Global Bituminous Paints Market: Overview
The robust growth of the construction industry in several parts of the world is helping the global bituminous paints market in gaining traction. There is a high demand for bituminous paints across the industry owing to its corrosion and weather proof properties. They are easy to use and can be applied to the desired surface using conventional painting techniques such as spraying and paint brushes. The demand for these paints is also increasing in the marine and aviation sectors.
Applications of bituminous paints include waterproofing, protective coating, corrosive, concrete, and steel. They are primarily used for waterproofing and are thus, used in painting pipes, machinery, and water tanks. Continuous research and development activities are expected to widen the scope of applications of bituminous paints, thereby augmenting the growth of the market in the near future.
The research report on the global bituminous paints market provides an immaculate understanding of all the vital aspects of the market. It serves as a professional study offering insights into regional segmentation and vendor landscape. It includes statistics pertaining to the market at both global and regional levels. It performs a detailed analysis of the global bituminous paints market for the forecast period between 2016 and 2024.
Global Bituminous Paints Market: Drivers and Restraints
Bituminous paints are gaining popularity worldwide due to their easy applicability. They are manufactured in ready to use form and generally do not require the addition of any external agent before use. Since the demand for these paints is extensively dependent on industrial activities in any region, the improving economic conditions and rapid industrialization in developing countries are providing a fillip to the global bituminous paints market.
On the flip side, the protean prices of crude oil, which serves as a primary raw material, are hampering the growth of the market. Moreover, bituminous paints have adverse effects on the human health and the environment. This has compelled governments worldwide to impose stringent regulations on their production and sales, thereby limiting the market from realizing its utmost potential. Nevertheless, the rising research and development activities for the introduction of bio-based bituminous paints are unfolding tremendous growth opportunities for the market.
Global Bituminous Paints Market: Regional Outlook
The report segments the global bituminous paints market on the basis of geography into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America will account for a substantial share in the global arena, with the U.S. at the forefront of growth. The booming marine and aviation industries are contributing to the growth of the region. Europe is anticipated to exhibit moderate growth during the forecast period due to the stringent regulatory framework.
Asia Pacific is expected to register significant growth during the same period. The flourishing growth of the construction sector in emerging countries such as India and China is one of the key factors stoking the growth of the market in the region. Increasing industrialization is also propelling the growth of the region.
Global Bituminous Paints Market: Competitive Landscape
The global market for bituminous paints is moderately fragmented in nature. The majority of companies operating in the market are focusing towards offering products that comply with government regulations and also enhance their visibility. Thus, players are paying high attention to research and development and product innovation. Some of the prominent participants in the global bituminous paints market are Hebei Tuohua Metal Products Co. Ltd., Juno Bitumix Pvt. Ltd., and Tianjin Haiyunda Metal Material Co. Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.