WASHINGTON, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The Global Bitumen Market is valued at USD 103.1 billion in 2021 and is projected to reach a value of USD 131.2 billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.1% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, the key factors anticipated to accelerate the Bitumen market growth over the forecast period stated ahead. Increasing Bitumen use in road construction due to its ease of production, non-toxicity, and reusability, as well as the rapid expansion of road building operations with considerable Bitumen usage for surface and paving reasons, are some of the main drivers driving market revenue development.
We forecast that the automotive category in Bitumen market sales will account for more than 38% of total sales by 2028. Bitumen is used as a binder in the creation of asphalt concrete, which is the most common use of this substance. This area covers the application of Bitumen for runway, road, flyover, and platform construction and the upkeep of pavement and roadways.
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Market Dynamics
Road construction activity should be increased to drive market expansion
Due to its excellent qualities and benefits over other materials used to make pavement, Bitumen is a material that is frequently utilized in paving and road construction. They can be utilized as the primary component of roads and pavements because of their special and inherent qualities. Current road construction initiatives, like the Bharatmala Pariyojana project just launched by the Indian government, would promote market expansion. The Ministry of Road Transport and Highways has authorized the construction of 34800 km of national highways as part of this project during the next five years. This program calls for the construction of 22 Greenfield developments. In addition, nine national highway projects with a combined length of 262 km were started in October 2020 to improve Tripura's connectivity.
Growing Use of Bio-asphalt Will Impact Market Development
Bitumen is a petroleum-based substance typically used in construction as a pavement binder. Petroleum-derived products, however, are not sustainable and cannot be renewed. There has been extensive research towards developing a sustainable substitute for asphalt due to consumers' growing awareness of the detrimental effects of petroleum products on the environment and human health. Bio-asphalt is a non-petroleum-based binder from biomass, such as molasses, starch, trees, cellulose, natural latex, and other sustainable sources. The market demand for bio-asphalt is driven by its similar behavior and improved features.
Top Players in the Global Bitumen Market
- AMT Techno (India)
- Athabasca Oil Corporation (Canada)
- Baker Hughes (US)
- Bouygues Groups (France)
- BP PLC (UK)
- CEMEX S.A.B. de C.V. (Mexico)
- Chevron Corporation (US)
- China Petroleum and Chemical Corporation (China)
- ENEOS Corporation (Japan)
- ExxonMobil Corporation (US)
- Gazprom- Neft (Russia)
- Gulf Petrochem (UAE)
- IKA Group (Germany)
- Imperial Oil Limited (Canada)
- Indian Oil Corporation Ltd (India)
- JX Nippon Oil & Energy Corporation (Japan)
- LN Petrochem (India)
- Marathon Oil Company (US)
- Maruti Group (India)
- MBD Industries (India)
- Nippon Oil Corporation (Japan)
- NuStar Energy LP (US)
- Nynas AB (Sweden)
- PetróleosMexicanos (Mexico)
- Ratnamani Industries (India)
- Roadstar (India)
- Royal Dutch Shell PLC (UK)
- Sasol Ltd. (South Africa)
- Shell Bitumen (UK)
- Sinopec Corporation (China)
- Suncor Energy Inc. (Canada)
- Syncrude Canada Ltd. (Canada)
- The Richmond Group (US)
- Tiki Tar Industries (India)
- Total Energy (France)
- United Refining Company (US)
- Valero Energy Corporation (US)
- Veekay Industries (India)
- Villas Austria Gmbh (Austria)
For Additional Information on Bitumen Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Bitumen Market
- One trend that Vantage Market Research (VMR) expects to see in the Bitumen industry is increasing the demand for construction. Due to Bitumen's physical characteristics, which include hardness, adhesion, resistance to water, flexibility, and a greater softening point, Bitumen is typically utilized in the construction industry for roofs. This increased demand for Bitumen worldwide is projected to fuel the market's expansion.
- Another trend that VMR predicts will continue in the Bitumen industry is a rise in waterproofing use. Bitumen is typically utilized as a waterproofing solution on the roofs of commercial and residential structures due to its highly viscous and sticky character. Bituminous waterproofing shields the roof against leaks and water seepage. Before installing or roofing, Bitumen shields the roof decks from the elements.
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Recent Developments in the Global Bitumen Market
- Puma Bitumen has announced its newest Bitumen terminal in India which opened in March 2021. The new plant is estimated to manufacture as much as 40,000 metric tonnes of asphalt each year, which will aid in developing the country's infrastructure.
Top Report Findings
- Based on the Products, most of the Bitumen market's revenue is controlled by the paving category. With around 86% of all Bitumen produced going toward roads, parking lots, asphalt, and footpaths, asphalt concrete is used as the binder because of its durability and speedy repairability. Through carefully monitored refining procedures using carefully chosen crude oils, Bitumen of the highest grade for paving is created, with a Bitumen proportion of 65-75%.
- Based on the Applications, most of the Bitumen market's revenue is controlled by the roadways category. Due to worldwide traffic increase, advancement in developing nations is creating a desire for better roads, which is predicted to fuel this segment's revenue growth. Due to its many benefits, which vary according to the amount of stress, it is a crucial component of road construction.
Paving Category in Bitumen Market to Generate Over 46% Revenue
The Bitumen industry is considered as heavy when it comes to investment. Vantage Market Research has analyzed the market for Bitumen to understand its current state and potential future growth factors. For better understanding, based on the product, the Bitumen market is divided into oxidized, paving, emulsion, cutback, polymer modified, and others.
During the forecast period, the market for Bitumen is anticipated to experience the highest CAGR for the paving category due to the product's expanding use as an asphalt concrete binder for many applications, including roads, runways, and parking lots. Additionally, this segment's revenue is growing due to increased road construction, increased vehicles on the road, and the availability of inexpensive paving-grade Bitumen.
On the other hand, the emulsion category is anticipated to grow significantly. It consists of Bitumen and water, an emulsifying liquid component, and stabilizing agents produced in an aqueous media. The binding process is started by mixing them with materials used in road construction because they are easy to utilize at room temperature. It is used to stabilize soil and rebuild roadways, and a color change recognizes the binding from brown to black.
Asia Pacific Region in Bitumen Market to Generate More 33.3% Revenue
Asia Pacific has recently dominated the Bitumen market and is expected to continue its dominance throughout the projection period, credited to the numerous programs and efforts established by governments to enhance the public infrastructure. The main factors fueling market growth are the expanding socio-economic conditions and the burgeoning building industry.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Bitumen Market Forecast Report (2022-2028).
Global Bitumen Market Segmentation
By Products
- Oxidized
- Paving
- Emulsion
- Cutback
- Polymer Modified
- Other Products
By Applications
- Waterproofing
- Roadways
- Insulation
- Adhesives
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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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 |
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