific product grades geared towards such targeted applications.
Such product offerings are helping bitumen manufacturers carve out a niche for themselves in the market and gain supplier of choice status among end users.
The uplift in the East Asia bitumen market is backed by the rising demand for road construction activities and waterproofing applications. For instance, approximately 15% of the total bitumen used in the world was deployed for water proofing of buildings and the demand is expected to increase at healthy pace over the upcoming years. Paving grade and oxidized/blown grade bitumen are estimated to be the most desired products in the bitumen market.
The sales paving grade and oxidized/blown grade bitumen are likely to be high as compared to other products by the end of 2029. Moreover, major market participants have started entering into strategic collaborations with local or small companies to seize their market presence. Thus, contributing towards the growth by mergers and acquisitions in the bitumen market.
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