Bitumen Market Overview:
Bitumen Market size was valued at USD 61 Billion in 2021, registering a CAGR of 4.6% during the forecast period (2022-2030), and the market is projected to reach over USD 91.4 Billion by 2030.
Bitumen is a semi-solid hydrocarbon substance that is produced through crude oil distillation. Typically, this is a dark brown to black sticky substance incorporated with large molecular weight hydrocarbons. The chemical is known for its adhesive and waterproofing properties. Furthermore, bitumen is regularly utilized in the construction industry, especially for highways and roads. Being reusable, easy to produce, strong binding, and non-toxic, bitumen is widely and prominently used in road construction due to the mentioned benefits. Furthermore, the chemical is classified into oxidized bitumen, cut-back bitumen, bitumen emulsion, and polymer-modified bitumen based on the penetration levels.
Furthermore, producers are rising the manufacturing of polymer-modified bitumen (PMB), which aids to modernize fatigue resistance and performance. This employs to development of pavements with extended duration, which is vital for road networking funded by the government. Additionally, modernized bitumen solutions are aligned with public authorities’ and road authorities’ safety goals. Furthermore, these solutions are mixed with bitumen for enriching the resistance of the skid and for the advancement of textured bitumen. Additionally, the rising numbers of households utilizing bitumen for the preservation of roof decks, ceilings, and flash decks boost the market growth. Thus, the role of this substance as an additional barrier to water infiltration and blow-offs supports the growing domestic applications. Furthermore, the rise in construction activities and the utilization of bitumen sheets and films in waterproofing are the factors responsible for the bitumen market.
Market Dynamics:
Driver:
Bitumen is continuously utilized in the construction industry, due to its features like durability, resilience, and high strength. The increase in the construction of private, commercial, and governmental buildings to meet the demand for the development of infrastructure is propelling the bitumen market statistics. Furthermore, the rise in awareness about the properties and benefits of bitumen after combining it with concrete is also aiding in the growth of the market. The growing development of roads and highways accelerate the usage of bitumen as an alternative to concrete. Thus, the high demand for this chemical substance in terms of reduced costs, high durability, and dampening effect in road construction fuels the market growth.
Restraint:
The presence of multiple alternatives like methane significantly restricts the market of bitumen. Additionally, the huge demand and abundant availability of lignin as a natural polymer attract a large consumer base in contrast to bitumen. Further, the imposition of strict regulatory rules on bitumen due to its hazardous nature associated with the environment and human health also hampers the market demand. Moreover, bitumen being a byproduct of crude oil, the fluctuations in the prices of crude oil is restraining factor for the growth of the market of bitumen.
COVID-19 Impact:
COVID-19 has affected the bitumen market, comprising bitumen content and much equipment utilized in the production of bitumen. As the lockdown was implemented in all areas which made the scenario difficult for all sectors and segments to develop, the pandemic has affected the nation’s economy very drastically worldwide. No sector or industry is exempted from the severe impact of COVID-19. With the rising spread of the COVID-19 virus in an emerging country, the government has taken strict action to limit the spread of COVID-19. This has halted all the construction activities throughout the. The new rules are affecting businesses to a huge extent due to which producers are facing enormous losses. The exports and imports of petroleum commodities are on halt which resulted in trading hurdles for producers in terms of raw materials for the manufacturing of bitumen.
Bitumen Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 91.4 Billion |
| CAGR (2022-2030) | 4.6% |
| By Product Type | Oxidize, Paving, Cutback, Emulsion, Polymer modified |
| By Application | Road construction, Waterproofing, Insulating, Sealing |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East and Africa |
| Key Players | ExxonMobil, Athabasca Oil Corporation, Royal Dutch Shell, Total Energies, Chevron Texaco Corporation, Indian Oil Corporation, Suncor Energy, China Petroleum and Chemical Corporation, Nustar energy, Marathon Oil Corporation |
Market Segmentation:
By Product Type
Based on the product type, bitumen is separated into oxidize, paving, cutback, emulsion, and polymer modification. The paving grade bitumen of 60/70 penetration grade is built from keen monitoring refining processes utilizing crude oils. To create coarse aggregates and fine bitumen concrete like crushed stone or grave, certainly mixed with bitumen, which is also used as the binding agent. Furthermore, due to the vital demand in the market from the road construction industry, the paving grade segment is anticipated to own the largest share of the market. The cutback and oxidized segment are expected to show consistent growth. Also, the advantages and remarkable qualities over oxidized and cutback bitumen, and polymer-modified bitumen is anticipated to extend significantly. Additionally, the sales of oxidized bitumen and paving bitumen are likely to be rising compared to other product types by 2030.
By Application
The application segment is incorporated with road construction, waterproofing, insulating, and sealing. Of these, road construction is expected to occupy the bitumen market, accounting for a share of 81% by 2030. Typically, this growth can be attributed to the stickiness and high viscosity of the bitumen. Also having excellent benefits and qualities over other materials utilized to build a pavement, bitumen is a substance that is consistently used in road construction and paving. They can be utilized as the vital component of pavements and roads due to their inherent qualities. The waterproofing segment is anticipated to extend at a fast pace owing to the development of infrastructure in developing territories like China and India. Bitumen is regularly utilized as a waterproofing agent on the roofs and ceilings of commercial and residential structures due to its extremely high sticky and vicious features.
By Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. The market is dominated by the Asia-Pacific region due to many schemes and initiatives set up by the government for the advancement of public infrastructure. It is anticipated that bitumen applications in this region will increase the market share by USD 35.3 billion. The growth in road and highway construction in the nations like India, China, and Australia due to the increase in urbanization and automobile ownership is propelling the bitumen application in these regions. Furthermore, Europe is a significant region in the market. As there is high demand for cutback and emulsion from this region.
Bitumen Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- ExxonMobil
- Athabasca Oil Corporation
- Royal Dutch Shell
- Total Energies
- Chevron Texaco Corporation
- Indian Oil Corporation
- Suncor Energy
- China Petroleum and Chemical Corporation
- Nustar energy
- Marathon Oil Corporation
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