Eco-friendly Bitumen Market Leading Players and Growth
The global eco-friendly bitumen global market size is predicted to elevate during the forecast period of 2024-2032.
High demand for the material in the market is because of the awareness regarding the environment, and hence increase in the usage eco-friendly products can be seen. Environment-friendly products are in much demand as they are cost-effective and are used in a wide range of industries such as construction, paint industry, ink industry, and so on. It is also said to increase viscosity and improves resistance to water.
This information is provided by Fortune Business Insights, in its report titled, “Eco-friendly Bitumen Market, 2024-2032.”
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Segmentation:
On the basis of source, the market is split into natural, bio-based, and recycled.
Based on grade, the market is segmented into hard grade, oxidized, paving grade, and others.
Based on application, the market is fragmented into construction, paint & coating, waterproofing, and others.
Geographically, the market is segmented into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
This report covers the synopsis of this market that provides the analysis of the product, impact of COVID-19, segmentation, drivers and restraints, regional insights, new growth, and presence of key players in the market. An in-depth analysis of upcoming opportunities, threats, and driving factors is also mentioned in the report.
Drivers and Restraints:
Increasing Usage of Eco-friendly Bitumen to Inflate Market Growth
The rapid growth in the market is due to the higher demand in the construction industry as it is said to be eco-friendlier than the traditional one as it releases less carbon dioxide in the environment; hence, it is termed as environmentally friendly. As the product can be recycled and is cost-effective, the demand for the same is increasing post-COVID-19 as all the manufacturing companies have started their operations again.
Regional Insights:
North America to Lead Backed by Elevating Demand for Eco-friendly Bitumen
North America is expected to hold the largest share of the global market as consumers prefer suitable products from the areas of the U.S. and Canada, resulting in the eco-friendly bitumen market growth.
Asia Pacific market is expected to showcase considerable growth, and high CAGR as the demand from the construction industry is increasing from countries such as India and China.
Europe holds a substantial share of the market due to the increase in the adoption of waterproofing, paints & coatings.
Developing regions such as Latin America, the Middle East & Africa, owing to the increased adoption of products in paint and waterproofing applications, surged demand for maintainable construction materials.
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Competitive Landscape:
Innovative Launch Announcement by Key Players to Surge Market Growth
Players in the market have launched various new products in the market to lift the market growth with their solutions to elevate the race in the market. The properties that the product possesses, such as adhesion, durability, and strength, increase its demand in the construction industry. Companies have been applying for various programs, such as partnerships, mergers, and so on, to support their position in the market.
Key Industry Development:
February 2024: A trial was set by English road authority National Highways on in-situ cold recycling of structural pavement layers to improve flexibility and longevity with graphene.
List of Key Players Mentioned in the Report:
- American Gilsonite Company
- ATDM CO. LTD.
- Agarwal Industrial Corporation Limited
- Bharat Petroleum Corporation Ltd.
- Jalnidhi Bitumen Specialties Pvt. Ltd.
- Mamz Asphalt Technologies (Pvt) Ltd.
- Nikan West Gilsonite
- Nuroil Trading
- Shell
- Ventraco
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