Bitumen, a dark coloured amorphous, cementitious material which occurs in different forms such as rock asphalt, natural bitumen, tar and it also occurs as by product of crude oil distillation process. When the fuels such as petrol, diesel and gasoline are refined from the crude oil, the bitumen is left behind, which is further treated and pure bitumen is derived. Near about 85% of total produced bitumen is utilized for road pavement owing to the properties and advantages it has over the other pavement materials. The physical and chemical properties possessed by it is found are a major function of load level, temperature, and duration of loading. It is also considered as excellent thermoplastic and viscoelastic material. These factors majorly contribute in accessing the traffic on the road.
Growing population has continuously raised the demand for quality infrastructure to ensure improved standard of living. This has resulted in the major factor driving the market growth. Increased demand from the construction sector also plays a role in propelling the market growth. Today bitumen accounts for more than 100 million tons per year which is approximately about 700 million barrels of bitumen consumed annually (Source: Bitumina hi-tech pavement binders’ LLC.) However, the fluctuation in the crude oil prices would result in hampering the growth of bitumen market.
The construction bitumen market is mainly bifurcated on the basis of type, end-use and application method. Depending upon the type, market is segmented into: Styrene-Butadiene-Styrene (SBS), Atactic Polypropylene (APP) , Crumb Rubber , Natural Rubber , Others, while on the basis of end-use, market is classified into: Road Construction , Building Construction , Others. Based on the application method, market is segmented into: Hot Asphalt Method, Cold Asphalt Method, Torch Applied Method, Others.
Asia Pacific is anticipated to achieve dominant position in the forecast period mainly owing to the rapid growth in the construction sector in the developing economies of India, China, Vietnam and others. Additionally, the presence of major players in the region such as Shell Bitumen, and British Petroleum also contribute in the market expansion in the forecast period. North American market is projected to achieve significant growth owing to the increasing need for reconstruction of the infrastructure such as roads, highways and buildings. The market is analysed across the regions such as: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).
The key vendors operating in the market are: Sika AG , Nynas AB , Total S.A. , Royal Dutch Shell PLC , Colas S.A. , Hindustan Colas Private Limited , Soprema Group , The DOW Chemical Company ,GAF Materials Corporation , Gazprom Neft PJSC , PJSC Rosneft Oil Company , Saint-Gobain Weber , Orlen Asfalt Sp. Z.O.O. , Exxonmobil Corporation , W.R.Grace and Company , Firestone Building Products Company , Fosroc International Limited , Lagan Asphalt Group , Bitumina Group , Global Road Technology , Texsa Systems SLU.
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