LONDON, United Kingdom, April 12, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “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” in its research database.
What is the bitumen market growth?
“According to the latest research study, the demand of global Bitumen Market size & share was witnessed USD 51,429.5 million in 2021and it is expected to surpass USD 65,829.2 million Mark, by 2028, at a compound annual growth rate (CAGR) of about 4.2% over the forecast period 2022 to 2028.”
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.
What is Bitumen? How big is the Bitumen Market?
Bitumen Market Overview:
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.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 219+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
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 | Request customized purchase options to meet your research needs. Explore purchase options |
Global Bitumen Market: Growth Factors
- Bitumen is increasingly used in waterproofing
Bitumen’s 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.
Browse the full “Bitumen Market - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/bitumen-market
Bitumen Market: Segmentation Analysis
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. Paving bitumen will have the biggest market share in terms of value in the forecast period. Due to its durability and ability to be rebuilt rapidly, bitumen is used as a binder in asphalt concrete for roads, parking lots, airport runways, and footways. Bitumen penetration grade 60/70 is obtained from precisely selected crude oils through highly controlled refining procedures and utilized as paving grade bitumen.
Based on Application, the global market is categorized into Road Construction, Waterproofing, Adhesives, and Other Applications. The Road Construction segment accounted for the largest share in the forecast period. The most widespread application of bitumen is in road construction, where it is employed as a binder in the production of asphalt concrete.
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Listed Bitumen Companies
Some of the main competitors dominating the global 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
- Suncor Energy Inc.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the bitumen market is estimated to reach a CAGR of around 4.2%.
- The Bitumen market was valued at around US$ 51,429.5 million in 2021 and is expected to exceed US$ 65,829.2 million, by 2028.
- By Product Type, In terms of value, paving bitumen will have the largest market share over the projection period. Because of its multiple applications, paving-based bitumen is expected to see an increase in demand.
- By Application, the Road Construction segment had the greatest share. Bitumen is most commonly used in road building as a binder in the manufacturing of asphalt concrete between 2022 and 2028.
- On the basis of region, the Asia Pacific will be the largest market, led by rising building sectors in India, China, Thailand, and Vietnam. The presence of significant market players in the region will also help the industry grow in the coming years throughout the forecast period.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Bitumen industry?
- What are the main driving factors propelling the Bitumen Market forward?
- What are the leading companies in the Bitumen Industry?
- What segments does the Bitumen Market cover?
- How can I receive a free copy of the Bitumen Market sample report and company profiles?
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Bitumen Market: COVID-19 Impact Analysis
COVID-19 had an adverse impact on the market in 2020. The construction sector's performance is predicted to be moderately impacted by the influence on cash flow as a result of the affected income of a comparatively wider segment of society, which is expected to affect the market analyzed. Declining expenditures in the road and building construction segments resulted in lower consumption of bitumen in applications such as road construction, waterproofing of building roofs and basements, sealant, filler, and adhesive, which harmed the bitumen market.
Growing environmental concerns about bitumen, as well as unfavorable conditions caused by the impact of COVID-19, are impeding industry expansion. With a nationwide lockdown imposed by the central governments, the supply chain of Bitumen got disturbed, which in turn affected the market growth. However, with the slowing removal of the Covid-19 restriction, the market is expected to grow at a considerable rate.
Regional Dominance:
Which region offers the best opportunity and growth for Bitumen?
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.
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.
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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
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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