Global Bitumen Market Size, Share, and COVID-19 Impact Analysis By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified and Others), By Application (Roadways, Waterproofing, Adhesives, Insulation and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030Industry: Advanced Materials
Global Bitumen Market Insights Forecasts To 2030
- The Global Bitumen Market Size was valued at USD 100 Billion in 2021.
- The Market is growing at a CAGR of 3.49% from 2022 to 2030
- The Global Bitumen Market Size is expected to reach USD 135.10 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period.
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The global Bitumen Market is expected to reach USD 135.10 Billion by 2030, at a CAGR of 3.49% during the forecast period 2022 to 2030. The expansion of Bitumen in a variety of fields, including roads, waterproofing, insulation, and adhesives. The expansion in infrastructure activity has been influenced by the rapid urbanisation of emerging markets due to these factors the bitumen market is anticipated to drive market revenue growth.
Bitumen, often known as asphalt, is a naturally occurring or petroleum distillation-derived black, sticky mixture of hydrocarbons. It is used as a binder and combined with aggregate particles to create asphalt concrete in a variety of applications, such as road construction. Other uses for waterproofing goods include the creation of adhesives, insulation, and roofing felt. Due to its high viscosity, stickiness, and water-resistance qualities, bitumen is a crucial raw material in the construction and industrial sectors for making water tanks, dams, and bridges. The global market for eco-friendly bitumen is anticipated to have steady revenue growth throughout the projected period as a result of ongoing product innovation and research & development by leading market participants. Recycled asphalt pavements (RAP) use in pavement building is a sustainable tactic with significant financial and environmental advantages. Compared to traditional bitumen grades, this product has better workability, adhesion, and resistance to moisture damage. The need for environmentally friendly bitumen is predicted to rise with the usage of RAP and asphalt recycling. For example, up to 90% of asphalt has been recycled in Germany and is now used to build new roads and maintain old ones. Pavement deforms and cracks as a result of bitumen's increased viscosity over time. specifications. Some of the major reasons propelling the revenue growth of the eco-friendly bitumen market include the fast rise of operations linked to the construction of international highways and roads.
Eco-friendly bitumen has shown to be much less hazardous to the environment than crude oil derivatives. Because it is not burnt, the material does not emit carbon dioxide into the environment. It is also cost-effective and ecologically beneficial because it can be recycled and used again. The cost advantages of eco-friendly bitumen are expected to raise demand in the building and construction sector, and this will significantly drive market revenue growth. The market's revenue growth is anticipated to be constrained by poor consumer awareness, interruptions in the supply chain for raw materials, limited durability, and low tensile strength. Petroleum bitumen is a major export from Russia to a number of countries. Prices have increased and the supply-demand imbalance has widened as a result of the ongoing war between Russia and Ukraine, trade restrictions, and sanctions. The usage of recycled plastics in asphalt and concrete pavement applications is predicted to rise. A key issue impeding market expansion is the existence of strict laws governing the building of roads as well as negative tax policies. It is projected that the possible use of lignin as a substitute for materials used in roads and pavements would have a negative effect on market revenue growth. Due to the COVID-19 pandemic, each industry has seen collapse. As more people become aware of the environmental benefits of recycling road pavements, recycled bitumen has experienced the largest demand on the global market for eco-friendly bitumen. This is one of the factors contributing to recycled bitumen's high demand.
Global Bitumen Market Report Coverage
|Market Size in 2021:||USD 100 Billion|
|Forecast Period 2022-2030 CAGR:||3.49%|
|2030 Value Projection:||USD 135.10 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||114|
|Segments covered:||By Product, By Application, By Region|
|Companies Covered:||Asphalt & Bitumen West Corporation, ATDM CO. LTD, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, GOIL Ltd., Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Raha Bitumen Inc., Royal Dutch Shell PLC, and Suncor Energy Inc.|
|Growth Drivers:||Major Players Product Innovation and Research to Promote Market Growth is expected to drives the markets growth over the forecast period|
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This research report categorizes the Market for global Bitumen based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Bitumen Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Bitumen Market sub-segments.
- In 2021, the Paving segment accounted for the largest share of the Market, with 21.6% and a Market revenue of 21.6 Million.
