Global Bitumen Market Overview, 2024-29
The Global Bitumen Market is segmented into By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified, Others) and By Applications (Roadways, Waterproofing, Adhesives, Insulation, Others).
- Bonafide Research
- 29-02-2024
- Pages : 84
- Figures : 18
- Tables : 18
- Region : Global
- Category : Chemical & Material
- Materials
The Global Bitumen market is anticipated to cross USD 65 Billion by 2029 due to Increasing infrastructure development
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- Market Size (2023) USD 53.4 Billion
- Market Size (2029) USD 65 Billion
- CAGR (2024-2029) 4.11%
- Largest MarketAsia-Pacific
- Fastest Market Asia-Pacific
- Format
Featured Companies
- 1. Shell plc
- 2. BP p.l.c.
- 3. Totalenergies SE
- 4. Exxonmobil Corporation
- 5. Repsol S.A
- 6. Indian Oil Corporation Limited
- 7. Nynas AB
- 8. Suncor Energy Inc.
- 9. China Petroleum & Chemical Corporation,
- More...
Bitumen Market Market Analysis
The global bitumen market is a dynamic and essential sector within the broader energy and construction industries, playing a pivotal role in infrastructure development, transportation networks, and urbanisation worldwide. Bitumen, also known as asphalt or tar, is a viscous, black, and sticky substance derived from crude oil refining or natural deposits, prized for its versatility and durability in various applications. With its primary use in road construction for asphalt pavement, bitumen is the backbone of transportation infrastructure, providing smooth, durable, and weather-resistant surfaces for roads, highways, airports, and ports. However, bitumen's applications extend beyond roads, encompassing waterproofing, roofing, adhesives, sealants, and industrial coatings. The global bitumen market is characterised by a complex interplay of factors, including crude oil prices, infrastructure investments, technological advancements, regulatory frameworks, and environmental considerations. Major producers and consumers of bitumen are spread across regions, with the Middle East, North America, Europe, and Asia-Pacific emerging as key players in the market. As global demand for infrastructure continues to grow, driven by population growth, urbanization, and economic development, the bitumen market is poised for expansion, innovation, and sustainability initiatives to meet the evolving needs of the construction and transportation sectors worldwide. The global bitumen market is dominated by several key players, including oil and gas companies involved in crude oil refining as well as specialised bitumen producers and manufacturers. Some of the major players include Royal Dutch Shell, ExxonMobil, TotalEnergies, BP, and Chevron. According to the research report, “Global Bitumen Market Overview, 2029” published by Bonafide Research, the market is anticipated to cross USD 65 Billion by 2029, increasing from USD 53.40 Billion in 2023. The market is expected to grow with 4.11% CAGR by 2024-29. One of the primary drivers of bitumen demand is infrastructure development. As countries invest in building and upgrading roads, highways, bridges, airports, ports, and other infrastructure projects, there is a significant need for bitumen for asphalt pavement and waterproofing applications. The rapid pace of urbanisation worldwide leads to increased demand for housing, commercial buildings, and urban infrastructure. Bitumen is essential for constructing roads, streets, parking lots, and other infrastructure elements in urban areas, driving demand in both the residential and commercial construction sectors. Regular maintenance and rehabilitation of existing infrastructure also drive demand for bitumen. Repairing and resurfacing roads, bridges, and other structures require bitumen-based materials to extend their service life and ensure safety for users. Economic growth and industrialization stimulate demand for bitumen in various sectors, including construction, manufacturing, and logistics. As economies grow, there is an increased need for transportation infrastructure, industrial facilities, and commercial buildings, all of which rely on bitumen for construction and maintenance.
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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleMarket Dynamic
Market Drivers • Government Investments: Government initiatives and infrastructure spending play a crucial role in driving demand for bitumen. Public-sector investments in infrastructure projects, funded through budgets, grants, or public-private partnerships, create opportunities for bitumen suppliers and contractors to fulfil construction requirements. • Economic Growth: Economic growth and industrialization stimulate demand for bitumen in the construction, manufacturing, and logistics sectors. Growing economies invest in transportation infrastructure, industrial facilities, and commercial buildings, all of which rely on bitumen for construction and maintenance. Market Challenges • Volatility in Crude Oil Prices: Bitumen is derived from crude oil, and fluctuations in crude oil prices directly impact bitumen production costs and pricing. Volatile oil prices can lead to uncertainty in the bitumen market, affecting profitability and investment decisions for producers and consumers. • Infrastructure Funding Constraints: Limited public sector investments and budget constraints pose challenges for infrastructure projects that rely on bitumen-based materials. Funding shortages can lead to delays or cancellations of infrastructure projects, affecting demand for bitumen products and services. Market Opportunity • Technological Advancements: Technological innovations in bitumen production, formulation, and application techniques offer opportunities for differentiation and value creation in the market. Advancements such as polymer-modified bitumen, warm-mix asphalt, and recycled bitumen enhance product performance, durability, and sustainability, meeting the evolving needs of the construction and transportation sectors. • International Trade: Bitumen is traded internationally, with significant flows of both raw bitumen and finished products. Opportunities exist for exporting bitumen products to neighbouring countries and international markets, as well as importing advanced technologies and expertise to enhance market competitiveness and meet evolving customer needs.
