The global bituminous paints market is expected to witness significant growth on account of growing demand from the construction industry. The construction industry extensively uses bituminous paints owing to their water and vapor-proof properties. Bituminous paints, also known as asphalt coatings, are one of the major segments in waterproof coating materials. Bituminous paints contain coal tar and drying oils and are usually black in color as a result of a 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 waterproofing property particularly on concrete foundations are 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 paint market growth. Additionally, bituminous paints’ chemical and UV resistant properties make them extremely suitable and reliable protective coating against corrosion. This is expected to further strengthen its demand over the next seven years. An easy bituminous paint application through brush, roller, and sprayers is projected to have a positive impact from an end-user point of view. Moreover, increasing bituminous paint utility in various end-use industries such as marine, aviation, and furniture is a key factor driving the market growth.
On the basis of applications, the bituminous paints market can be broadly segmented into the protective coating, steel, concrete, corrosive, wood, waterproofing, and timber. The waterproofing application segment is expected to grow at a rapid rate over the forecast period owing to the increasing use of bituminous paints as waterproofing materials in boats. Moreover, widespread use of these paints in waterproofing 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. The 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 the 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 the bituminous paints market. Restricting environmental regulations is another factor hindering global bituminous paint demand.
North America emerged as a leading regional market with the majority of bituminous paint demand driven by the U.S. Growing aviation and marine industries are expected to drive North American market growth over the forecast period. The Asia Pacific is expected to register significant growth over the forecast period on account of high growth in the construction industry, particularly in emerging markets of China and India. Rapid industrialization in the region coupled with significant growth in the aviation industry is expected to further complement the regional market growth. The Europe market is expected to witness average growth over the upcoming years on account of increasing regulatory intervention regarding their environmental hazard.
The 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.