VG 10 Bitumen : India bitumen industry was pegged at $196.7 billion in 2018 and is estimated to reach $257.0 billion by 2026, growing at a compound annual growth rate (CAGR) of 2.8% from 2019 to 2026.
At 2018, India bitumen industry succeeds to get to $196.7 billion. By 2026, India expects a 2.8% boost in compound annual growth rate (CAGR) estimated about $257.0 billion. Therefore, construction has been a key industry for the country, and bitumen has been a significant raw material. The dark sticky material includes properties, such as adhesion, resistance to water, hardness, ductility, and higher softening point. Penetration grades and viscosity grades are popular in India including 60/70, 80/100, Vg-30 and Vg-10 bitumen.
India construction industry and infrastructure was improving constantly in the past decades. In the fiscal year 2015 to 2020, the growth rate was approximately 5.60 percent which was 2.7 percent more than the former fiscal year. The highest budget in 2019 allocated to the railway sector. The development of construction in roads and buildings has driven the Indian bitumen market.
Although the regular type or paving bitumen includes the penetration grades predominantly, the Bureau of Indian Standards declared a new grading method of viscosity grading. Since then, supply and demand for various viscosity have increased. Vg-40, Vg-30 and Vg-10 bitumen are common types of viscosity grades in India. The main reason for the Bureau to select the viscosity grading was the proper functionality it represents at both low and high temperatures. However, paving highways and roads are not the only application of Vg bitumen. It is also applicable in bituminous waterproofing, of roofing, and paints.
India Future Market
Although 2020 was a problematic year for the globe, including India, the world expects a brighter horizon. India had serious lockdowns, businesses shut down. Big construction sites stopped working. But the page is turning, and demand is getting stronger. Bitumen consumption hit 444,000t in September including VG-10 bitumen. Imports of bitumen have risen according to the hope of increasing construction after the monsoon season. If you require quality Vg-10 bitumen in India, Contact our sales managers in Infinity Galaxy.
The market is getting competitive lately due to the coronavirus vaccine release and expansionary policies taken by the government. The major players of India bitumen market such as Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Limited who are implementing policies to take the market.