Petroleum asphalt is sort of black, sticky, highly viscous liquid or semi-solid in nature and is found in most petroleum crude oils and in some natural deposits. Petroleum crude oil is intricate blend of variety of hydrocarbons. Petroleum asphalt is delineated as that portion of crude oil which is segregated from higher-boiling hydrocarbons in crude oil by precipitation upon the addition of lower-boiling hydrocarbon solvents including pentane, propane, hexane, or heptane. The resultant precipitated material comprises of asphaltenes having an average weight of about 800-2500 g/mole and present in the form flat layers of polyaromatic condensed rings with short aliphatic chains. Petroleum asphalt is mixed with construction aggregate such as sand, gravel and crushed stone for use in paving or road construction often referred as asphaltic cement, asphaltic concrete, bituminous concrete, blacktop or road tar and confused with coal tar.
Demand for petroleum asphalt is augment by government spending on construction, road infrastructure building as well as maintenance of highways. High government investment coupled with an increase in the use of reclaimed asphalt pavement drives the global petroleum asphalt market. The support rendered by authorized administrations and other agencies severs as driving aspect for potential vendors to penetrate the market and get strong foothold within the market. For instance, the (FHWA) Federal Highway Administration) constantly aids and encourage the recycling of pavement materials to conserve nature, reduce waste, and employ cost-effective solutions for constructing highways in the country. In addition it is also utilized in industrial applications and waterproofing.
The global petroleum asphalt market has been segmented majorly on the basis of product, end-users and geography. On the basis of product, the market is segmented into construction asphalt, road asphalt and others. Additionally, On the basis of end-users, the market is segmented into road, construction and others.
Geographical study divides petroleum asphalt market into North America, Asia-Pacific, Europe, The Middle East and Africa. In terms of revenue Asia-Pacific is projected to share the highest contribution in the petroleum asphalt market ascribing to increasing demand for variety of construction activities in nations such as China and India. North American market is anticipated to rank second on the list with largest revenue share followed by markets in Europe, Latin America, Middle East and Africa.
Market Key Player
BPCL , CNPC , CNOOC , Gazprom Neft , HPCL , IOCL , Lukoil , Rosneft Oil , Shell , SINOPEC
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