Bitumen Market: Global Industry Growth, Opportunities and Forecast 2021 to 2027

The Bitumen Market is expected to reach US $138.91 billion by 2027, thanks to growth in the road construction segment. The report analyzes bitumen market dynamics by region and applications.

Bitumen Market Overview:

The Bitumen Market was valued at US $108.74 Bn. in 2020, and it is expected to reach US $138.91 Bn. by 2027 with a CAGR of 3.56% during the forecast period. Bitumen (Asphalt), which is generated from by-products of processed crude oil and is soluble in carbon disulphide, is commonly consumed as a binding organic substance. Bitumen is an important component of asphalt, which is used to construct roads, streets, and other infrastructure. The surging use of bitumen in the development of roads across the globe is driving up demand for bitumen, which is simple to make, non-toxic, and reusable. During the forecast period, the bitumen market would benefit from the rapid increase in road construction operations, with the significant use of bitumen for surfacing and paving. Bitumen Market To know about the Research Methodology :- Request Free Sample Report 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Bitumen Market Dynamics:

Bitumen is Becoming Prevalent in Water-proofing Applications:

Thanks to its highly sticky and viscous character, bitumen is commonly used as a waterproofing agent on the roofs of commercial and residential buildings. Bituminous waterproofing is used to protect roof decks from the rain before roofing or installation, as it prevents seepage and water leakage. It also acts as an additional barrier against water penetration or blow-offs and is thus frequently consumed by the construction industry, which is a major driver of the bitumen market's growth. Bitumen Market 1 Bitumen is manufactured to specifications based on the end-use requirements. This can be accomplished by refining or blending. The global use of asphalt is estimated to be around 102 million tonnes per year. The binder in asphalt concrete for roads accounts for about 85.23% of all asphalt produced. It is also used in paved places like airport runways, parking lots, and sidewalks. Asphalt concrete is often made by combining fine and coarse materials such as sand, gravel, and crushed rock with asphalt, which serves as a binding agent.

Surged Chinese Bitumen Imports 2020:

During the COVID-19 pandemic, China's bitumen imports increased by 11% from 2019 to 4.75 million tonnes. The top bitumen suppliers to China, South Korea and Singapore, imported 3.72 million tonnes, accounting for 78.21% of total imports. Volumes from South Korea increased by 2.52% to 2.39 million tonnes in 2020, compared to 2.33 million tonnes in 2019. Imports from Singapore reached a new high of 1.32 million tonnes in 2020, up 25.71% from the previous year 2019. According to Chinese local market sources, Chinese bitumen output surged to a three-year high of 32.8 million tonnes in 2020, up 16% from 2019 production volumes of 28.2 million tonnes. The country's output increased by at least 30% on a monthly basis in the fourth quarter of 2020, since bitumen production margins were significantly greater than those of middle distillates.

Stringent Rules and Regulations:

Over the forecast period, strict environmental rules governing uses and manufacturing processes are expected to limit the growth of the bitumen market. The occupational exposure limit, for example, has a significant impact on the sector. The restriction is set at 5 mg/m3 in Australia, China, Belgium, and France. Because the commodity is made up of petrochemicals and crude oil, it has the same pricing dynamics as crude oil and has recently shown comparable sluggish growth. Price patterns in the bitumen market may be affected by fluctuating oil and petrochemical prices over the forecast period. Nonetheless, the emergence of bio-based bitumen is being studied to see if it may provide new growth potential for industry players.

Bitumen Market Segment Analysis:

Based on Grade, the bitumen market is segmented as, penetration grade bitumen, hard grade bitumen, oxidation grade bitumen, polymer modified bitumen, modified bitumen, and high-performance polymer-modified bitumen. In 2020, the polymer modified bitumen segment was dominant and held xx% of the overall market share in terms of revenue. Because of its better endurance and quality, polymer-modified bitumen is commonly used for road construction, as well as construction and building. To change the properties of bitumen, different materials are added, such as thermoplastic elastomers like rubber and styrene polymers, thermoplastic polymers like polyethylene, ethylene copolymers, and polypropylene, and thermosetting polymer resins. The addition of these polymers in trace amounts, either chemically or mechanically, drives the elasticity and tensile strength of the material, extending its fatigue life. Bitumen Market 2 Based on Application, the bitumen market is segmented as follows, road construction, water-proofing, airport runways, piping, and industrial bitumen. In 2020, the road construction segment was dominant and held xx% of the overall market in terms of revenue. The most common application of bitumen is in road construction, where asphalt concrete is made by directly using bitumen as a binder. It involves the use of bitumen in road and pavement building and repair, including high-speed roads, highways, flyovers, airport runways, and platforms. Aside from the construction industry, bitumen is one of the most important raw materials used in the production of a variety of industrial products, such as roofing material, adhesives, insulation, and sealing, because it provides a variety of properties to the structure, including varying hardness, adhesion, high viscosity, ductility, and waterproofing.

