Bitumen Price July 2020

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Bitumen price July 2020

As we all know, bitumen price July 2020 depends on some factors which we discuss in the following. Generally speaking, the bitumen market in the world has some specific strategies for its pricing and trades. With attention to what we have mentioned, the West Asian region, centered on the Persian Gulf, is now one of the centers of production and pricing in the bitumen market in the world. This is while the production of bitumen in this area pays attention to the supply of Iran bitumen so that it is obvious that the bitumen of Iran is a brand that acts as one of the pillars of pricing in the world. To better examine the global bitumen market and bitumen price July 2020, experts look through it in three different aspects, which are the type of product produced, the type of application (applicant industries), and the areas of consumption.

General overview of the bitumen price and market

As a general explanation of the bitumen market, we start our discussion with the consumption area and types of the product. In fact, the main types of bitumen that have the highest consumption are road construction bitumen, oxidized bitumen, cutbacks, PMB (a type of bitumen that improves its physical properties by adding polymers), and emulsion bitumen. According to estimates, PMB bitumen will have the largest share of global bitumen market growth in the next 6 years. This type of bitumen, which has high applications in repairing and paving roads and various industries, has a high viscosity. These features allow the final product to withstand high pressures.

Due to the continuing growth in road construction in different parts of the world, the demand for bitumen and asphalt products for road construction will remain high. This trend depends on the amount of government funding for the construction and maintenance of roads and highways. A review of statistics from the last decade shows that the trend of road, highway, and street construction in different parts of the world has been on the rise. Increasing population and improving living standards along with increasing car production have been among the main reasons for this trend.

As mentioned before, the average global road growth rate is projected to reach about 4% over the next six years. Insulation and waterproofing are also among the most important applications of bitumen. The global share of this product is expected to reach about $ 15 billion by 2024. The waterproof property of bitumen has led to its widespread use in the pipe and roofing industries. These are all the important factors that affect the bitumen price July 2020.