Asia-Pacific Bitumen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Asia-Pacific Bitumen Market is segmented by Product Type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Other Product Types), Application (Road Construction, Waterproofing, Adhesives, and Other Applications), and Geography (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific). The report will offer the market size and forecasts on the basis of volume (tons) for all the above-mentioned segments.

Asia-Pacific Bitumen Market Size

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Asia-Pacific Bitumen Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.90 %
Market Concentration Low

Major Players

Asia-Pacific Bitumen Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Asia-Pacific Bitumen Market Analysis

The Asia-Pacific bitumen market is estimated to reach 35.49 million tons currently and is projected to reach 45.17 million tons in the next five years, registering a CAGR of 4.9% during the forecast period.

The COVID-19 pandemic has affected several industries negatively. The lockdown in most Asian countries caused disruptions in production, as well as industrial activities, and restrictions on freight transportation, disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.

  • The growing road construction projects in major economies like China and India, and the increasing consumption of bitumen in waterproofing applications are likely to drive the growth of the market studied.
  • However, the environmental concerns associated with bitumen and the usage of concrete for road construction are likely to restrain the growth of the studied market.
  • Nevertheless, research on development of high-performance bitumen products will likely create lucrative growth opportunities for the studied market.

China represents the largest market over the forecast period due to the increasing consumption in expressway constructions.

Asia-Pacific Bitumen Market Trends

Road Construction Application to Dominate the Market

  • The majority of bitumen consumed is processed into asphalt for road construction. Asphalt is a mixture of rock aggregates and bitumen. Bitumen serves as a binding agent and thus, is responsible for the stability of asphalt.
  • Depending on the type of bitumen or composition of the mixture used, asphalt roads can be made suitable for regions with different climatic conditions or various levels of operational demands. Asphalt is also used for airport runways, parking decks, and working areas in ports.
  • Roadways are one of the key sectors that determine a country's economic growth. Roads, airport runways, and parking decks are essential services that drive economic activity by channelizing trade and mobility. Massive investments are required that help in the modernization and maintenance of these systems.
  • In Asia-Pacific, infrastructure activities are expected to increase significantly, especially in the transportation sector, owing to increasing urbanization and shifting focus toward developing the secondary sector in these countries.
  • Furthermore, increasing economic prosperity is driving infrastructure financing toward consumer sectors, including transportation and manufacturing, which provide and distribute raw materials for consumer goods.
  • In March 2022, the Ministry of Road Transport and Highway in India announced the plan of the National Highway Authority of India (NHAI) to build over 1.47 lakh km of roads in the country. The NHAI is also building 22 green highways by the end of 2024. Some of the major projects include:
    • The Bangalore-Chennai Expressway is expected to be completed in March 2024. The expressway is 260.85 km long, and the estimated cost of the project is INR 17,000 crore (~USD 2 billion).
    • The Delhi-Amritsar-Katra Expressway will be completed in December 2023. The expressway is 669 km long, and the estimated cost of the project is INR 39,500 crore (~USD 4.7 billion).
    • The Raipur-Visakhapatnam Expressway is expected to be completed in March 2024. The expressway is 464 km long, and the estimated cost of the project is INR 20,000 crore (~USD 2.4 billion).
  • As of July 2023, a total of 202 national highway (NH) projects worth INR 79,789 crore (~USD 9.6 billion) are at the implementation stage in the country. These projects are 6,270 km in length with an estimated construction period of 18-30 months.
  • As of December 2022, all provinces, municipalities, and autonomous regions across China have issued local expressway development plans during the 5th Five-Year Plan period. In the th Five-Year Plan for transportation development and construction, most provinces, municipalities, and autonomous regions in China, including Beijing, Shanghai, Guangdong Province, Zhejiang Province, Jiangsu Province, and Fujian Province, have formulated specific development goals and plans for the total mileage of expressways, investment in fixed assets of expressways and the rate of expressway superior roads.
  • Since the "Thirteenth Five-Year Plan", China's highway construction investment accounted for about 2.4% of GDP, of which the proportion of national highway construction investment in highway construction investment was about 36%.
  • With such development projects, the demand for bitumen is expected to be the largest for road construction projects.
Asia-Pacific Bitumen Market : Road Construction Investment Budget, INR Lakh Crore, India, 2020-2023

China to Dominate the Regional Market

  • The Chinese government is focusing on boosting investments across the construction sector in the country to boost overall economic growth. For instance, recent moves to increase financing for infrastructure construction include a USD 120 billion increase in the lending ratio of policy banks. The government is also considering allowing local governments to spend up to about USD 220 billion of the special bond quota through which local governments fund infrastructure construction.
  • China's infrastructure construction is accelerating as the central government continues to build public confidence in the country's economic growth despite a new wave of COVID-19 outbreaks. Government agencies have also introduced measures to encourage infrastructure construction.
  • In January 2023, a major infrastructure project with a total investment of about RMB 50 billion (~USD 7.4 billion) was officially launched in a centralized manner. Furthermore, in North China, construction is back on track. Construction work began on 43 projects worth RMB 41.6 billion (~USD 6.1 billion) in Hebei Province, covering infrastructure, public services, and smart city facilities.
  • All these construction activities will create a positive demand for waterproofing solutions and the use of adhesives, which will improve the demand for bitumen.
  • Moreover, the government is also focusing on the improvement of transport within the country with a number of road construction projects in the pipeline.
  • In 2023, the total number of transportation projects under construction and newly started by Zhejiang Communications Group will reach 27, with a total project investment of CNY 4.1 trillion (~USD 570 billion), and the project scale will hit a record high with 896 expressway projects.
  • In Hunan province, the focus is on the network to supplement and strengthen the chain, and promote the construction of expressways, national and provincial trunk lines, rural roads and inland water transport as a whole. About 6 new expressways of 445 km have been started, and 4 have been completed and opened to traffic for nearly 200 km, with a total mileage of 7500 km.
  • With many such developments underway in China, the country is expected to dominate the Asia-Pacific Bitumen Market.
Asia-Pacific Bitumen Market : Value Added of Construction Industry, CNY Billion, China, 2017-2021

