Bitumen market exceed $110 billion by 2024
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Bitumen market to exceed $110 billion by 2024

7:36 AM, 10th February 2017
Bitumen
Bitumen is widely used as a binder in road constructions. (File photo)

DELAWARE, US: The global bitumen market size is said to expand mainly driven by increasing government spending towards road construction, maintenance and repair. In value terms, it is expected to exceed $110 billion by 2024, as per a new research report by Global Market Insights Inc. Bitumen is widely used as a binder in road constructions.

The US road & highway construction business was valued at approximately $100 billion in 2015 and is likely to grow significantly in coming years. Moreover, growing roadway usage in cities and countries in Asia Pacific will pave the way for broader roads. High water resistance, viscosity and stickiness, combined with a growing demand for widening roads and creating new roadways will help stimulate bitumen market growth.

Highly water insolubility of bitumen enables it to be used as sealants and adhesives in marine applications for waterproofing applications. It is also used in water tank manufacturing to help preserve the precious commodity by kerbing evaporation and leakage in storage. This demand in the construction industry was a major driving factor in the past and will be a strong driver in coming years, stated the report.

Overall construction expenditure was valued at approximately $7 trillion in 2013 and is anticipated to mark $13 trillion by 2024 and is likely to help industry demand. The product is used in manufacturing tires, paints & coatings, batteries, insulation products and acoustic applications. Growing automotive industry will positively impact the global bitumen market.

Strict environmental regulations towards applications and manufacturing process threaten to impede growth in future years. For instance, the industry is firmly directed by occupational exposure limit, as per the report.

In China, Australia, France and Belgium the limit is confined to 5 mg/m3. As the product is obtained from petrochemicals and crude oil, it follows the same price dynamics as crude oil and showed similar sluggish growth in the recent past. Wavering crude and petrochemical prices may impact the bitumen market price trends over the projected period. Nevertheless, an emergence of bio-based bitumen is analysed to create new growth avenues for industry players.

© Chemical Today News 

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