Global Bitumen Market to Surge in the Coming Years Owing to Growing Adoption Across End-use Industries



Market Overview

Bitumen is often referred to as an asphalt compound obtained by distillation of crude oil, which extracts lighter crude oil components including diesel and gasoline, leaving the heavier bitumen behind. Bitumen consists of complex hydrocarbons and other compounds including sulphur, calcium, iron and oxygen. It is commonly used as building materials and is applied throughout construction and other industries. This material is often used in road surface applications as most roads are made of bitumen or a combination of bitumen and aggregates, like concrete. 


The global demand for bitumen market is projected to account for an estimated € 121 billion in revenue by the end of 2027, rising at CAGR by 5.2% during the forecast years (2019-2027)


Market Restraints


The production of bitumen from oil sands requires 4 barrels of freshwater to extract 1 barrel of bitumen or synthetic crude oil, which would be expected to limit the demand growth of bitumen. In addition, bitumen with impurities used in road pavements can cause soil contamination and the bitumen pavement has low tensile strength compared to the concrete pavement. This aspect is expected to limit the market growth. 


Increased use of alternative bitumen, such as concrete roads and pavements, due to their high tensile strength and other advantages, is anticipated to negatively affect the demand growth of bitumen market. For example, according to the Coherent Market Insights, in September 2013, the Indian Government decided to abandon bitumen in road construction projects, particularly in the case of national highways, in terms of increasing road life and in turn, to opt for cement in road construction.

Further Information about Bitumen Market Trends & Insights@ https://www.globenewswire.com/news-release/2020/05/12/2032070/0/en/Global-Bitumen-Market-to-reach-US-121-Billion-by-end-of-2027-Says-CMI.html

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