Turner Valley Oil and Gas Inc (TVOG)

[beer$$money]

Bitumen Market generated USD 75 billion in 2015 and is forecast to witness 4.2% CAGR by 2024.

https://www.gminsights.com/industry-analysis/bitumen-market



Bitumen Market, By Region

North America dominated the global demand in 2015. Increasing government initiatives towards repair and redevelopment of the existing roads is the major factor stimulating the product demand in the region. Furthermore, increasing residential remodeling practices in the U.S. will subsequently boost the product demand for waterproofing applications over the forecast timeframe. Latin America and Middle East & Africa are forecast to experience promising gains by 2024 owing to increasing infrastructure development in the region.


Rebound in North America will drive demand

North America is a major asphalt consumer because of the need for maintenance on the massive regional network of roads and highways (nearly 90 percent of which is in the US). Asphalt demand in the US is forecast to rebound from the sharp declines seen between 2005 and 2013, driven by stronger economic growth and increased construction activity, and demand in 2019 is expected to surpass the 2009 level. The US is also a significant consumer of asphalt for roofing products, and demand for those products will rise with rebounding building construction expenditures.

https://www.freedoniagroup.com/industry-study/world-asphalt-bitumen-3351.htm



Bitumen mixture is made of highly sticky, black, and viscous organic liquids that is entirely soluble in carbon disulfide and primarily composed of highly condensed polycyclic aromatic hydrocarbons. Naturally occurring bitumen is a tar-lie form of petroleum which is so dense, heavy, and thick that it must be heated or diluted before it can flow. Bitumen mostly contains sulfur and various heavy metals such as vanadium, lead, nickel, chromium, mercury, and other toxic elements. It is used in a wide-range of applications including roadways, waterproofing, insulation, and adhesives. Rapid urbanization in emerging markets has contributed to a rise in infrastructure activities, in-turn resulting in the increasing demand for the product.

The efficient transportation system in various countries, including India, China, and the United States., will stimulate the product demand in the future. The growing modern construction systems having waterproofed flat roofs will stimulate the bitumen demand over the forecast period.







https://www.researchandmarkets.com/research/6hn44h/global_bitumen