Global Bitumen Market By Grade Type, Application And Geography Is Projected To Reach US$ 88.8 Bn By 2025
According to a new market report published by Credence Research Global Bitumen Market– Growth, Future Prospects & Competitive Analysis, 2017 – 2025, the Global Bitumen Market is expected to reach US$ 87.1 Bn by 2025, expanding at a CAGR of 4.6% during the forecast period 2017 – 2025.
Browse the full Global Bitumen Market by Grade Type, Application and Geography – Growth, Future Prospects & Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/bitumen-market
Bitumen market is projected to witness significant growth in demand with rising investment is road infrastructure across the globe during the forecast period. Rapid urbanization, increasing international trade are driving the need for robust roadways infrastructure are anticipated to be the key factor fueling the demand for bitumen over the forecast period.
Increasing investment in road infrastructure especially in China, India and U.S. is projected to drive the demand for bitumen over the forecast period. Bitumen is also used as waterproofing material in buildings, water tanks, dams, bridges, ships, boats, etc. due to its water insoluble properties.
Growing infrastructure projects including construction of dams, water tanks, bridges, etc. are anticipated to drive the growth of bitumen market during the forecast period. Further, bitumen is also finds application in adhesives. Thus, increasing demand for bitumen from wide array application is projected to fuel the growth of global bitumen market during the forecast period (2017-2025).
Global bitumen market is segmented on the basis of grade, application and geography. By application, in 2016 road construction segment was the most dominant segment accounting for largest revenue share in global bitumen market. Widening road infrastructure especially in China, U.S., India and other key consuming economies coupled with various government initiatives and agreements among countries.
Road infrastructure projects such as OBOR (One Belt One Road) initiative by China, aimed to build economic corridor to connect China with Europe and South Asia is projected to fuel the demand for bitumen in the region. Besides this, rapid expansion of road infrastructure in India with focus to support country’s economic growth is projected to drive the demand for bitumen in the country during the forecast period.
On the basis of geography, Asia Pacific was estimated to be the largest market for bitumen in 2016. Increasing investment in construction of highways in the region especially in India and China is projected to spur the demand for bitumen in the region during the forecast period. Major players in global bitumen market are investing in expansion of production capacity, merger and acquisition with focus on increasing market penetration.
Overall, global bitumen market is anticipated to register significant growth over the forecast period (2017-2025).
Merger & Acquisition
Production capacity expansion
Browse the full report at https://www.credenceresearch.com/report/bitumen-market