Latin America Bitumen Market share to exceed US$5.7 billion by 2024
According to a new research report by the market research and strategy consulting firm, Graphical Research, Latin America Bitumen Market size to cross US$5.7 billion by 2024.
The construction industry in Latin America deemed to be a profitable quotient for the product market owing to the marked increase in the construction projects from commercial to residential development to infrastructure and industrial facilities. For instance, the construction of New Mexico City International Airport, inter-oceanic corridor to facilitate trade between Chile and Argentina and planned development of San Lorenzo Island into a satellite city in Peru will provide the humongous growth to the bitumen market.
The product also acts as a sealant and adhesive owing to their insoluble property which is used for water resisting applications, which will propel the bitumen market. On the contrary, the fluctuation in oil prices will provide the sluggish growth to the product market.
Paving bitumen is likely to hold nearly 70% of market share due to the construction activities in the region. In 2016, the Mexico Federal Government construction projects valued nearly US$110 billion in which 40% is allotted to Petróleos Mexicanos (government owned oil company), 25% to highway, 22% to housing and multipurpose building development and remaining 13% to other infrastructure projects. Increasing construction activities will propel the Latin America bitumen market in next seven years down the line.
The application segment for the bitumen market is diversified into roadways, waterproofing, adhesives, insulations and others. Insulation and waterproofing will together hold nearly 12% of the overall market. Rising temperature of the earth owing to global warming will leads to increase in rooftop insulation demand which will robust the product market in next seven years.
The key manufacturers of the bitumen industry include Shell, British Petroleum, Bouygues S.A, Chevron Texaco, Exxon Mobil, JX Nippon Oil & Energy, Petróleos Mexicanos (PEMEX) and Total S.A.