Bitumen Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Bitumen Market Analysis
The Bitumen Market is expected to register a CAGR of greater than 4% during the forecast period.
COVID-19 negatively affected the demand for bitumen in the global market. Major construction projects were temporarily suspended during COVID-19, thereby reducing bitumen consumption worldwide. After the year 2020, the market grew gradually due to the continued construction activity in major regions.
- Over the short term, increasing road construction and repair activities and increasing demand for bitumen as filler, adhesive, and sealant from the commercial and domestic building construction sectors are expected to drive the bitumen market's growth.
- Increasing environmental concerns as the utilization of bitumen which generates several harmful atmospheric emissions have been hindering the market's growth.
- Research and development on bitumen processing to improve road infrastructure and the development of high-performance bitumen products like shell caliphate, shell exhale, and others are likely to create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.
Bitumen Market Trends
Increasing Demand for Bitumen Due to Growing Road Construction Activities
- Most of the 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 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.
- In developing economies in Asia-Pacific, infrastructure activities are expected to increase significantly, especially in the transportation sector, owing to increasing urbanization and shifting focus toward developing secondary sectors in these countries. Furthermore, increasing economic prosperity is driving the infrastructure financing toward consumer sectors, including transportation and manufacturing, which provide and distribute raw materials for consumer goods.
- According to the US Census Bureau, public spending on street and highway construction has continually increased in the United States. The public sector spent around USD 100 billion in 2021, an increase as compared to previous years.
- China State Construction Engineering Corporation (CSCEC) signed a total of 4,502 kilometres of new road construction in 2021, up from 4,186 kilometres in 2020. This trend is also supporting the bitumen market.
- Under NIP, India has an investment budget of USD 1400 billion on infrastructure 19% on roads & highways. India's recently passed budget to develop seveal industrial corridors which includes Delhi-Mumbai Industrial Corridor, Amritsa-Kolkatta Industrial Corridor, Vizag-Chennai Industrial Corridor, Bengaluru-Chennai Industrial Corridor and Bengaluru-Mumbai Industrial Corridor.These projects excepted to completed by March 2025, which are expected to increase the demand for bitumen in the coming years.
- Owing to all these factors, the bitumen market is likely to grow globally during the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region dominated the global market share. In Asia-Pacific, China is the largest economy, and the growth in the country remains high, but it is gradually diminishing as the population is aging and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.
- While the residential sector is enjoying a strong recovery, the results for the office, retail, and logistics sectors have been mixed. The office markets in Tier 1 cities (including Beijing, Shanghai, and Shenzhen) generally remain healthy and continue to enjoy strong demand for office space, driven by the information technology (IT) and finance sectors.
- India has the second-largest road network in the world, spanning a total of 5.89 million kilometers (km). This road network transports 64.5% of all goods in the country and 90% of India's total passenger traffic uses the road network to commute. Road transportation has gradually increased over the years, which in turn, stimulates the demand for bitumen.
- According to Ministry of Land, Infrastructure and Transport (South Korea), the country has broken a record by doubling the length of expressways recorded in 1999. The country expressways had a total length of around 4,866 kilometers in 2021.
- The major upcoming projects in the country that are likely to increase the demand for bitumen are the Delhi-Mumbai Industrial Corridor, Bharatmala Project, Gujarat International Finance Tec-City (GIFT), Smart City Kochi, and Navi Mumbai International Airport.
- Under Phase-I of Bharatmala Pariyojana, the Ministry has approved implementation of 34,800 km of national highways in 5 years with an outlay of INR 5,35,000 crore (USD 76.55 billion). Under this scheme, 22 greenfield projects (8,000 kms) are being constructed; this is worth INR 3.26 lakh crore (USD 43.94 billion). These projects are excepted to stimulate the demand for bitumen.
- Due to all such factors, the market for bitumen in the region is expected to have rapid growth during the forecast period.
Bitumen Industry Overview
The bitumen market is fragmented with no major players having a dominant share in the market. Some of the major players in the market include Exxon Mobil Corporation, Royal Dutch Shell PLC, BP PLC, Nynas AB, and China Petroleum & Chemical Corporation, among others.
