The global bitumen market size was valued at USD 71.3 billion in 2021. The market is projected to grow from USD 71.3 billion in 2021 to USD 80.8 billion by 2028, exhibiting a CAGR of 2.10% during the forecast period.
Chicago, Nov. 29, 2022 (GLOBE NEWSWIRE) — The global bitumen market size is expected to exhibit strong growth by reaching USD 71.3 billion by 2028. As per the report titled “Bitumen Market Size, Share & COVID-19 Impact Analysis, By Type (Paving, Oxidized, Cutback, Emulsion and Polymer Modified), By Application (Roadways, Waterproofing and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 71.3 billion and USD 80.8 billion in 2028. The market is expected to exhibit a CAGR of 2.10% during the forecast period.
Bitumen is a dense material that can take on a liquid or semi-solid state. It is dark brown, almost black. Bitumen frequently contains petroleum composites like asphaltene resin. The primary use of bitumen continues to be in constructing roads and pavements. The civil engineering industry uses bitumen more and more to make asphalt concrete. Roadways, airport runways, paved crossings, taxiways, freight yards, driveways, bridge decks, etc., are all built primarily with this material. The demand for bitumen is expected to increase during the forecast period due to expanding road networks, building new motorways, and repairing existing roads.
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The COVID-19 pandemic had a particularly negative impact on the building industry. The pandemic’s initial effects included the immediate suspension of all corporate operations, including supply and output. The business was severely disrupted as a result of travel restrictions and adhering to regulations set forth by the government. Contractors could not organize the labor force during the early stages of the pandemic, while suppliers could not locate raw materials.
Notable Industry Development
May 2021: Bitumen production has resumed at ExxonMobil’s Singapore facility. A total of 100,000–120,000 tonnes of bitumen can be produced monthly at the factory.
Growing Roads and Highways Construction Activities to Drive the Market Growth
The need for high-quality roads and highways to improve connectivity between major cities has significantly increased construction and maintenance activities worldwide. Bitumen, which is frequently used by companies that produce roofing materials, is the most commonly used for paving roads. In addition to its adhesive and waterproofing qualities, its ability to be recycled in later road construction is crucial. The need for sturdy and easily repairable roads and pavements has increased demand for this sealant in the building and construction industry.
Additionally, it is frequently used to waterproof residential and commercial structures, fueling market revenue growth.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the bitumen market plan acquisitions to improve their brand recognition globally. For instance, in March 2021, Puma Bitumen, a division of Puma Energy, announced its latest bitumen terminal in India. The new terminal will manufacture up to 40KT of asphalt annually to support India’s infrastructure boom. It will be an ideal strategic location for the region’s first bitumen import terminal.
List of Key Players Profiled in the Report
Asphalt & Bitumen West Co. (Tehran, Iran)
Raha Bitumen (Esfahan, Iran)
Asia Bitumen (Tehran, Iran)
Exxon Mobil (Texas, U.S.)
Royal Dutch Shell (Hague, Netherlands)
Sinopec (Beijing, China)
Nynas (Stockholm, Sweden)
GOIL Ltd (Accra, Ghana)
Total Energies (Courbevoie, France)
Gazprom Neft (St. Petersburg, Russia)
Indian Oil Corporation (New Delhi, India)
BASF Developed B2Last to Create More Resilient and Environmentally Friendly Roadways
In June 2021, B2Last was developed by BASF to create more durable and environmentally friendly roads. The new addition functions in a different way from other bitumen modifiers. Truck tires do not cause rutting as quickly during hot spells because it combines bitumen components to create a polymer grid that is both stretchy and durable, making roads more durable.
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Pollutants Released During Bitumen Processing and Extraction May Hamper Market Growth
Bitumen is produced using various techniques that severely negatively affect the environment, animals, and public health. This is a significant issue expected to reduce market revenue and profit significantly. During the extraction and processing of bitumen, volatile organic compounds, sulfur dioxide, and hydrogen sulfide are released into the atmosphere, harming the environment. Whether bitumen irreversibly deforms under heavily loaded conditions depends on the composition of the asphalt mix, the ambient temperature, and the intensity of the stress.
Additionally, bitumen quickly oxidizes, making asphalt more brittle and possibly causing surface or road breaking. These significant factors are expected to restrict growth throughout the projection timeframe.
Report Scope and Segmentation
Forecast Period 2021 to 2028 CAGR
2028 Value Projection
Market Size in 2021
Historical Data for
2018 – 2021
By Type, By Application, and By Geography
North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
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Segmentation of Global Bitumen Market
Global Bitumen Market – By Type
Global Bitumen Market – By Application
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Asia Pacific is projected to hold the largest share of the bitumen market over the forecast period. China is the largest economy in the Asia-Pacific region. While its growth is still strong, it is slowing as the population ages, the economy transitions from manufacturing to services, from investment to consumption, and from external to domestic demand. The construction of flyovers and heavy-duty roadways, as well as the enlargement of existing highways, was required due to increased traffic worldwide due to the growing population in countries like China and India and their high standard of living.
Further Report Findings
The market in Asia Pacific is expected to gain a huge portion of the global bitumen market share in the coming years. The market is expanding due to the growing use of bitumen products in numerous applications.
The road and highway construction industry is rapidly growing in APAC nations like China, India, and Australia due to the region’s rising urbanization and automobile ownership rates.
In North America, the growth in this region is primarily driven by the growing number of property restoration initiatives and new construction methods with waterproof flat roofs.
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