Bitumen Market Research, Share, Trend, Price, Future Analysis, Regional Outlook

Bitumen Market

Bio-bitumen Holds Potential to Replace Fossil-based Bitumen

Bio-bitumen is changing the bitumen market. Companies are taking cues from Indian manufacturers and researchers to innovate with bio-bitumen. Bitumen is being associated with purified lignin to produce bio-bitumen. Manufacturers are boosting R&D in proprietary processes to convert crude lignin into bio-bitumen, which has the potential to replace fossil-based bitumen and increase availability for eco-friendly green bitumen.

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The binding and viscoelastic property of bio-bitumen makes it useful for applications in asphalt. Indian companies are seeking knowledge from the Circular Biobased Delta (CBBD), which helps innovators to use biomass as a raw material in the chemical, construction, and packaging industries. Bio-bitumen produced from rice and wheat straw, as feedstock in 2G bio-refinery demo plant in India is being carefully tested and evaluated.

Bituminous Adhesives Ensure Good Adhesion to Walls and Ceilings

Apart from roadways, manufacturers in the bitumen market are unlocking incremental opportunities in adhesives. These adhesives are compatible with wood, metal, and concrete materials. Manufacturers are increasing the availability of industrial grade bitumen adhesives. These include rubberized bituminous adhesives that are suitable for timber, concrete, metals, and insulation sheets.

Bituminous adhesives are ideal for use in cold storage to ensure good adhesion to walls and ceilings. These adhesives are being extensively used for sticking thermocol for insulation of refrigeration pipe work. On the other hand, manufacturers are developing hot melt bituminous market adhesives for the placement of pavement markets. These adhesives can be used to bond both ceramic and plastic markers.

Bitumen Market: Overview

·         A mixture of highly sticky, viscous, and black organic liquids, which is soluble in carbon disulfide and primarily composed of condensed polycyclic aromatic hydrocarbons is known as bitumen. The compound is known as ‘asphalt’ in the US.

·         Bitumen is increasingly used during construction activities, owing to its properties such as higher strength, durability, and resilience. Rise in construction of governmental, private, and commercial buildings in order to meet the demand for infrastructure development is driving the global bitumen market. Additionally, increase in awareness about the advantages of bitumen when mixed with concrete coupled with effects of climate change and global warming on concrete used for roofing is bolstering the global bitumen market.

Growth in Infrastructure Development Activities to Drive Market

·         Based on product, the bitumen market has been segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen, and others (bitumen formed due to the addition of zinc and copper). Of these, paving bitumen dominated the market in 2020. This growth can be ascribed to the rise in initiatives for infrastructure development in developing countries such as India and China.

·         In terms of application, the bitumen market has been segmented into roadways, waterproofing, adhesives, insulation, and others (decorative and industrial). Of these, road construction is anticipated to dominate the market, accounting for a larger share of 80.0% by the end of 2031. This growth can be ascribed to high viscosity and stickiness of the bitumen. The waterproofing segment is predicted to expand at a rapid pace owing to infrastructure development activities in emerging nations such as India and China.

Rise in Repair and Redevelopment Activities in U.S. to Influence Growth of Bitumen Market

The global bitumen market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, North America dominated the global market for bitumen with 32.7% share in 2020. This growth can be ascribed to the higher consumption of bitumen in the U.S. for repair and redevelopment of existing roads. However, the market in Asia Pacific is expected to witness lucrative growth owing to increasing initiatives for infrastructure development in the region.

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Bitumen Market: Competition Landscape

·         Shell Bitumen

·         NuStar Energy

·         ExxonMobil

·         Marathon Oil Company

·         Valero Energy Corporation

·         Nynas AB.

·         CEMEX S.A.B. de C.V.

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Calcium Carbonate Market: https://www.transparencymarketresearch.com/calcium-carbonate-market.html

Conductive Inks Market: https://www.transparencymarketresearch.com/conductive-ink-market.html

Textile Chemicals Market: https://www.transparencymarketresearch.com/textile-chemicals-market.html

Paving Materials Market: https://www.transparencymarketresearch.com/paving-materials-market.html

Ferrosilicon Market: https://www.transparencymarketresearch.com/ferrosilicon-market.html

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