May 13, 2022, 10:29 EST
Shibuya-ku, Tokyo, Japan, Japan, May 13, 2022, 10:29 /Comserve / -- Bitumen Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The bitumen market is anticipated to register a CAGR of more than 4% during the forecast period. Bitumen is widely used as a binding organic material, made from the by-products of refined crude oil. Bitumen is used in road construction, as it is easy to produce, reusable, non-toxic, and a strong binder.
- Increasing road construction and repair activities and demand from commercial and domestic building constructions are augmenting the growth of the market studied.
- Increasing environmental concerns are likely to hinder the market’s growth.
- Robust growth in construction activities in the Asia-Pacific region is projected to act as an opportunity for the market in future.
Key Market Trends
Increasing Demand Due to Increasing Road Construction Activities
- Most of the bitumen consumed is processed into asphalt for road construction. Asphalt is a mixture of rock aggregates and bitumen. Bitumen serves as a binding agent and thus, is responsible for the stability of asphalt.
- Depending on the type of bitumen or composition of the mixture used, asphalt roads can be made suitable for regions with different climatic conditions or various levels of operational demands. Asphalt is also used for airport runways, parking decks, and working areas in ports.
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- Roadways is one of the key sectors that determines a country’s economic growth. Roads, airport runways, and parking decks are essential services that drive the economic activity by channelizing trade and mobility. Massive investments are required that help in modernization and maintenance of these systems.
- Globally, the infrastructure sector is experiencing stable growth, as a result of increasing government spending to promote local infrastructure. In keeping pace with the growing economic activity and shifting demographic trends, spending on infrastructure activities is largely driven by developing economies in comparison to developed economies
- In developing economies in Asia-Pacific, infrastructure activities are expected to increase significantly, especially in the transportation sector, owing to increasing urbanization and shifting focus toward developing secondary sector in these countries. Furthermore, increasing economic prosperity is driving the infrastructure financing toward consumer sectors, including transportation and manufacturing, which provide and distribute raw materials for consumer goods.
Asia-Pacific Region is Expected to Dominate the Market
- Asia-Pacific region dominated the global market share. In Asia-Pacific, China is the largest economy, the growth in the country remains high, but is gradually diminishing, as the population is aging and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.
- China’s 13th Five-year Plan (2016-2021) started in 2016, which was an important year for the country’s engineering, procurement, and construction (EPC) industry as it ventured into new business models, domestically and internationally.
- While the residential sector is enjoying strong recovery, the results for the office, retail, and logistics sectors have been mixed. The office markets in Tier 1 cities (including Beijing, Shanghai, and Shenzhen) generally remain healthy and continue to enjoy strong demand for office space, driven by the information technology (IT) and finance sectors.
- Beside this, significant development of rail and road infrastructure by the Chinese government, to withstand the growing industrial and service sectors, has resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country.
- Moreover, in order to contain the growing greenhouse gas predicaments in the country’s major cities, the country’s national climate commitment calls for 50% of all new buildings constructed by 2020 to be certified as green buildings, while its 13th Five-year Plan prioritizes building efficiency. Following these commitments, the country’s green building sector is expected to increase from 5% to 28% by 2030, representing a USD 12.9 trillion investment opportunity. This is expected to propel the market during the forecast period.
- Overall, the market is projected to grow at a high rate, owing to the rapid growth of the construction industry in the country.
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The bitumen market is fragmented with no major players having a dominant share in the market. Key players in the bitumen market include BP PLC, China Petrochemical Corporation, Exxon Mobil Corporation, Nynas AB, Shell International BV, Marathon Oil Company, Indian Oil Corporation Ltd, and Marathon Oil Company, among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Road Construction and Repair Activities
4.1.2 Demand from Commercial and Domestic Building Constructions
4.2.1 Environmental Concerns
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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