Bitumen Market Segmentation
| By Product | Paving | |
| Oxidized | ||
| Cutback | ||
| Emulsion | ||
| Polymer Modified | ||
| Others | ||
| By Applications | Roadways | |
| Waterproofing | ||
| Adhesives | ||
| Insulation | ||
| Others | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| South America | Brazil | |
| Argentina | ||
| Colombia | ||
| MEA | United Arab Emirates | |
| Saudi Arabia | ||
| South Africa | ||
Based on the product types, they are segmented into Paving, Oxidised, Cutback, Emulsion, Polymer Modified, and Others. Cutback bitumen significantly contributes to the bitumen market. Cutback bitumen is particularly suitable for regions with hot climates, such as the Middle East and Africa, where traditional bitumen emulsions may not perform optimally. The lower viscosity of cutback bitumen allows for better penetration and adhesion to aggregates at high temperatures, resulting in improved pavement performance. Cutback bitumen can be easily applied using conventional construction equipment and methods, making it convenient for road construction contractors and government agencies. Its compatibility with existing asphalt mixtures and pavement surfaces simplifies application and ensures consistent performance in various road construction and maintenance projects. Cutback bitumen is often more cost-effective than other types of bitumen products, making it an attractive option for road construction projects, particularly in regions where budget constraints are a concern. Its affordability, coupled with its performance benefits, makes cutback bitumen a preferred choice for road authorities and contractors. Furthermore, the availability of raw materials for cutback bitumen production, including petroleum solvents and bitumen feedstock, contributes to its growing market. Regions with abundant crude oil reserves can readily produce cutback bitumen, ensuring a steady supply to meet the increasing demand in the market. Cutback bitumen offers a faster setting time compared to traditional bitumen emulsions, making it advantageous for projects where quick turnaround times are required. This property allows for rapid construction and minimises traffic disruptions, particularly in urban areas with high traffic volumes. In terms of the application, it is bifurcated into roads, waterproofing, adhesives, insulation, and others. Waterproofing is growing, with the highest growth rate by forecast year. With increasing investments in infrastructure projects worldwide, there is a growing need for effective waterproofing solutions to protect buildings, roads, bridges, tunnels, and underground structures from water ingress and moisture damage. Bitumen-based waterproofing membranes, coatings, and sealants offer excellent waterproofing properties and durability, making them essential for infrastructure development. Rapid urbanisation and population growth drive the construction of residential, commercial, and industrial buildings, creating a demand for waterproofing materials to ensure the longevity and integrity of structures. Bitumen-based waterproofing products are widely used in roofing systems, basements, foundations, and balconies to provide protection against water leakage and moisture intrusion. Climate change has led to an increase in extreme weather events, such as heavy rainfall, storms, and flooding, which pose significant challenges to infrastructure resilience and durability. Waterproofing solutions, including bitumen membranes and coatings, help mitigate the impact of water-related damage and protect buildings and infrastructure from water-induced deterioration. Bitumen-based waterproofing products are versatile and compatible with various substrates, including concrete, masonry, metal, and wood, making them suitable for a wide range of applications in construction. Their ease of installation and compatibility with other building materials further enhance their appeal to architects, engineers, and contractors.
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Bitumen Market Market Regional Insights
Based on the report, the five regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa. North America is a growing bitumen market. North America is witnessing significant investments in infrastructure projects, including road construction, highway expansions, bridge repairs, and airport renovations. Bitumen is a key component in asphalt pavements, which are essential for transportation infrastructure, driving demand for bitumen products. Furthermore, rapid urbanisation in North America has led to increased construction activity, particularly in the residential and commercial real estate sectors. Bitumen is used in roofing materials, waterproofing membranes, and sealants to protect buildings from water ingress, contributing to the growth of the bitumen market. North America has a vast network of roads and highways that require regular maintenance and rehabilitation. Bitumen-based materials, such as asphalt emulsions and cutback bitumen, are used for road maintenance activities, including crack sealing, pothole repairs, and pavement preservation, driving demand for bitumen products. Trade agreements, such as the United States-Mexico-Canada Agreement (USMCA), facilitate the trade of bitumen and bitumen-based products between North American countries. Access to international markets and supply chains supports the growth of the North American bitumen market and enhances competitiveness in the global arena.
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Key Development
• 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. • In May 2021, the Indian engineering firm Praj Industries, which has operations in North America, Africa, and LATAM, created a unique method for producing bio-bitumen predicated on lignin. This was another significant development for the business in terms of creating cutting-edge innovation for bitumen production. The process turns unprocessed phenol into bio-bitumen, which can lessen reliance on bitumen derived from fossil fuels and provide an ecologically viable solution.
