Global Bitumen Market Share Is Likely To Grow At A CAGR Value Of Around 4.2% By 2028

11-Apr-2022 | Facts and Factors

Global Bitumen Market was worth around USD 51,429.5 million in 2021 and is estimated to grow to about USD 65,829.2 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.2% over the forecast period. The report analyzes the Bitumen Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Bitumen Market.

Bitumen is a black to dark brown sticky substance made up primarily of high molecular weight hydrocarbons. It is a semi-solid hydrocarbon by-product of crude oil distillation, created by separating the lighter fractions (such as liquid petroleum gas, petrol, and diesel) from heavy crude oil during the refining process. Bitumen's physical qualities include adhesion, water resistance, hardness, ductility, and a greater softening point. The development in road and building construction activities is driving the growth of the bitumen market in the forecast period. In addition, government programs such as the construction of dwellings for poor people residing in both rural and urban regions are projected to enhance demand for bitumen, hence propelling the bitumen market forward. The construction of numerous national highways, expressways, and airport runways increases the demand for bitumen.

Browse the full “Bitumen Market By Product Type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Product Types). By Application (Road Construction, Waterproofing, Adhesives, Other Applications), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022 – 2028” report at https://www.fnfresearch.com/bitumen-market

Moreover, because of its physical features like adhesion, resistance to water, hardness, ductility, and higher softening point, bitumen is commonly utilized in the building sector for roofs. As a result of increased demand for bitumen across the country, growth in the construction sector as a result of increased population in cities and the need for new dwellings led to a rise in demand for bitumen across the country. Furthermore, the development of bio-based bitumen and EME binder is expected to give attractive potential for continued market development. However, human health and environmental hazards associated with bitumen, fluctuating international crude oil prices, and an increase in the usage of bitumen alternatives such as concrete in roadway construction applications are projected to limit the market growth.

The Bitumen Market is segregated based on Product Type, and Application. Based on Product Type, the global market is distinguished into Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Other Product Types. Based on Application, the global market is categorized into Road Construction, Waterproofing, Adhesives, and Other Applications.

During the projection period, Asia Pacific dominated the market. The increasing use of bitumen products in a variety of applications is driving market expansion. The road and highway construction sector in APAC countries such as China, India, and Australia is quickly expanding, driven by rising automotive ownership and urbanization in the region. The increase in freight and passenger road transportation in the country, followed by manufacturing activity, would accelerate road construction and growth even further. Furthermore, increased investment in industrial sectors has had a substantial impact on the country's bitumen market income.

North America is predicted to grow significantly over the forecast period due to its vast petroleum manufacturing base. The rise in the North American bitumen industry is being fueled by increased demand for road building and waterproofing applications. Furthermore, prominent market actors have begun to form strategic alliances with local or small businesses in order to expand their market position. Thus, mergers and acquisitions in the bitumen market contribute to the growth of the market.

Report Scope

Key players functioning in the Bitumen Market include ATDM CO. LTD, Bouygues, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Royal Dutch Shell PLC, and Suncor Energy Inc.

Recent developments:

• In 2019, Shell has introduced a new bitumen product that is intended to assist lessen the impact of asphalt production and paving on local air quality. Shell Bitumen FreshAir has been found to help cut emissions of certain gases and particles from asphalt mixtures by 40% during manufacture and paving.

The Bitumen Market is segmented as follows:

By Product Type

• Paving Grade
• Hard Grade
• Oxidized Grade
• Bitumen Emulsions
• Polymer Modified Bitumen
• Other Product Types

By Application

• Road Construction
• Waterproofing
• Adhesives
• Other Applications

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:

Facts & Factors
A - 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1-347-989-3985
Email: [email protected]
Web: https://www.fnfresearch.com