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Bitumen Market Size
- Report ID: GMI1100
- Published Date: Jun 2021
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Bitumen Market Size in 2020: | USD 49.74 Billion |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 4.4% |
| 2027 Value Projection: | USD 66.92 Billion |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 224 |
| Tables, Charts & Figures: | 188 |
| Segments covered: | Product, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Bitumen Market Scope
