Global Bitumen Market Is Expected to Reach Usd 95.77 Billion by 2014 to 2020

The global market for bitumen is expected to reach USD 95.77 billion by 2020, according to a new study by Grand View Research, Inc. Bitumen is primarily used in road construction activities and increased road development in high growth markets of India, China and Brazil is expected to be a key driver for the growth of the market.

Roadway constructions were the major consumers of bitumen in 2013, accounting for over 80 million tons of global consumption. Other key applications include waterproofing, insulation and adhesives. Water proofing is expected to be the fastest growing application market for bitumen, at an estimated CAGR of 2.9% on volume basis, primarily on account of improved Polymer Modified Bitumen (PMB) quality in water resistance. Environmental issues associated with the extraction of bitumen from oil sands are expected to remain a key challenge for the growth of the market in the near future.

The report “Bitumen Market Analysis And Segment Forecast To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/bitumen-market

Further key findings from the study suggest:

• Global bitumen consumption is expected to reach 135.07 million tons by 2020, growing at a CAGR of 2.7% from 2014 to 2020.

• The improvement in technology with regards to transportation war mix asphalt from Canada is expected to present market participants with growth opportunities over the next six years.

• North America was the largest regional market for bitumen; with demand estimated at over USD 21.0 billion in 2013 and is expected to remain the leader over the next six years. The region is expected to be a key market, owing to the vast network of roads in the regions coupled with the implementation of MAP – 21 (Moving Ahead for Progress in 21st Century Act) which funds road development program for the U.S. over the next two years.

• China and Asia Pacific are expected to...