Introduction, according to a report by Persistence Market Research.
1. The global Bitumen Market is anticipated to value US$ 70.07 Bn at the end of 2016.
2. The market is projected to reach a value of US$ 94.75 Bn at the end of 2022.
3. Extensive application in industries, construction of roads, and for waterproofing are major drivers.
4. The market is expected to witness massive surge owing to rising production of bitumen in APAC, North America, and MEA.
5. Demand for bitumen in APAC is expected to rise owing to growing construction projects in the region.
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6. Government initiatives for construction of infrastructure is expected to generate a surge in consumption of bitumen.
7. North America is expected to account 31.69% global share in terms of volume and is the largest consumer.
8. APAC is expected to rise with a CAGR of 7.0% through the forecast period owing to rise in road construction activity.
9. MEA is projected to account 8.21% share in terms of revenue at the end of 2022.
10. Latin America is expected to showcase moderate growth owing to low GDP in the region.
For more information on the global bitumen market, click here. http://www.persistencemarketresearch.com/market-research/bitumen-market/toc
Major players in the global bitumen market include Nynas AB, Indian Oil Corporation Ltd., Chevron Texaco Corporation, Calumet Specialty Partners Ltd. LP, Royal Dutch Shell Plc., Total S.A., Marathon Oil Corporation, and Exxon Mobil Corporation.