Grand View Research, Inc: Global Bitumen Market By Application (Roadways, Adhesives, Water Proofing, Insulation) Expected to Reach USD 95.77 Billion by 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. View summary of this analysis/bitumen-market
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