Results for tag: "Petroleum Bitumen"

Petroleum bitumen, commonly known as asphalt, is a viscous, sticky substance derived from the heavier fractions of petroleum during the refining process. While gasoline and diesel are produced through the distillation of crude oil at relatively lower temperatures, bitumen is obtained at the final stages of this process when the temperature is raised higher. It is primarily used for road construction and waterproofing purposes due to its robustness and adhesive properties which make it an ideal binder. The market for petroleum bitumen is distinct from gasoline and diesel markets, although it is interconnected with the overall oil and energy sector. Gasoline and diesel are crucial for powering vehicles and are directly linked to the transportation industry, whereas bitumen's demand is more closely tied to the construction industry, specifically in paving roads and roofing. Since it is less sensitive to short-term fluctuations in oil prices compared to fuels, its market dynamics are shaped by infrastructure development and maintenance projects which require substantial volumes of the material. Companies active in the petroleum bitumen market range from major oil refiners to specialized suppliers. Some notable firms include BP, Chevron, ExxonMobil, Royal Dutch Shell, and Total. Each of these corporations participates in various stages of bitumen production, from refining to distribution, and they also engage in research and development to improve product quality and environmental sustainability. Show Less Read more