The global bituminous paint market is expected to be valued at over $2.9 billion by 2024, growing at an estimated CAGR of 3.8% from 2017 to 2024. Increasing applications scope such as water-proofing, protective clothing, timber, steel and marine is expected to drive market growth over the forecast period.
A wide range of applications like waterproofing, protective coating, timber, steel, use in constructions, wood, concrete, marine applications is driving the market growth. Outstanding properties to seal the water leak and vapor leak are the key factors for the market demand.
Key Product Categories & Technologies
Bituminous paints are paints which contain bitumen and these are having high viscosity, sticky and black colored liquid. Bitumen contains high quantity of hydrocarbons and having a tar-like appearance. Bitumen is produced by fractional distillation of crude oil or crude oil based products. Setting time for bituminous paint varies from 2 to 26 hours depending on the quality and grade. Increase in demand for water proofing and protection from various external contamination along with matching properties of bitumen paint will show a tremendous demand in the market.
80% of the asphalt produced in North America is used for roofing and constructional coating applications. The construction industry is one of the major application fields for bituminous paint. Roofing coating and construction segment grab the highest share more than 40% of total bituminous paint market. Growing constructions in developing countries are the major source of market growth. Any metal or steel in a building which is exposed to the atmosphere is protected with bituminous paint. Since bitumen is insoluble in water, it acts as a protective layer to block the water. Roof coating is one of the emerging application in the field of construction. Roofing such as shingles and roll roofing are coated with bituminous paint. The iron body which is under water during construction is protected by bituminous paints.
Bituminous paints are also used in corrosion prevention applications like corrugated iron sheds, fire escapes, stairways, ladders, storage tanks, gutters, down-pipes, fences, railings, gates. Corrosion coating is expected to grow at a CAGR of 2.9 in the forecast period. Due to the ease of application of paint to the surface using a normal brush and low-cost product with excellent properties are expected to grow the demand in a protective coating.
Pipeline industries use bitumen paints to protect their pipes during storage and the protective layer can be formed using special types of bitumen paints. Cathode protection in casing pipes such as road bores is expected to contribute to bituminous paints market growth. Marine application of bitumen paints is expected to grow at the fastest rate. Bituminous paints are also used in marine applications such as to protect chain lockers, fishing tackle, ship chains, and buried steel surfaces.
Latest improvements in bitumen paint segment are depending on the application, invention of new additives which give better durability and much effective depending upon the usage. New waterborne bitumen paints are developed to improve the adhesion, non-flammability and ease of application. Different types of formulations are required to meet the requirements, new formulations like, Anti-corrosive, fiber extended bitumen coating, aluminum blended bitumen paint are emerging in bitumen paint industry.
Top Players, Company Share, Competitive Dynamics & M&A Insights
Some of the major players in the bituminous paints market include Juno Bitumix Pvt Ltd., Tianjin Haiyunda Metal Material Co., Ltd. Saudi Bitumen Industries and Hebei Tuohua Metal Products Co., Ltd. Continuous investments in R&D and expansion in production capacity is the key factor to meet the demand of global bituminous paint.
Growth Drivers & Restraints
Rapid developments in infrastructure industry are going to drive the growth of bituminous paint market. Properties and low cost of these paints are further adding fuel to the growth. Fluctuation in crude oil prize and latest technology development in petroleum industries debottlenecking and cracking of heavier hydrocarbons to lighter may affect the market. Strict water board and environmental regulations may suppress the market in future.
North America as a leading region in Bituminous paint market with more than 50% of the global share, followed by Asia pacific and Europe. Asia pacific is fastest growing in the forecast period with a CAGR of 3.9%.
This report provides factors about current markets trends, product category, technologies, and market drivers and M&A. Provides market and technology projections for the upcoming years including the present technology and trends.
- Market growth drivers
- Top players
- Product outlook
- Technology outlook
- North America
- Asia Pacific
- Roof proofing
- Pipeline and marine