The report provides an overview of the “Bitumen Market” industry including definitions, division, key vendors, key Development and market challenges. The Bitumen Market analysis is provided the international markets including development trends, competitive landscape analysis, and key regions development status
Through the statistical analysis, the report depicts the global Bitumen Market including capacity, production, production value, cost/profit, supply/demand and import/export. The entire market is further distributed by company, by country, and by application/type for the competitive landscape analysis.
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The bitumen market is anticipated to register a CAGR of more than 4% during the forecast period, 2019-2024. 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.
The Bitumen Market report also presents the vendor countryside and a corresponding detailed analysis of the major vendors operating in the market. Bitumen Market report analyses the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenarios.
Key Market Trends
Increasing Demand Due to Increasing Road Construction Activities
– The majority of 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.
– 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 the 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.
– India, in its 2018 budget, allotted INR 21,453.42 crore out of INR 71,000 crore budgetary allocation to the Highways Ministry for works under this Ministry. It includes expenditure on development of National Highways, including projects relating to expressways, two-laning of highways, under the National Highways Development Project, six-laning of crowded stretches of the Golden Quadrilateral, a special program for the development of road connectivity in Naxal affected areas, development of Vijayawada—Ranchi road, and for providing last mile connectivity.
– As these sectors have potential to fetch larger investments in near future, the governments of developing economies (such as China and India, among others) are taking initiatives by floating tenders reflecting opportunities in building infrastructure, essential for the growth of a specific sector. Furthermore, the emergence of megacities in both, emerging and developed markets, which reflects the shifting economic and demographic trends, may create enormous need for new infrastructure.
– All the aforementioned factors are expected to drive the global market during the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
– The Asia-Pacific region is expected to experience robust bitumen growth, owing to the industrial and infrastructural activities in countries, like China and India.
– China is the largest economy, in terms of GDP. The country’s annual growth of GDP was 6.6% in 2018, and it is expected to increase by 6.3% in 2019. 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.
– The China Railway Corporation (CRC) announced its plans to construct 6,800 km of new railway lines, including 3,200 km of high-speed rail, which represents a 40% increase of new tracks compared to those in 2018.
– The government has also approved the construction of urban and inter-city rail projects worth USD 127.26 billion (CNY 860 billion) in several cities, including Shanghai and Wuhan.
– Similarly, India is expected to have a requirement of investment worth USD 777.73 billion in infrastructure by 2022, to have sustainable development in the country.
– In 2018, the infrastructure sector in India witnessed private equity and venture capital investments worth USD 1.97 billion. The Government of India is expected to invest highly in the infrastructure sector, mainly highways, renewable energy and urban transport.
– Such factors are projected to drive the market in the Asia-Pacific region.
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- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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Detailed Table of Content of Global Bitumen Market – Growth, Trends, Forecast and Challenges (2019 – 2024)
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Trends of Bitumen Market
4.2 Market Trends
4.3 Porter’s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics of Bitumen Market
5.1.1 Increasing Production
5.1.2 Rising Demand
6. Global Bitumen Market Segmentation, By Capacity
7. Global Bitumen Market Segmentation, By Material Type
7.1 Type 1
7.2 Type 2
7.3 Type 3
8. Global Bitumen Market Segmentation, Segmented by Region
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.4 Rest of Asia-Pacific
8.3.1 United Kingdom
8.3.5 Rest of Europe
8.4 Rest of the World
8.4.2 South Africa
9. Competitive Landscape and Introduction of Bitumen Market
9.2 Market Share Analysis
9.3 Developments of Key Players
10. Key Vendor Analysis (Overview, Products & Services, Strategies)
10.1 Company 1
10.2 Company 2
10.3 Company 3
And Many More….
No. of Pages: – 130
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