Savvy asphalt producers and terminal owners keep an eye on the liquid market all around the globe. The ups and downs seen in South Africa and China in the past year(s) aren’t the only indicators of economic growth spurts overseas. To illustrate the marketplace in India specifically, the following excerpt is from the Bitumart Annual India Bitumen Report, shared online Aug. 2 by Petrosil’s Bitumart. The group reported:
“The global bitumen market was valued at USD 71 billion in 2013, and is expected to reach USD 94 billion by 2020…China and India are expected to drive the growth of the bitumen market in Asia. Bitumen consumption in India will outpace production in the coming years as demand is expected to accelerate on the back of increased infrastructure spending and expanding road networks across the country. The Indian market has witnessed a huge increase in bitumen trade flows in recent months…”
The report listed the following points:
- “With the Indian government’s recent announcement of the target of making over 90 percent of Indian roads with bituminous, increased regulations are paving the way for the production and supply of quality bitumen. Moreover, from now onwards, bitumen products are being introduced at all refineries in the country, which promises much better market for the entire bitumen value chain.
- “Although a price-sensitive market, Indian bitumen market will eventually revolutionize becoming a quality-driven market in the near future as the government brings viscosity grading and performance grade soon. Observations suggest the future growth trend moving towards it.
- “The Indian government’s focus on micro-surfacing coating will lead to a surge in the cold bitumen market, which used to be quite lean.
- “The Indian government plans to set up a finance corporation with an amount of INR 1 trillion in collaboration with Japanese investors to fund projects in the roads segment.”
By October, Petrosil was reporting that the trend toward more bitumen use was in effect. The UAE’s export of bitumen into India rose by 60 percent during the month of August compared to its rate in July.
Also in October, the outlet reported: “India’s largest bitumen importers in September are GP Global Asphalt, SAPCO Bitumen Company, Agarwal Industrial Corporation, Neptune Tradelink, Vardhman Trading, Catalyst Petrochem and Bitumen Corp.”