SEATTLE, UNITED STATES, November 16, 2021 /EINPresswire.com/ -- Bitumen – an ideal &advanced roofing and insulating material for construction industry

Bitumen is categorized under roofing and paving materials. It is primarily found in industrial roofing materials such as asphalt shingles, asphalt tiles, rubber roof tiles, and epoxy roof tiles, as well as asphalt sealants. It is also used for waterproofing purposes at sea, and as a water-borne chemical agent that repels mosquitoes. This versatile product is commonly found as a coating on the inside of the shell of crabs and lobsters.

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The increasing demand for bitumen from construction and other industrial applications such as insulation, roadways, waterproofing, and adhesives is propelling the market growth of bitumen. The rising need for efficient roads and infrastructure across the developing region is again augmenting the market growth of the bitumen. According to the India Brand Equity Foundation, India has the second-largest road network in the world, spanning a total of 5.89 million kilometers (km).In April 2020, the Government set a target of constructing roads worth Rs 15 lakh crore (US$ 212.80 billion) in the next two years. Moreover, the increasing construction of airport runways and other transportation infrastructure is further anticipated to augment the market growth of the bitumen over the forecast period.

From the geographical point of view, the Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to an increasing population which is creating demand for more infrastructure in the region. The Asia and the Pacific region is home to 60 percent of the world’s population – some 4.3 billion people. 2050 the number of people aged 60 years and older in the region will more than double, reaching 1.3 billion.

Key Developments:

1. In March 2019, Shell has launched a new bitumen product that can help reduce the impact of asphalt production and paving on local air quality.

2. In September 2018, Gulf Petrochem Group has committed to invest close to Rs 3,600 crore for setting up a bitumen refinery in Gujarat for A Sharjah-based oil Production Company.

3. In October 2019, Indian Oil had taken several initiatives to support the Government's drive to eliminate single-use plastic. The Corporation announced the conversion of plastic to bitumen on the 150th birth anniversary of Mahatma Gandhi.

4. In November 2020, Gazpromneft-Bitumen Materials — operator of the Gazprom Neft bitumens business — has concluded a Cooperation and Strategic Partnership Agreement with Russia’s to launched the retail building-materials market

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