Roadways Segment to Account for Largest Share in India Bitumen Market until 2024
Rising use of bitumen for
construction of roads and repairing & maintenance purposes to drive India
bitumen market during forecast period
According to TechSci Research report, “India
Bitumen Market By Product Type, By Viscosity Grade, By Application, Competition
Forecast & Opportunities, 2014-2024”, the bitumen market in India is projected to
grow at an impressive rate during the forecast period on account of increasing
demand for road construction and repair activities. Bitumen is the preferred
raw material for the construction of roads, bridges and water tanks as it
offers water resistance and high viscosity to the structure. Moreover, rising
population is further stressing on the growing demand for housing, thereby
further driving the growth of the market. However, effect of bitumen on the
environment might hamper the growth of the market in the coming years.
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Bitumen market can be segmented based on product type,
viscosity grade, application and region. On the basis of application, the
market can be segmented into waterproofing, adhesives, insulation, roadways,
among others. Roadways is the leading segment in the market and is anticipated
to continue its dominance during the forecast period as well as it is the
preferred material for the construction. In terms of product type, the market
can be segregated into penetration, oxidized/blown, cutback, polymer modified
binders and emulsion. Polymer modified binders segment is likely to witness
significant adoption during the forecast period as it is the most preferred
type for construction and maintenance activities.
Leading manufactures of bitumen in the country include Bharat Petroleum
Corp Ltd., Indian Oil Corporation Limited, Hindustan Colas Ltd., Nyara Energy
Ltd (Essar Oil), Mangalore Refinery & Petrochemical Ltd, AICL, Tiki Tar
Industries, JAI BITUMEN, Exxon Mobil, Raha Bitumen, among others. The companies
operating in the bitumen production are investing in technology in order to
reduce amount of toxic gases release due to bitumen.
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“With many development projects and schemes such as Pradhan
Mantri Gramin Sadak Yojana (PMGSY), among others for the construction of
highways, waterproofing and ceiling winding, the demand for bitumen is
anticipated to grow at rapid pace in the coming years. Moreover, rising
construction activities across the country would further steer growth in the
market during 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, By Viscosity Grade, By Application, Competition Forecast &
Opportunities, 2014-2024” has analyzed the potential of bitumen market across the country,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by India bitumen market.
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