Global bituminous paints market is expected to witness significant growth on account of growing demand from construction industry. Construction industry extensively uses bituminous paints owing to its water and vapor proof properties. Bituminous paints, also known as asphalt coatings, are one of the major segments in water proof coating materials. Bituminous paints contain coal tar and drying oils and are usually black in color as a result of high proportion of bitumen in it. Bituminous paints are manufactured from elongated hydrocarbon molecules which makes the flow rate difficult. Hence, bitumen is very viscous and generally solid under ambient conditions. Viscous bitumen is then heated at a very high temperature to produce a liquid slurry through vacuum distillation. The above mentioned process produces bituminous paints of various grades. According to its diverse grading, polymerization and formulations, bituminous paints help build a protective and vapor proof coating. Its potential protective coating and water proofing property particularly on concrete foundations is anticipated to be a major factor driving market growth over the forecast period.
Bituminous paints offer excellent cathode protection needed for underground structural steel pipes. Increasing bituminous paints demand owing to its least expensive characteristic to provide cathode protection in casing pipes such as road bores is further expected to complement bituminous paints market growth. Additionally, bituminous paints’ chemical and UV resistant properties makes it extremely suitable and reliable protective coating against corrosion. This is expected to further strengthen its demand over the next seven years. An easy bituminous paints application through brush, roller and sprayers is projected have a positive impact from end-user point of view. Moreover, increasing bituminous paints utility in various end-use industries such as marine, aviation and furniture is a key factor driving market growth.
On the basis of applications bituminous paints market can be broadly segmented into protective coating, steel, concrete, corrosive, wood, water proofing and timber. Water proofing application segment is expected to grow at a rapid rate over the forecast period owing to increasing use of bituminous paints as water proofing materials in boats. Moreover widespread use of these paints in water proofing areas particularly on surfaces that are in unswerving contact with moisture, non-pressurized liquid and seepage water is expected to further drive global market growth over the upcoming years. Fast drying property of bituminous is increasing its demand in various applications such as concrete and metals.
Volatile crude oil prices can impede the market over the forecast period since bituminous paints are produced from fractional distillation of crude oil derivatives. Bituminous paints are harmful to aquatic life when released in water in large quantities. Furthermore, various health hazards such as dizziness and skin itching caused due to bituminous paints are major factors restraining bituminous pains market growth. Restricting environmental regulations is another factor hindering global bituminous paints demand.
North America emerged as a leading regional market with majority of bituminous paints demand driven by U.S. Growing aviation and marine industries is expected to drive North America market growth over the forecast period. Asia Pacific is expected to register significant growth over the forecast period on account of high growth in construction industry particularly in emerging markets of China and India. Rapid industrialization in the region coupled with significant growth in aviation industry is expected to further complement the regional market growth. Europe market is expected to witness an average growth over the upcoming years on account of increasing regulatory intervention regarding their environmental hazard.
Global bituminous paints market is moderately fragmented in nature. Various strategies such as R&D, innovation, capacity expansion and integration through effective supply chain management are expected to drive market competitiveness. Key participants in the global market include Tianjin Haiyunda Metal Materials Co., Hebei Tuohua Metal Products Co. Ltd. and Juno Bitumix Pvt. Ltd.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.