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The global bitumen market is estimated to be worth US$112.01bn by 2026 – a rise of 45.6% on its 2018 value of $76.91bn.
The eye-catching increase in global bitumen demand - equating to 4.7% CAGR (Compound Annual Growth Rate) - is noted in a new report by Reports & Data (R&D), a leading U.S.-based business market intelligence consultancy. The rise, says the R&D report, can be mainly associated with the rising government policies toward infrastructural and roads development by using models such as Public-Private Partnership (PPP) across developed as well as developing nations. Rising utilisation of bitumen in the maintenance industry and road construction are seen as other important driving factors in the market.
Bitumen is used extensively to form asphalt concrete as a binder mixed with aggregate particles. The rise in bitumen usage, especially in waterproofing, roadways, insulation, etc. will spur the market in the construction and infrastructure industry. Bitumen is a mixture of black, very sticky, and viscous organic liquids that are sufficiently soluble in carbon disulfide and composed initially of highly compressed polycyclic aromatic hydrocarbons. Generally, bitumen is a tar-like sort of petroleum which is so thick, heavy, and dense that it must be diluted or heated before it could flow. It mostly contains sulphur and several heavy metals such as lead, vanadium, nickel, mercury, chromium, and other toxic elements. However, the growth of cement as an alternative to bitumen, mainly in road construction is a fundamental factor hindering the growth of the global bitumen market. Also, the release of toxic gases after heating bitumen is also restraining the growth of the market worldwide.
APAC (Asia-Pacific) accounts for the largest regional share of the global bitumen market, at 33.7% in 2018. R&D says expanding land connectivity in India, China, Japan, Vietnam, and other countries will slowly drive up bitumen market demand across APAC in the years to 2026. This connectivity mostly depends on roads that act as a catalyst for the financial growth of a state. |
