Global bituminous paints market is anticipated to observe significant growth over the next seven years owing to economic developments coupled with growing construction industry in emerging economies of Asia Pacific and Latin America. Their exceptional vapor and water proof properties make them a viable option in the construction industry. They are ready to use without any additional requirement of any external agents or thinners. The product is gaining importance in various applications including timber, water proofing, concrete, wood, steel, anti-corrosive and protective coatings. Bituminous paints have excellent UV and chemical resistance properties making it a suitable protective coatings option against corrosion. These aforementioned points are expected to drive the industry growth over the forecast period. Volatility in the raw material pricing including crude oil and gas is presumed to be a major barrier to the development of the industry over the foreseeable future. These paints affect the environment and human health causing dizziness and skin cracking. As a result, number of government and environment regulations to control their usage have sprung up over the past few years. These aforesaid factors are projected to hinder market growth over the forecast period. Technological advancements focused on reducing environmental hazards of these paints is expected to provide colossal opportunities to market participants.
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Based on application, global market has been segmented into timber, water proofing, wood, corrosive, concrete, steel and protective coatings. Water proofing segment is presumed to witness significant progress owing to increasing usage in ship building and other marine manufacturing industries. Application of product in concrete industry is expected to observe considerable development primarily on account of its superior drying property. North America bituminous paints market in 2014 and is anticipated to witness considerable progress owing to growing marine and aviation sector over the foreseeable future. Asia Pacific is projected to observe significant growth with countries such as India and China leading the consumer markets in the region. Rapid industrialization coupled with improving infrastructure and increasing construction activities is expected to bolster progress in the region over the forecast period. Europe market is characterized by stringent environmental regulations along with increasing R&D in manufacturing processes in the region.
Major companies operating in global bituminous paints market include Juno BitumixPvt Ltd., HebeiTuohua Metal Products Co. Ltd., and Tianjin Haiyunda Metal Materials Co. Innovative product development adhering the environmental regulations is anticipated to be key strategy followed by industry participants to increase their market presence over the next seven years.
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