Bitumen Market - By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

Bitumen Market Size

Bitumen Market size was valued at around USD 49.74 billion in 2020 and will exhibit a growth rate of over 4.4% CAGR from 2021 to 2027. Rapid industrialization in emerging countries is likely to escalate the demand for bitumen in various applications such as roadways, waterproofing, adhesives, and insulation.
 

Bitumen, also known as asphalt, is a black sticky blend of hydrocarbons residue from petroleum distillation or obtained naturally. It is used in various applications such as roadway construction where it is applied as a binder and mixed with aggregate particles to produce asphalt concrete. Other applications include waterproofing products in the production of roofing felt, adhesives, insulation, etc. In the construction and industrial sector, bitumen is an important raw material for manufacturing water tanks, dams, and bridges due to its high viscosity, stickiness, and water-resistance properties.
 

Increasing government expenditure and policies toward roads & infrastructural development by using Public Private Partnership models across developed as well as emerging nations will drive the bitumen market share in the future. They help in increasing the utilization of bituminous products across the maintenance industry and road construction.
 

Rising infrastructural developments and construction of new industrial plants in the emerging markets are in favor of the product demand. Due to bitumen properties, such as water resistance and viscosity, it is used in paints & coatings and inks & dyes applications, which is one of the factors propelling the bitumen market growth.
 

There are a number of manufacturing processes to produce bitumen such as vacuum distillation or vacuum flashing of atmospheric residue from the vacuum distillation column. Both the methods have significant impacts on the environment such as air and water quality, effects of waste treatment & tailings, wildlife & wildlife habitat, and human health. It releases into the air PM2.5 and PM10 particles, hydrogen sulfide, sulfur dioxide, and VOC, indicating that tar sands facilities were major polluters.
 

Bitumen Market Analysis

Based on product, the paving bitumen will hold the largest market share of close to 60% in terms of value in 2027. Around 85% of all the bitumen manufactured is used as binder in asphalt concrete for roads, car parks, airport runways, and footways due to the sturdiness and ability to be repaired quickly. Bitumen penetration graded 60/70 derived from specially selected crude oils via carefully controlled refining processes and used as a paving grade bitumen. Typically, the making of asphalt concrete requires mixing of fine and coarse aggregates, such as gravel or crushed stone with asphalt, which work as the binding agent.
 

With rising number of automobile vehicles in the world, mostly in the developing economies of Latin America and Asia Pacific, the demand for road construction will witness a significant rise in the upcoming years. Global vehicle sales reached 77.62 million units in 2020 and is expected to reach 125.43 million units by the end of the forecast period, thus generating a need for broader and superior quality roads. Easy availability and low cost of paving grade bitumen will enhance the bitumen market value in road construction activities around the world. Owing to its versatile applications, the demand for paving based bitumen is expected to grow with a 4.2% CAGR over the forecast period.
 

Based on application, the global bitumen market is categorized into roadways, waterproofing, adhesives, insulation, and others. The roadways application segment accounted for the highest share in 2020 and generated revenue of over USD 41.69 billion in the same year. Road construction has the most extensive use of bitumen, where it is used as a binder to process asphalt concrete. This segment includes the application of bitumen in the repair works and new construction of roads and pavements including airport runways, motorways, flyovers, and platforms.
 

Increasing automotive traffic throughout the world driven by the increasing Purchase Power Parity (PPP) in the emerging economies will result in the demand for a more extensive road and highway network with multiple lanes to accommodate all cars during peak hours. Moreover, rapid urbanization and modernization will also increase the connectivity of rural & urban areas, thus boosting the demand for road development activities.
 

Asia Pacific will exceed USD 35 billion in 2027 driven by the growing application of bitumen products in various applications. The road & highway construction industry in APAC countries, such as China, India, and Australia, has been increasing rapidly and is driven by the growing automobile ownership and increasing urbanization in the region. The rise in freight and passenger road transportation in the country, followed by manufacturing activities will further propel road construction and development. Additionally, growing investment industrial sectors have significantly influenced the bitumen market revenue in the country.
 

Bitumen Market Share

Global bitumen industry players majorly focus on development of their product portfolio to enhance their business capabilities. Major players are increasing their product range and presence in the emerging market to cater to the growing demand for bitumen. Strategic partnerships and enhancement of the product landscape are key initiatives in the global market.
 

Some of the key manufacturers include:

• ExxonMobil
• Athabasca Oil Corporation
• Royal Dutch Shell
• TotalEnergies
• Nynas
• Valero Energy Corporation
• Chevron Texaco Corporation
• Indian Oil Corporation
• Suncor Energy
• China Petroleum and Chemical Corporation
• Nustar energy
• Bouygues
• Villas Austria GmbH
• Gazprom-Neft
•  Marathon Oil Corporation
   

The bitumen market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million kilo tons & revenue in USD billion from 2017 to 2027 for the following segments:

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By Product

• Paving
• Oxidized
• Cutback
• Emulsion
• Polymer Modified
• Others

By Application

• Roadways
• Waterproofing
• Adhesives
• Insulation
• Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE