Bitumen is also referred to as asphalt compound that is obtained through distillation of crude oil that removes the lighter crude oil components such as diesel and gasoline, the heavier bitumen is left behind. Bitumen is consist of complex hydrocarbons and other compounds such as sulfur, calcium, iron, and oxygen. It is widely used as building materials and find application across construction and other industries. This material is mostly used in the road paving application as most of the roads are made up of bitumen or a mixture of bitumen and aggregates, this includes concrete.
Rising demand for bitumen as an additive across solvents and black paints application as it helps to enhance the efficiency of the paints and coatings by providing improved viscosity to waterproofing agents. Rising usage of chemically prepared bitumen as an additive across the various industrial application is projected to fuel the market growth of the bitumen. Moreover, bitumen also have better adhesion property when combining with organic amides and amines, which is fueling its demand across various industries, thereby augmenting market growth of bitumen.
Rising demand for bitumen as adhesives across various applications such as glass and ceramic industry where strong adhesion is required is driving the market growth of bitumen. Bitumen as adhesives is also used across the construction industry owing to its highly viscous nature and less setting time. Therefore, the rising use of bitumen as adhesive across waterproofing, pipelines, flooring, and water tanks is expected to propel the market growth of the bitumen.
Players active in the market are Exxon Mobil Corporation, Total S.A., Indian Oil Corporation Ltd., Royal Dutch Shell Plc., Marathon Oil Corporation, Calumet Specialty Product Partners Ltd L.P, Chevron Texaco Corporation, and Nynas AB
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