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Global Bitumen Market to Progress Rapidly by 2020 owing to Increasing Construction Projects

Article Description

Bitumen is commonly used as a binder in road construction, along with other applications such as waterproofing for roofing and electronics. Due to its features such as resistance to water, high durability, and its nature as a strong insulating agent, bitumen is also used in adhesives. Bitumen’s properties can be easily changed by mixing polymers to it, thus multiplying the scope of its application.

In the global bitumen market, is available in various grades. Some of the commonly available grades are bitumen 80/100, bitumen 40/50, and bitumen 60/70, in which the numerical value indicates the hardness of bitumen. Softer bitumen generally represents higher penetration units. VG-10, VG-20, VG-30, and VG-40 are considered to be the viscosity grades of bitumen. Several grades of bitumen are commonly represented in the market as bitumen 80/100/VG-10.

North America to Register Maximum Demand for Bitumen by 2020

The global bitumen market is segmented on the basis of product, region, and application. By region, the global bitumen market is divided into North America, Europe, China, Asia Pacific (excluding China), and Rest of the World. In 2013, the global bitumen market was dominated by North America, as this region accounted for 30% of the total market. The North America bitumen market is expected to maintain its dominant position in the years to come. The Asia Pacific bitumen market is expected to register rapid development during the forecast period due to speedy industrialization across the region. With developments in North America and Asia Pacific, the global bitumen market is expected to develop rapidly in the years to come.

By application, the global bitumen market is classified into roadways, waterproofing (roofing), insulation, adhesive, and others. In 2013, roadways were the dominant segment, accounting for over 80% of the market. The roadways segment is predicted to expand rapidly in the years to come due to the widespread use of bitumen due to its high stickiness and viscosity. However, the waterproofing (roofing) segment is forecast to be the fastest growing segment during the forecast period due to the increasing use of bitumen in the roofing industry, adhesives, decorative applications, paints and enamels, and the automotive industry. Increasing use of bitumen in the electrical and electronics industry as an insulator is also expected to propel the market in the coming few years.

Increasing Application in Roofing to Propel Polymer Modified Bitumen Segment by 2020

Based on product type, the global bitumen market is classified into cutback bitumen, oxidized bitumen, paving grade bitumen, polymer modified bitumen, bitumen emulsion, and others. With a 65% share in the total market in 2013, the paving grade bitumen segment led the global market for bitumen till 2020. However, the polymer modified bitumen segment is forecast to grow rapidly in the next five years due to its growing demand in roofing applications and road construction activities. Its ability to increase the porosity of roads allows polymer modified bitumen to be commonly used in roofing applications and road construction activities.

Browse the full Global Bitumen Market report at http://www.mrrse.com/bitumen-market

The global bitumen market is highly competitive and fragmented, with the top eight players accounting for just 39% of the total market. Some of the dominant companies operating in the global bitumen market are Shell Bitumen, ExxonMobil, Valero Energy Corporation Nynas AB, NuStar Energy, and Marathon Oil Company. Emerging companies are giving good competition to the leading players thanks to their product innovations.