11-Apr-2022 | Facts and Factors
Global Bitumen Market was worth around USD 51,429.5 million in 2021 and is estimated to grow to about USD 65,829.2 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.2% over the forecast period. The report analyzes the Bitumen Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Bitumen Market.
Bitumen is a black to dark brown sticky substance made up primarily of high molecular weight hydrocarbons. It is a semi-solid hydrocarbon by-product of crude oil distillation, created by separating the lighter fractions (such as liquid petroleum gas, petrol, and diesel) from heavy crude oil during the refining process. Bitumen's physical qualities include adhesion, water resistance, hardness, ductility, and a greater softening point. The development in road and building construction activities is driving the growth of the bitumen market in the forecast period. In addition, government programs such as the construction of dwellings for poor people residing in both rural and urban regions are projected to enhance demand for bitumen, hence propelling the bitumen market forward. The construction of numerous national highways, expressways, and airport runways increases the demand for bitumen.
Browse the full “Bitumen Market By Product Type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Product Types). By Application (Road Construction, Waterproofing, Adhesives, Other Applications), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022 – 2028” report at https://www.fnfresearch.com/bitumen-market
Moreover, because of its physical features like adhesion, resistance to water, hardness, ductility, and higher softening point, bitumen is commonly utilized in the building sector for roofs. As a result of increased demand for bitumen across the country, growth in the construction sector as a result of increased population in cities and the need for new dwellings led to a rise in demand for bitumen across the country. Furthermore, the development of bio-based bitumen and EME binder is expected to give attractive potential for continued market development. However, human health and environmental hazards associated with bitumen, fluctuating international crude oil prices, and an increase in the usage of bitumen alternatives such as concrete in roadway construction applications are projected to limit the market growth.
The Bitumen Market is segregated based on Product Type, and Application. Based on Product Type, the global market is distinguished into Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Other Product Types. Based on Application, the global market is categorized into Road Construction, Waterproofing, Adhesives, and Other Applications.
During the projection period, Asia Pacific dominated the market. The increasing use of bitumen products in a variety of applications is driving market expansion. The road and highway construction sector in APAC countries such as China, India, and Australia is quickly expanding, driven by rising automotive ownership and urbanization in the region. The increase in freight and passenger road transportation in the country, followed by manufacturing activity, would accelerate road construction and growth even further. Furthermore, increased investment in industrial sectors has had a substantial impact on the country's bitumen market income.
North America is predicted to grow significantly over the forecast period due to its vast petroleum manufacturing base. The rise in the North American bitumen industry is being fueled by increased demand for road building and waterproofing applications. Furthermore, prominent market actors have begun to form strategic alliances with local or small businesses in order to expand their market position. Thus, mergers and acquisitions in the bitumen market contribute to the growth of the market.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 51,429.5 Million |
Projected Market Size in 2028 |
USD 65,829.2 Million |
CAGR Growth Rate |
4.2% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
ATDM CO. LTD, Bouygues, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Royal Dutch Shell PLC, and Suncor Energy Inc., among others |
Key Segment |
By Product Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Key players functioning in the Bitumen Market include ATDM CO. LTD, Bouygues, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Royal Dutch Shell PLC, and Suncor Energy Inc.
Recent developments:
- In 2019, Shell has introduced a new bitumen product that is intended to assist lessen the impact of asphalt production and paving on local air quality. Shell Bitumen FreshAir has been found to help cut emissions of certain gases and particles from asphalt mixtures by 40% during manufacture and paving.
The Bitumen Market is segmented as follows:
By Product Type
- Paving Grade
- Hard Grade
- Oxidized Grade
- Bitumen Emulsions
- Polymer Modified Bitumen
- Other Product Types
By Application
- Road Construction
- Waterproofing
- Adhesives
- Other Applications
By Region
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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