Asia-Pacific Bitumen Industry Overview

The Asia-Pacific Bitumen Market is highly fragmented in nature. The major players (not in any particular order) include China Petroleum & Chemical Corporation, Shell Plc, BP PLC, Exxon Mobil Corporation, and JXTG Nippon Oil & Energy Corporation, among others.

Asia-Pacific Bitumen Market Leaders

  1. China Petroleum & Chemical Corporation

  2. Shell Plc

  3. BP PLC

  4. Exxon Mobil Corporation

  5. JXTG Nippon Oil & Energy Corporation

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Bitumen Market Concentration
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Asia-Pacific Bitumen Market News

  • April 2023: Downer Group commenced an Ammann plant based on the success of its other Ammann plants in Australia. Downer can include up to three different granular additive types in a mix and up to three liquid additives. The facility can vertically store 6,000 tonnes of aggregate and 720 cubic meters of bitumen.
  • February 2023: Porner Group is set to construct three new Bitumen production plants for IOCL with its Biturox process in Paradip and Barauni, India. The new plant in Barauni is expected to produce 300 kilotons per annum (KTPA) of bitumen to meet the demand for bitumen products in Eastern India, whereas the new plant in Paradip, Gujarat, is expected to produce 500 KTPA.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Roadways Network in China and India

      2. 4.1.2 Increasing Demand for Waterproofing Applications

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Environmental Concerns Regarding the Usage of Bitumen

      2. 4.2.2 Concrete as a Substitute for Bitumen in Road Construction

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 Paving Grade

      2. 5.1.2 Hard Grade

      3. 5.1.3 Oxidized Grade

      4. 5.1.4 Bitumen Emulsions

      5. 5.1.5 Polymer Modified Bitumen

      6. 5.1.6 Other Product Types (Cutback Bitumen and Crystal Bitumen)

    2. 5.2 Application

      1. 5.2.1 Road Construction

      2. 5.2.2 Waterproofing

      3. 5.2.3 Adhesives

      4. 5.2.4 Other Applications (Coating and Canal Lining)

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Japan

      4. 5.3.4 South Korea

      5. 5.3.5 ASEAN Countries

      6. 5.3.6 Rest of Asia-Pacific


    1. 6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ASIA Bitumen

      2. 6.4.2 Bouygues

      3. 6.4.3 BP PLC

      4. 6.4.4 China Petroleum & Chemical Corporation

      5. 6.4.5 Exxon Mobil Corporation

      6. 6.4.6 Icopal ApS

      7. 6.4.7 Indian Oil Corporation Ltd

      8. 6.4.8 JXTG Nippon Oil & Energy Corporation


      10. 6.4.10 Marathon Oil Company

      11. 6.4.11 RAHA Bitumen, Inc.

      12. 6.4.12 Richmond Group

      13. 6.4.13 Shell Plc

    5. *List Not Exhaustive

    1. 7.1 Research on Development of High-Performance Bitumen Products

    2. 7.2 Other Opportunities

**Subject to Availability
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Asia-Pacific Bitumen Industry Segmentation

Bitumen is a black or dark brown non-crystalline soil or viscous material having adhesive properties. It is derived from petroleum crude either naturally or through refinery processes. Bitumen is commonly used as a binder in the construction of roads, runways, and platforms, and for waterproofing and adhesive applications in residential and commercial construction.

The Asia-Pacific Bitumen Market is segmented by product type, application, and geography. By product type, the market is segmented into Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Other Product Types (Cutback Bitumen and Crystal Bitumen). By application type, the market is segmented into Road Construction, Waterproofing, Adhesives, and Other Applications (Coating and Canal Lining).

The report also covers the market size and forecasts for the Asia-Pacific Bitumen Market in 5 countries across the Asia-Pacific region. For each segment, the market sizes and forecasts are provided in terms of volume (tons).

Product Type
Paving Grade
Hard Grade
Oxidized Grade
Bitumen Emulsions
Polymer Modified Bitumen
Other Product Types (Cutback Bitumen and Crystal Bitumen)
Road Construction
Other Applications (Coating and Canal Lining)
South Korea
ASEAN Countries
Rest of Asia-Pacific
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Frequently Asked Questions

The Asia-Pacific Bitumen Market is projected to register a CAGR of 4.90% during the forecast period (2024-2029)

China Petroleum & Chemical Corporation, Shell Plc, BP PLC, Exxon Mobil Corporation and JXTG Nippon Oil & Energy Corporation are the major companies operating in the Asia-Pacific Bitumen Market .

The report covers the Asia-Pacific Bitumen Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Bitumen Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Asia-Pacific Bitumen Market Industry Report

Statistics for the 2024 Asia-Pacific Bitumen market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Bitumen analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Asia-Pacific Bitumen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)