Asphalt is commonly known as bitumen, which is a black, semi-solid, and sticky form of rock oil. Its mixture majorly contains sand, rock, and slag. Asphalt is majorly found in natural deposits or else is a refined residue from the distillation process of particular crude oils. Asphalt is found to be a very useful material in construction of building, roads and as a waterproofing product, i.e. sealant, while making a roof due to its ability to be an excellent filler and binder.
There are various types of bitumen available in the market but PMB is expected to be the best one due to its growing access in various roofing applications.
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Regions covered
North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa
Companies covered
Major players analyzed include ExxonMobil, Imperial Oil, Shell Bitumen, Neustar, Nynas, PEMEX, Valero Energy, Marathon Petroleum, Chevron and Royal Dutch Shell.
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Top impacting factors: Market Scenario Analysis, Trends and Drivers
Building asphalt market is significantly growing due to increase in population and urbanization in developing nations and this leads to growth of infrastructure, thus driving the building asphalt market.
China alone consumed one-fifth of global asphalt market in the year 2015. Moreover, India is also anticipated to see positive growth during the forecast period due to several campaigns like “Make in India” and “PradhanMantriAwasYojana (PMAY)”, where the government of India is going to construct houses for poor people living in both rural and urban areas.
Building asphalt market is similarly useful for paving segment, and it is overtaking concrete in most road paving applications in several regions such as Canada and U.S.
The building asphalt market has various unique properties such as resistance to water, hardness, adhesion, ductility, and higher softening point, which makes it suitable in the construction industry for making of roofs. Furthermore, with increase in population, demand for houses has increased and leading to the development of the construction sector, thus the demand for asphalt in roll roofing and waterproofing is anticipated to grow.
Moreover, with the increase in recycling initiatives and investments by government, the government is focusing more on recycled asphalt (RAP) to be used in reconstruction of damaged highway surfaces and repair damaged roads.
However, changes in environmental regulation combined with low consumer awareness can hinder the growth of the market.
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