WASHINGTON, March 01, 2023 (GLOBE NEWSWIRE) — According to a report by Vantage Market Research, the global Bitumen Market size was valued at USD 103.1 Billion in 2021 and is expected to reach USD 131.2 Billion by 2028, growing at a CAGR of 4.1% from 2020 to 2028.
Bitumen Market Overview
The global bitumen market is a growing industry that is driven by the increasing demand for road construction, infrastructure development, and waterproofing materials. Bitumen is a sticky, black, and highly viscous liquid that is obtained from the distillation of crude oil. It is widely used as a binder in road construction and maintenance, as well as in the manufacturing of waterproofing materials for roofs, buildings, and other infrastructure.
The global bitumen market is segmented based on type, application, and region. Based on type, the market is segmented into paving grade, oxidized bitumen, cutback bitumen, bitumen emulsion, and polymer modified bitumen. Based on application, the market is segmented into road construction, waterproofing, insulation, and others.
The market is expected to grow in the coming years due to factors such as increasing urbanization, infrastructure development, and government initiatives for infrastructure development. However, the market is facing challenges such as fluctuating crude oil prices and competition from alternative materials such as asphalt, concrete, and other binders.
Global Bitumen Market: Growth Factors
Increasing demand for road construction: Bitumen is a key component in road construction and maintenance. With increasing urbanization and infrastructure development, the demand for roads and highways is also growing. This is expected to drive the demand for bitumen in the construction industry.
Rising demand for waterproofing materials: Bitumen is also used in the manufacturing of waterproofing materials for roofs, buildings, and other infrastructure. As the construction industry continues to grow, the demand for waterproofing materials is also expected to rise, which will boost the bitumen market.
Growing use of polymer modified bitumen: Polymer modified bitumen is increasingly being used in road construction and maintenance due to its superior properties such as high durability, increased strength, and better resistance to weather and temperature changes. This is expected to drive the demand for polymer modified bitumen in the global market.
Government initiatives for infrastructure development: Governments around the world are investing in infrastructure development, particularly in emerging economies. This is expected to drive the demand for bitumen in road construction, which will boost the market.
Advancements in technology: Advancements in technology have led to the development of new and improved formulations of bitumen, such as polymer modified bitumen, which are more durable and have better resistance to weather and temperature changes. This is expected to drive the demand for bitumen in the global market.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 103.1 Billion |
| Revenue Forecast by 2028 | USD 131.2 Billion |
| CAGR | 4.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | AMT Techno, Athabasca Oil Corporation, Baker Hughes, Bouygues Groups, BP PLC, CEMEX S.A.B. de C.V., Chevron Corporation, China Petroleum & Chemical Corporation, ENEOS Corporation, ExxonMobil Corporation, Gazprom- Neft, Gulf Petrochem, IKA Group, Imperial Oil Limited, Indian Oil Corporation Ltd, JX Nippon Oil & Energy Corporation, LN Petrochem, Marathon Oil Company, Maruti Group, MBD Industries, Nippon Oil Corporation, NuStar Energy LP, Nynas AB, PetróleosMexicanos, Ratnamani Industries, Roadstar, Royal Dutch Shell PLC, Sasol Ltd., Shell Bitumen, Sinopec Corporation, Suncor Energy Inc., Syncrude Canada Ltd., The Richmond Group, Tiki Tar Industries, Total Energy, United Refining Company, Valero Energy Corporation, Veekay Industries, Villas Austria GmbH |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Key Insights from Primary Research:
Growing demand for polymer modified bitumen: Primary research can confirm the growing trend of using polymer modified bitumen in road construction and maintenance due to its superior properties. This trend is expected to continue in the future, which will boost the demand for polymer modified bitumen in the global market.
Increasing focus on sustainability: Primary research can reveal that there is a growing focus on sustainability in the bitumen industry. Companies are investing in research and development to produce more sustainable and eco-friendly bitumen products. This trend is expected to drive the demand for sustainable bitumen in the global market.
Growing competition from alternative materials: Primary research can identify the growing competition from alternative materials such as asphalt, concrete, and other binders. These materials offer some advantages over bitumen and are being increasingly used in the construction industry. This trend is expected to pose a challenge to the growth of the bitumen market.
Impact of fluctuating crude oil prices: Primary research can reveal the impact of fluctuating crude oil prices on the bitumen market. Since bitumen is derived from crude oil, its prices are also affected by fluctuations in crude oil prices. This trend can impact the profitability of companies in the bitumen market.
Emerging markets driving demand: Primary research can confirm the trend of emerging markets such as China, India, and Brazil driving the demand for bitumen. These markets are investing heavily in infrastructure development, which is expected to boost the demand for bitumen in the global market.
Bitumen Market Segmentation
By Products
- Oxidized
- Paving
- Emulsion
- Cutback
- Polymer Modified
- Other Products
By Applications
- Waterproofing
- Roadways
- Insulation
- Adhesives
- Other Applications
Regional Analysis
North America: The North American bitumen market is driven by the growing demand for bitumen in road construction and maintenance, particularly in the United States and Canada. The region is also witnessing an increase in the use of polymer modified bitumen. However, the market is facing challenges such as fluctuating crude oil prices and competition from alternative materials.
Europe: The European bitumen market is driven by the growing demand for bitumen in road construction and maintenance, particularly in countries such as Germany, France, and the United Kingdom. The region is also witnessing an increase in the use of sustainable and eco-friendly bitumen products. However, the market is facing challenges such as stringent environmental regulations and competition from alternative materials.
Asia Pacific: The Asia Pacific bitumen market is witnessing significant growth due to increasing urbanization, infrastructure development, and investment in road construction and maintenance in countries such as China and India. The region is also witnessing a shift towards the use of polymer modified bitumen. However, the market is facing challenges such as fluctuating crude oil prices and competition from alternative materials.
Latin America: The Latin American bitumen market is driven by the growing demand for bitumen in road construction and maintenance, particularly in countries such as Brazil and Mexico. The region is also witnessing an increase in the use of sustainable and eco-friendly bitumen products. However, the market is facing challenges such as fluctuating crude oil prices and competition from alternative materials.
Middle East & Africa: The Middle East & Africa bitumen market is driven by the growing demand for bitumen in road construction and maintenance, particularly in countries such as Saudi Arabia and the United Arab Emirates. The region is also witnessing an increase in the use of polymer modified bitumen. However, the market is facing challenges such as fluctuating crude oil prices and competition from alternative materials.
Browse Market Data Tables and Figures spread through 145 Pages and in-depth TOC on Bitumen Market Forecast Report (2022-2028).
Source: Bitumenexporter