Based on the product, the Bitumen Market is categorized into Paving, Oxidized, Cutback, Emulsion, Polymer Modified and Others. In 2021, the Paving segment accounted for the largest share of the Market, with 21.6% and a Market revenue of 21.6 Million. Throughout the forecast period, the Paving segment is anticipated to maintain its leading position Due to its durability and fast repair ability, asphalt concrete is used as the binder in around 85% of all bitumen produced for roads, parking lots, airport runways, and footways. A paving grade bitumen with a penetration grade of 60/70 is made from carefully monitored refining procedures using precisely chosen crude oils. In order to create asphalt concrete, fine and coarse aggregates, such as gravel or crushed stone, must be combined with asphalt, which serves as the binding agent.
- In 2021, the Roadways segment accounted for the largest share of the Market, with 29.3% and a Market revenue of 29.3 Million.
Based on the application, the Bitumen Market is categorized Roadways, Waterproofing, Adhesives, Insulation and Others. In 2021, the Roadways segment accounted for the largest share of the Market, with 29.3% and a Market revenue of 29.3 Million. Throughout the forecast period, the Roadways segment is anticipated to maintain its leading position while expanding at the fastest CAGR this is a result as Bitumen is most often used in road construction, where it serves as a binder for the production of asphalt concrete. This section discusses using bitumen to build new roadways and pave existing ones, including flyovers, motorways, platforms, and airport runways.
Regional Segment Analysis of the Bitumen Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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North America emerged as the largest Market for the global Bitumen Market, with a Market share of around 32.9% and 32.9 Million of the Market revenue in 2021.
- North America emerged as the largest Market for the global Bitumen Market, with a Market share of around 32.9% and 32.9 Million of the Market revenue in 2021. The demand for Bitumen is being driven by the rising acceptance by the market. The market for Bitumen was dominated by the North America region this is explained Due to the rising need for bitumen in the US to repair and rebuild existing roads, North America accounted for the greatest portion of the global bitumen market.
- Asia Pacific Market is expected to grow at the fastest CAGR between 2021 and 2030, Due to rising automotive ownership and regional urbanisation, the road and highway building sector in APAC nations like China, India, and Australia has been expanding quickly. The country's increase in freight and passenger road travel, followed by manufacturing activity, would further encourage road development. The country's bitumen market revenue has also been greatly impacted by expanding investment industrial sectors.
The report offers the appropriate analysis of the key organizations/companies involved within the global Bitumen Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- Asphalt & Bitumen West Corporation
- ATDM CO. LTD
- BP PLC
- BMI Group
- China Petroleum & Chemical Corporation
- ENEOS Corporation
- Exxon Mobil Corporation
- GOIL Ltd.
- Indian Oil Corporation Ltd
- KRATON CORPORATION
- Marathon Petroleum Corporation
- Nynas AB
- Raha Bitumen Inc.
- Royal Dutch Shell PLC
- Suncor Energy Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In March 2022, Dl Chemical and Kraton Corporation have completed their merger. DL Chemical Co., Ltd. was announced by Kraton Corporation (NYSE: KRA), a major worldwide sustainable manufacturer of speciality polymers and high-value bio-based products generated from pine wood pulping co-products ("DL Chemical").
- In June 2022, Shell has finished buying the Landmark convenience store and gasoline network. Through its wholly-owned subsidiary Shell Retail and Convenience Operations LLC, Shell Oil Products US (Shell) has purchased particular company-owned gasoline and retail convenience locations from the Landmark group of firms (Landmark). Supply contracts for independently owned and run convenience shops and petrol stations are also part of the deal.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Bitumen Market based on the below-mentioned segments:
Global Bitumen Market, By Product
- Polymer Modified
Global Bitumen Market, By Application
Global Bitumen Market, Regional Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Bitumen market?As per Spherical Insights, the size of the Bitumen market was valued at USD 100 million in 2022 to USD 135.10 million by 2030.
What is the market growth rate of the Bitumen market?The Bitumen market is growing at a CAGR of 3.4% from 2022 to 2030.
Which country dominates the Bitumen market?North America emerged as the largest market for Bitumen.
Who are the key players in the Bitumen market?Key players in the Bitumen market are Asphalt & Bitumen West Corporation, ATDM CO. LTD, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, GOIL Ltd., Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Raha Bitumen Inc., Royal Dutch Shell PLC, and Suncor Energy Inc.
Which factor drives the growth of the Bitumen market?Major Players Product Innovation and Research to Promote Market Growth is expected to drives the markets growth over the forecast period.
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