Bitumen Market to cross $112bn by 2025 | Chevron Texaco, China Petroleum and Chemical, JX Nippon Oil & Energy, British Petroleum, Royal Dutch Shell, Petroleos Mexicanos, Marathon Oil, NuStar Energy, Bouygues, Nynas, Exxon Mobil, Imperial Oil.

Bitumen Market for Adhesives segment will hold over USD 1.7 billion for the global revenue by 2025 and is anticipated to grow due to increasing usage of bituminous adhesive in cold-applied bonding, sealing, interply and surfacing. Cold applied bituminous adhesive is used for sticking roofing felts on asbestos, tiles including roofs on trains and railway carriages. Oxidized bitumen are processed by streaming air through penetration grade process, which gives the bitumen more rubbery texture than its original form. The insulation segment will exhibit a growth rate of over 2.5% due to growing usage of oxidized bitumen in electric cable joint protection, joint filling compound, sealant compound and many others.

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In construction sector, bitumen is among the major raw materials used in manufacturing water tanks, dams and bridges since it provides high viscosity, stickiness and water resistance to the structure. The escalating number of property renovation projects and modern construction systems especially in North America & Europe having waterproofed flat roofs will further stimulate the demand for bitumen. Rapid urbanization in developing regions such as Asia Pacific and Latin America comprises a huge market for road construction, development and infrastructure. Increasing land connectivity in China, India, Vietnam, Japan, Brazil and several such other countries will gradually drive the bitumen market during the forecast spell. This connectivity majorly depends on roads that act as a catalyst for the economic growth of a country.

With around 70% of the market share, paving bitumen will witness growth at a significant pace owing to its huge popularity for road construction and maintenance. The oxidized bitumen will be held at close to USD 11 billion by the end of the forecast spell owing to its rising usage in the piling industry, for producing roofing felts used in waterproofing and roofing industries, electric cable joint protection, sound dampening felts, joint filling compound, sealant compound, under carriage sealant and others.

Based on volume, roadways segment will capture more than 80% of the bitumen market share during the forecast period. The adhesives segment is predicted to poise over USD 1.7 billion by 2025. Rapid urbanization and recovery of construction sector owing to the government’s policy to increase private sector participation is a boon to infrastructure industry especially in developing countries such as India, Thailand among others. The waterproofing segment revenue will capture a market share of around 11% by the end of 2025.

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Based on volume, North America driven by U.S. will exhibit growth with a CAGR of around 2.5%. The regional oxidized bitumen market is said to capture close to USD 3.2 billion by the end of forecast spell.

Asia Pacific will hold the maximum bitumen consumption with a market share of close to 40% by the end of forecast period. The growing infrastructure development projects due to government initiatives and maintenance of existing ones to gain greater access to rural areas is the major driving force behind the growing demand for bitumen across the APAC region.

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Global bitumen market is consolidated and quite competitive due to presence of several industry players. Some crucial players in the industry are Chevron Texaco Corporation, Indian Oil Corporation, China Petroleum and Chemical Corporation, Total, JX Nippon Oil & Energy Corporation, British Petroleum, Royal Dutch Shell, Petroleos Mexicanos, Marathon Oil Corporation, NuStar Energy, Villas Austria, Bouygues, Nynas, Exxon Mobil, Imperial Oil.

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