India Bitumen Market to be dominated by utilization of bitumen in manufacturing of adhesives through 2028.
According to TechSci Research
report, “India Bitumen Market –Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the India Bitumen Market is anticipated to register a high CAGR during
the forecast period. This can be ascribed to collaborations and partnerships
among leading companies with a diverse approach to merge the expertise of
individual companies and to strengthen their position in the market.
In recent
times, the utilization of bitumen as a key ingredient in adhesive manufacturing
has emerged as a significant driver of the Indian bitumen market. Adhesives
formulated with bitumen offer exceptional bonding capabilities, durability, and
resistance to extreme temperatures.
These qualities make bitumen-based adhesives
suitable for a wide range of applications, including construction, packaging,
automotive, and textiles. With rapid urbanization and industrial expansion in
India, there is a growing demand for adhesives that can withstand the
challenges of urban environments. Bitumen-based adhesives excel in these
conditions due to their resistance to water, chemicals, and temperature
fluctuations, making them invaluable for long-lasting and secure bonds in
construction projects. Moreover, they also contribute to energy-efficient
buildings with effective insulation systems.
By
capitalizing on these opportunities and addressing challenges, India's bitumen
market can continue to thrive while advancing adhesive technology and the
country's industrial landscape. The adhesive industry has harnessed bitumen's
inherent tackiness and cohesive properties to create formulations that adhere
well to diverse substrates, including metals, concrete, wood, and plastics.
This versatility has opened doors to diverse applications, further driving the
demand for bitumen in the Indian market. The Indian government, acknowledging
the significance of this sector, has implemented proactive measures and
initiatives to support bitumen production, catalyzing progress in the industry.
The National
Highway Development Project, introduced by the Indian government, has played a
pivotal role in expediting road infrastructure expansion nationwide. As bitumen
serves as a fundamental material for road construction, this initiative has
considerably heightened the demand for bitumen in India. The government's
unwavering commitment to developing an extensive network of highways has
established a stable market for bitumen producers, fostering investment and
growth within the sector. Government investments in large-scale infrastructure
projects, including smart cities, industrial corridors, and urban
redevelopment, have contributed to a surge in the demand for bitumen. The
increased focus on upgrading transportation, sewage, and water supply systems
has generated higher requirements for bitumen-based products, further
propelling the market. Under the Smart Cities Mission, the government places
emphasis on the development of urban infrastructure with a focus on
sustainability and technology integration.
This
initiative has resulted in the incorporation of innovative bitumen products,
such as polymer-modified bitumen and warm mix asphalt, which offer enhanced
durability and reduced environmental impact. The promotion of these advanced
products aligns with the government's vision of creating modern and sustainable
cities. Recognizing the environmental challenges posed by bitumen production
and usage, the government has encouraged the adoption of eco-friendly
practices. Initiatives such as promoting the use of warm mix asphalt (WMA),
which requires lower temperatures and energy consumption during production,
align with India's commitment to sustainability. The bitumen market in India
extends beyond national borders as international collaborations play a vital role
in sharing knowledge, expertise, and technologies across geographical
boundaries. Collaborating with global industry leaders allows India to gain
insights into best practices, emerging trends, and advanced technologies,
thereby propelling the bitumen industry forward. A notable collaboration in the
field of bitumen involves Aduro Clean Technologies and Prospera Energy, who
have partnered to advance a pilot plant project for the partial upgrading of
bitumen. This collaboration aims to enhance the efficiency and sustainability
of bitumen production. Additionally, Kraton and the Asphalt Pavement Net-Zero
Initiative have formed a significant collaboration. Kraton, renowned for its
pioneering work in bitumen modification, is collaborating to improve asphalt performance,
processability, and supply reliability. In another development, SteelPhalt, a
Harsco Environmental company, has introduced SteelSurf ECO+, an asphalt product
that reduces the carbon footprint by utilizing kraft.
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However, fluctuations
in prices of crude oil and growing concerns for human health are expected to
slow down the growth of the market in the coming years.
Browse over XX market data Figures and spread
through 110 Pages and an in-depth TOC
on "India Bitumen Market”
The India
Bitumen Market segmentation is based on Product Type, Viscosity Grade,
Application, By Company, and Region.
Some of the major companies operating in
the India Bitumen Market include:
Indian Oil Corporation Ltd.
Hindustan Petroleum Corporation Ltd.
Bharat Petroleum Corporation Ltd. (BPCL)
Oil & Natural Gas Corporation (ONGC)
Total SA
Tiki Tar Industries India Ltd.
Agarwal Industrial Corporation Ltd.
Juno Bitumix Pvt. Ltd.
Universal Bituminous Industries Pvt.
Ltd.
Swastik Tar Industries
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“Certain
regions, particularly the North India , are projected to exert significant
demand for bitumen in India. The growth in the competitive landscape and the
presence of well-established companies in the market, committed to enhancing their
bitumen productivity each year, are expected to contribute to a remarkable
growth of the India Bitumen Market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
India Bitumen Market By Product Type (Paving,
Penetration, Oxidized/Blown, Cutback, Emulsion, and Polymer Modified Binders),
By Viscosity Grade (VG10, VG30, VG40 and Others), By Application (Roadways,
Waterproofing, Adhesives, Insulation, and Others), By Region, Competition,
Forecast and Opportunities, 2018-2028F has evaluated the future growth
potential of India Bitumen Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
innovative market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India Bitumen
Market.
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