The global demand for bitumen is in line with rising construction projects of roads, buildings, and infrastructure assets. Bitumen is a complex combination of condensed polycyclic composites and metals, including vanadium, lead, and mercury, among others. Blended with organic amines and amides, bitumen delivers enhanced adhesion properties, while mixing bitumen with lime and fly ash offers exceptional and smooth road surfaces.
Myriads of benefits are responsible for the increasing deployment of bitumen – cost-efficient production, high versatility following physical and rheological aspects, low melting point, recyclability, and diverse color offering. In the paint & coating sector, bitumen is crucial in manufacturing anti-corrosive paints, and black paints. On the contrary, irregular climatic changes are compelling regulatory authorities to impose restrictions on the use of bitumen. Consequently, customers are turning to eco-friendly alternatives.
According to the latest business intelligence study of Persistent Market Research, the global bitumen market reached ~107, 000 KT units in 2018 and is anticipated to progress at a CAGR of ~3% over the forecast period. Whilst in terms of value, the market of bitumen is expected to grow at a CAGR of ~4% over the predefined timeframe 2019-2029. Surging incidents of road construction basically for paving and surfacing applications remains the prime driver for market growth.
Bitumen in Water Proofing Purposes – High Stickiness and Viscosity Boosts Market Growth
Various formulations, including solvents, and black paints, are comprised of bitumen as a chemical additive. In the wake of great stickiness and viscosity, bitumen is finding purpose in the form of a waterproofing agent on the roofs of residential and commercial structures. Customers utilize bitumen in water proofing in order to shield the roofs from the drainage and discharge of water. In addition, bitumen prevents roof decks from getting affected by downpours prior to roofing.
Bitumen creates an additional layer in the event of water perforation via ceilings, or roofs. Bitumen is referred to as roofing felt or tar paper for applications, especially in water proofing of infrastructures and roofs. The tar paper – a sheet derived from bitumen – is applied to keep the roof deck and the roof apart, thereby offering ancillary weather shielding. Furthermore, bitumen is being leveraged in water proofing of large and small vessels on grounds of good water insolubility.
East Asia Witnesses High Consumption of Bitumen with Rising Road Development Projects
About a third of the global bitumen market is being occupied by East Asia, finds PMR. With governments in China and Japan increasing monetary aids for the remodeling of civil engineering facilities, particularly road development projects, the demand for bitumen as a surfacing agent is surging.
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Construction activities in China are on an upward swing in a bid to satiate the growing rate of demographics, while Japan is subject to frequent natural calamities. As a consequence, manufacturers of bitumen are setting their sights on East Asia to sustain sales footprint.