Rise in construction of governmental, private, & commercial buildings in order to meet demand for infrastructure development driving the bitumen market.

WILMINGTON, DELAWARE, UNITED STATES, October 23, 2023 /EINPresswire.com/ -- According to the report, the global Bitumen Market was valued US$ 93.4 Bn in 2022 and is estimated to reach US$ 145.3 Bn by 2031, exhibiting a CAGR of 4.1% from 2021-2031.

Bitumen, a key component in asphalt manufacture, provides road surfaces with robustness and durability by forming a resilient bond with rock particles and allowing for adaptation to a wide range of climatic conditions and operational requirements.The produced asphalt is used as a cornerstone in critical infrastructure such as airport runways, parking lots, and port working areas, supporting economic development through improved trade and mobility and accelerating total economic activity. As a result, substantial investments are required to maintain the upkeep and upgrading of these important assets.

𝐆𝐞𝐭 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐋𝐚𝐭𝐞𝐬𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=295

Bitumen is a highly viscous, black, and sticky form of petroleum, typically known as asphalt in the United States. It may be a natural deposit or a refined product and is classified as pitch. The Pitch Lake, located in southwest Trinidad, is the world's largest natural deposit, containing an estimated 10 million tons of bitumen. Most of the bitumen is used in road construction, primarily as a glue or binder combined with whole particles to form asphalt concrete. Additionally, it is used in the manufacture of leak proofing products, such as for sealing flat roofs, and asphalt felt.

Driving Factors

Increasing Public Investments in Infrastructure

The bitumen market has experienced rapid growth, largely propelled by the construction industry's increasing emphasis on road construction projects, particularly for national highways and road development activities.

Growing demand for sustainable building materials:

The need for environmentally friendly building materials rises along with environmental consciousness. Bitumen, in particular forms treated with polymers, increases the resilience and durability of road surfaces.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=295

Some of the major players operating in the bitumen market are:

• Shell Bitumen
• NuStar Energy
• ExxonMobil
• Marathon Oil Company
• Valero Energy Corporation
• Nynas AB.
• CEMEX S.A.B. de C.V.
• China Petroleum and chemical Corporation
• Royal Dutch Shell
• United Refining Company
• Total France

Market Segmentation

Product
• Paving Grade Bitumen
• Oxidized Bitumen
• Cutback Bitumen
• Bitumen Emulsion
• Polymer Modified Bitumen (PMB)
• Others (including bitumen formed due to addition of zinc, copper, etc.)

𝐇𝐚𝐯𝐞 𝐀𝐧𝐲 𝐐𝐮𝐞𝐫𝐲? 𝐀𝐬𝐤 𝐎𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭𝐬:https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=295

Application

• Roadways
• Waterproofing (Roofing)
• Adhesive
• Insulation
• Others (including Decorative and Industrial)

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 –

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Nikhil Sawlani
Transparency Market Research Inc.
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