Bitumen Market Leaders
Exxon Mobil Corporation
Royal Dutch Shell Plc
BP PLC
Nynas AB
China Petroleum & Chemical Corporation
*Disclaimer: Major Players sorted in no particular order
Bitumen Market News
- In November 2022, NYNAS AB introduced Nypol RE, a new polymer-modified bitumen with some biogenic materials which increases its service life along with low environmental effect over other bitumen products.
- In May 2021, ExxonMobil has restarted its bitumen production plant in Singapore. The plant has a production capacity of about 100,000-120,000 tons/month of bitumen.
Bitumen Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Road Construction and Repair Activities
4.1.2 Demand from Commercial and Domestic Building Constructions
4.2 Restraints
4.2.1 Environmental Concerns
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Feedstock Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 By Product Type
5.1.1 Paving Grade
5.1.2 Hard Grade
5.1.3 Oxidized Grade
5.1.4 Bitumen Emulsions
5.1.5 Polymer Modified Bitumen
5.1.6 Other Product Types
5.2 By Application
5.2.1 Road Construction
5.2.2 Waterproofing
5.2.3 Adhesives
5.2.4 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Russia
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Bouygues
6.4.2 BP PLC
6.4.3 China Petroleum & Chemical Corporation
6.4.4 Exxon Mobil Corporation
6.4.5 Icopal ApS
6.4.6 Indian Oil Corporation Ltd
6.4.7 JXTG Nippon Oil & Energy Corporation
6.4.8 KRATON CORPORATION
6.4.9 Marathon Oil Company
6.4.10 Nynas AB
6.4.11 Petroleos Mexicanos
6.4.12 Royal Dutch Shell
6.4.13 Suncor Energy Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research and development on bitumen processing to improve road infrastructure and development of high-performance bitumen products
7.2 Other Opportunities
Bitumen Industry Segmentation
Bitumen is a dark brown to black viscous liquid or solid material, which consists of heavier hydrocarbons and their derivatives. Bitumen is mainly obtained from petroleum refinery facilities, where the bottom products of the distillation columns are further processed with units such as solvent deasphalter, oxidizer, blender, and others to produce a fine grade of bitumen. The 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. By application, the market is segmented into road construction, waterproofing, adhesives, and other applications. The report also covers the market size and forecasts for the bitumen market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilotons).
| 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 |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Bitumen Market Research FAQs
What is the current Bitumen Market size?
The Bitumen Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Bitumen Market?
Exxon Mobil Corporation, Royal Dutch Shell Plc, BP PLC, Nynas AB and China Petroleum & Chemical Corporation are the major companies operating in the Bitumen Market.
Which is the fastest growing region in Bitumen Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bitumen Market?
In 2024, the Asia Pacific accounts for the largest market share in Bitumen Market.
What years does this Bitumen Market cover?
The report covers the Bitumen Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bitumen Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the segments covered in Bitumen Market Report?
The segments covered in the Bitumen Market Report are a) Product Type: Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen b) Application: Road Construction, Waterproofing, Adhesives, and Other Applications
Bitumen Industry Report
The global bitumen market, as analyzed by Mordor Intelligence™ Industry Reports, is projected to witness significant growth driven by increasing demand from the construction sector, particularly for road construction and waterproofing applications. Bitumen, also known as asphalt, is a petroleum-based product derived from the distillation of crude oils and composed of complex hydrocarbons and inorganic elements such as iron, Sulphur, and calcium, among others. The market's expansion is further propelled by the rising adoption of bio-asphalt, a sustainable, non-petroleum-based binder sourced from biomass. However, the market growth may be hampered by the toxicity of certain chemicals used in bitumen products. The market is segmented into various types, with paving-grade bitumen dominating due to its high demand in the road construction industry. The roadways application segment also leads the market, spurred by increasing road construction activities. The Asia-Pacific region is anticipated to dominate the market and witness the highest growth rate. For a comprehensive understanding of this industry analysis, a sample of the report is available as a free PDF download, providing a market forecast outlook and historical overview.
