With the expansion of cities and the rapid growth of road construction and highway construction in various countries, the global demand for bitumen has increased significantly. The value of bitumen trading will reach $ 93 billion in 2020 due to the increase in bitumen consumption worldwide. Meanwhile, some other reputable companies involved in the trade of petroleum products and bitumen have predicted that the value of bitumen trading in 2020 will be $ 95 billion.
How is bitumen refined?
Bitumen is a black and pasty material that is widely used in insulation and asphalt construction. There are different types of bitumen, each of which has a specific application. Bitumen is a derivative of crude oil and is often produced in refineries using crude oil. Bitumen as a derivative of crude oil is produced and marketed in refineries after two-stage refining of crude oil.
With the discovery and refining of crude oil and the production of petroleum derivatives such as bitumen from crude oil, it became possible to make extensive use of bitumen in road construction. In the late nineteenth century, the use of bitumen for road construction became popular. With the advancement of science and technology, bitumen has found a wide variety of applications in various industries and for different uses. Different types of bitumen are:
- Blown Bitumen
- Mixed or Solution Bitumen
- Bitumen emulsion
- Polymer – Modified Bitumen
In today’s advanced world, bitumen produced in refineries has a very high quality, but over the years, the use of this precious material has changed the least and, as in the past, bitumen is most used in the road construction and insulation industry. The highest consumption of bitumen in the world belongs to road construction. Bitumen is used as one of the main constituents of asphalt. Bitumen is used as the main sealing and insulation material.
Trading trends of Bitumen in 2020
According to statistics, about 220 million tons of bitumen were produced and consumed worldwide in 2019. Due to the expansion of cities and the rapid growth of road construction and highway construction in different countries, Trading trends of Bitumen in 2020 will increase significantly. The highest amount of bitumen consumption in the world is in road construction and 90% of the total bitumen produced in the world is used in road construction.
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