Global Bitumen Market Regional Insights:

In 2020, In terms of revenue, the Asia Pacific region was dominating, accounting for more than 38% of the overall market. High investments are being made in several nations, such as China and India, for industrial growth and infrastructure development. Also, throughout the forecast period, the steel grating market is expected to be driven by the rise of the construction sector, particularly in the Asia Pacific. Growing population in nations like China and India, along with a high standard of living, has resulted in increased traffic worldwide, necessitating the building of flyovers and heavy-duty roads, as well as the extension of existing highways. The growing number of property renovation projects and modern construction systems with waterproofed flat roofs, particularly in North America and Europe, is expected to drive bitumen demand in these regions over the forecast period. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.

Global Bitumen Market Scope: Inquire before buying

Global Bitumen Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 108.74Bn.
Forecast Period 2021 to 2027 CAGR: 3.56% Market Size in 2027: US $ 138.91Bn.
Segments Covered: by Grade • Penetration grade bitumen • Hard grade bitumen • Oxidation grade bitumen • Polymer modified bitumen • Modified bitumen • High-performance polymer modified bitumen
by Application • Road Construction • Water-Proofing • Airport Runways • Piping • Industrial Bitumen

Global Bitumen Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Global Bitumen Market Key Players

• Indian Oil Corporation Limited • Chevron Texaco Corporation • China National Petroleum Corporation • Villas Austria • Bouygues • Nynas • NuStar Energy • Total SA • JX Nippon Oil & Energy Corporation • Baker Hughes • Exxon Mobil • Sasol Ltd. • Royal Dutch Shell Plc • Marathon Oil Corporation • Petroleos Mexicanos • Imperial Oil • Others

Frequently Asked Questions:

1. What is the forecast period considered for the Bitumen market report? Ans. The forecast period for the global bitumen market is 2021-2027. 2. Which key factors are hindering the growth of the Bitumen market? Ans. The stringent rules and regulations governing bitumen use are the only key factor expected to hinder the growth of the market during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Bitumen market for the next 6 years? Ans. The global bitumen market is expected to grow at a CAGR of 3.56% during the forecast period (2021-2027). 4. What are the key factors driving the growth of the Bitumen market? Ans. The continuous growth in infrastructure development across the globe leading to rapid growth in the construction of roads and highways for transport across the globe are the key factors expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered for the Bitumen market report? Ans. Indian Oil Corporation Limited, Chevron Texaco Corporation, China National Petroleum Corporation, Villas Austria, Bouygues, Nynas, NuStar Energy, Total SA, JX Nippon Oil & Energy Corporation, Baker Hughes, Exxon Mobil, Sasol Ltd., Royal Dutch Shell Plc, Marathon Oil Corporation, Petroleos Mexicanos, Imperial Oil, and Others.
1. Global Bitumen Market: Research Methodology 2. Global Bitumen Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Bitumen Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Bitumen Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Bitumen Market Segmentation 4.1. Global Bitumen Market, by Grade (2020-2027) • Penetration grade bitumen • Hard grade bitumen • Oxidation grade bitumen • Polymer modified bitumen • Modified bitumen • High-performance polymer modified bitumen 4.2. Global Bitumen Market, by Application (2020-2027) • Road Construction • Water-Proofing • Airport Runways • Piping • Industrial Bitumen 5. North America Bitumen Market (2020-2027) 5.1. Global Bitumen Market, by Grade (2020-2027) • Penetration grade bitumen • Hard grade bitumen • Oxidation grade bitumen • Polymer modified bitumen • Modified bitumen • High-performance polymer modified bitumen 5.2. Global Bitumen Market, by Application (2020-2027) • Road Construction • Water-Proofing • Airport Runways • Piping • Industrial Bitumen 5.3. North America Bitumen Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Bitumen Market (2020-2027) 6.1. European Bitumen Market, by Grade (2020-2027) 6.2. European Bitumen Market, by Application (2020-2027) 6.3. European Bitumen Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Bitumen Market (2020-2027) 7.1. Asia Pacific Bitumen Market, by Grade (2020-2027) 7.2. Asia Pacific Bitumen Market, by Application (2020-2027) 7.3. Asia Pacific Bitumen Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Bitumen Market (2020-2027) 8.1. The Middle East and Africa Bitumen Market, by Grade (2020-2027) 8.2. The Middle East and Africa Bitumen Market, by Application (2020-2027) 8.3. The Middle East and Africa Bitumen Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Bitumen Market (2020-2027) 9.1. Latin America Bitumen Market, by Grade (2020-2027) 9.2. Latin America Bitumen Market, by Application (2020-2027) 9.3. Latin America Bitumen Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Indian Oil Corporation Limited 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Chevron Texaco Corporation 10.3. China National Petroleum Corporation 10.4. Villas Austria 10.5. Bouygues 10.6. Nynas 10.7. NuStar Energy 10.8. Total SA 10.9. JX Nippon Oil & Energy Corporation 10.10. Baker Hughes 10.11. Exxon Mobil 10.12. Sasol Ltd. 10.13. Royal Dutch Shell Plc 10.14. Marathon Oil Corporation 10.15. Petroleos Mexicanos 10.16. Imperial Oil 10.17. Others

About This Report

Report ID 18574
Category Material & Chemical
Published Date Aug 2019
Updated Date Nov 2021
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