The global bitumen market size is expected to gain momentum owing to its increasing demand from the construction sector during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Bitumen Market, 2021-2028.” As a result of increased government expenditures to boost local infrastructure, the sector is witnessing sustained expansion globally. Compared to developed economies, spending on infrastructure operations is predominantly driven by developing nations to keep up with expanding economic activity and shifting demographics. For instance, government efforts such as the Pradhan Mantri Awas Yojana (PMAY), which includes the development of houses for impoverished people in both rural and urban regions, are expected to enhance demand forward.
During the COVID-19 pandemic breakout in 2020, the emulsifier industry will experience a decrease. In the forecast period, the market is expected to rise later due to increased construction activities, and government plans to invest more in city modernization. Furthermore, regional and global transportation has been delayed due to the lockdown applied in several nations, which has had a substantial influence on the supply chain of multiple sectors.
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By type, the market is segmented into paving grade, hard grade, oxidized grade, polymer-modified, and bitumen emulsion. On the basis of application, the market is divided into roadways, waterproofing, adhesives, insulation, and others. Finally, by geography, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The report examines front-line market knowledge and assists leaders in making sound speculation decisions. It also identifies and analyses market obstacles, opportunities, market expansion, technical breakthroughs, and segment strategies for various companies in the Industry. The information is based on first-hand knowledge of the market, qualitative and quantitative analyses by market experts, and feedback from industry leaders and participants across the value chain.
Drivers & Restraints-
Increasing Demand for Construction to Stimulate Growth
The increasing demand for the road construction industry is expected to boost the global bitumen market growth during the forecast period. The expansion in road and building construction activity is driving the market. Bitumen consumption is increasing across the country due to the construction of numerous national highways, expressways, and airport runways.
Asia Pacific to Remain Dominant; Rising Construction Sector to Propel Growth
Asia Pacific is expected to hold the largest global bitumen market share during the forecast period. The rise of the construction sector in nations like India, China, Thailand, and Vietnam has resulted in increased regional growth. Chinese infrastructure construction and associated highway construction projects are predicted to continue to expand. Aside from that, the Indian construction sector is growing in terms of projects and investment.
North America is anticipated to hold a significant position in the market. This is due to the rising large manufacturing base for the petroleum industry in the region, which has a substantial market share, fuelling demand for the market.
Manufacturers Focus on R&D Investments to Offer Advanced Products
The market includes information on each competitor. Market potential, R&D investment, new market initiatives, global presence, and production sites and infrastructure are among the details presented. All of these manufacturing enterprises produce both raw materials and finished products, which are used in various applications. These companies are focusing on investing in research activities to ensure the development of their products.
March 2020: Puma Energy has bought BP Australia’s bitumen sector, allowing it to expand its product line.
List of Key Players Profiled in the Global Market for Bitumen:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.