Latin America Bitumen Market to generate over $5.7 bn revenue by 2024: Graphical Research. Graphical Research presents a most up-to-date report on “Latin America Bitumen Market analysis based on Product, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 5.7 billion by 2024. The construction industry in Latin America deemed to be a profitable quotient for the product market owing to the marked increase in the construction projects from commercial to residential development to infrastructure and industrial facilities. For instance, the construction of New Mexico City International Airport, inter-oceanic corridor to facilitate trade between Chile and Argentina and planned development of San Lorenzo Island into a satellite city in Peru will provide the humongous growth to the bitumen market.
The product also acts as a sealant and adhesive owing to their insoluble property which is used for water resisting applications which will propel the bitumen market. On the contrary, the fluctuation in oil prices will provide the sluggish growth to the product market.
Paving bitumen is likely to hold nearly 70% of market share due to the construction activities in the region. In 2016, the Mexico Federal Government construction projects valued nearly USD 110 billion in which 40% is allotted to Petróleos Mexicanos (government owned oil company), 25% to highway, 22% to housing and multipurpose building development and 1|Page