Companies Mentioned
- Shell plc
- BP p.l.c.
- Totalenergies SE
- Exxonmobil Corporation
- Repsol S.A
- Indian Oil Corporation Limited
- Nynas AB
- Suncor Energy Inc.
- China Petroleum & Chemical Corporation,
- Marathon Petroleum Corporation
Table of Contents
- 1. Executive Summary
- 2. Market Dynamics
- 2.1. Market Drivers & Opportunities
- 2.2. Market Restraints & Challenges
- 2.3. Market Trends
- 2.4. Covid-19 Effect
- 2.5. Supply chain Analysis
- 2.6. Policy & Regulatory Framework
- 2.7. Industry Experts Views
- 3. Research Methodology
- 3.1. Secondary Research
- 3.2. Primary Data Collection
- 3.3. Market Formation & Validation
- 3.4. Report Writing, Quality Check & Delivery
- 4. Market Structure
- 4.1. Market Considerate
- 4.2. Assumptions
- 4.3. Limitations
- 4.4. Abbreviations
- 4.5. Sources
- 4.6. Definitions
- 5. Economic /Demographic Snapshot
- 6. Global Bitumen Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Region
- 6.3. Market Size and Forecast, By Geography
- 6.4. Market Size and Forecast, By Product
- 6.5. Market Size and Forecast, By Application
- 7. North America Bitumen Market Outlook
- 7.1. Market Size By Value
- 7.2. Market Share By Country
- 7.3. Market Size and Forecast, By Product
- 7.4. Market Size and Forecast, By Application
- 8. Europe Bitumen Market Outlook
- 8.1. Market Size By Value
- 8.2. Market Share By Country
- 8.3. Market Size and Forecast, By Product
- 8.4. Market Size and Forecast, By Application
- 9. Asia-Pacific Bitumen Market Outlook
- 9.1. Market Size By Value
- 9.2. Market Share By Country
- 9.3. Market Size and Forecast, By Product
- 9.4. Market Size and Forecast, By Application
- 10. South America Bitumen Market Outlook
- 10.1. Market Size By Value
- 10.2. Market Share By Country
- 10.3. Market Size and Forecast, By Product
- 10.4. Market Size and Forecast, By Application
- 11. Middle East & Africa Bitumen Market Outlook
- 11.1. Market Size By Value
- 11.2. Market Share By Country
- 11.3. Market Size and Forecast, By Product
- 11.4. Market Size and Forecast, By Application
- 12. Competitive Landscape
- 12.1. Competitive Dashboard
- 12.2. Business Strategies Adopted by Key Players
- 12.3. Key Players Market Share Insights and Analysis, 2022
- 12.4. Key Players Market Positioning Matrix
- 12.5. Porter's Five Forces
- 12.6. Company Profile
- 12.6.1. ExxonMobil Corporation
- 12.6.1.1. Company Snapshot
- 12.6.1.2. Company Overview
- 12.6.1.3. Financial Highlights
- 12.6.1.4. Geographic Insights
- 12.6.1.5. Business Segment & Performance
- 12.6.1.6. Product Portfolio
- 12.6.1.7. Key Executives
- 12.6.1.8. Strategic Moves & Developments
- 12.6.2. Shell plc
- 12.6.3. BP p.l.c.
- 12.6.4. Nynas AB
- 12.6.5. Indian Oil Corporation Limited
- 12.6.6. Suncor Energy Inc.
- 12.6.7. TotalEnergies SE
- 12.6.8. China Petroleum & Chemical Corporation,
- 12.6.9. Marathon Petroleum Corporation
- 12.6.10. Repsol S.A.
- 13. Strategic Recommendations
- 14. Annexure
- 14.1. FAQ`s
- 14.2. Notes
- 14.3. Related Reports
- 15. Disclaimer
Table 2: Influencing Factors for Bitumen Market, 2023
Table 3: Top 10 Counties Economic Snapshot 2022
Table 4: Economic Snapshot of Other Prominent Countries 2022
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Bitumen Market Size and Forecast, By Geography (2018 to 2029F) (In USD Billion)
Table 7: Global Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 8: Global Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 9: North America Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 10: North America Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 11: Europe Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 12: Europe Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 13: Asia-Pacific Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 14: Asia-Pacific Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 15: South America Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 16: South America Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 17: Middle East & Africa Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 18: Middle East & Africa Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Bitumen Market Share By Region (2023)
Figure 6: North America Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Bitumen Market Share By Country (2023)
Figure 8: Europe Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Europe Bitumen Market Share By Country (2023)
Figure 10: Asia-Pacific Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Asia-Pacific Bitumen Market Share By Country (2023)
Figure 12: South America Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: South America Bitumen Market Share By Country (2023)
Figure 14: Middle East & Africa Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 15: Middle East & Africa Bitumen Market Share By Country (2023)
Figure 16: Competitive Dashboard of top 5 players, 2023
Figure 17: Market Share insights of key players, 2023
Figure 18: Porter's Five Forces of Global Bitumen Market
Bitumen Market Market Research FAQs
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