U.S to emerge as a lucrative revenue pocket for Bitumen Market | By key players Royal Dutch Shell., Total, Indian Oil, British Petroleum, Chevron Texaco, China Petroleum and Chemical

Bitumen market has witnessed widespread popularity over the years due to the growing focus on constructing new infrastructure coupled with the need for renovating the existing ones worldwide. The economic improvement in both developed, as well as developing nations over the years, has called for a need to improve the infrastructure offerings.

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Top Key Players in The Market are:

British Petroleum, Chevron Texaco, China Petroleum and Chemical, Royal Dutch Shell., Total, Indian Oil, JX Nippon Oil & Energy, Marathon Oil, NuStar Energy, Bouygues S.A., Exxon Mobil, Petroleos Mexicanos, Nynas AB and Villas Austria GmbH. Various players such as Shell and Valero Energy

The demand for bitumen is growing due to the increasing roadway development on account of maintenance in developed countries and urbanization in emerging nations like India, China, Japan, Thailand, and Argentina. Reports estimate that the global bitumen market size could cross USD 116.3 billion in terms of annual valuation through 2026.

Paving grade bitumen holds nearly 70% of the total product share. The growing need for road maintenance across the world will further support its need. This product also finds use as a binder in asphalt concrete to construct roads, indicating the importance of paving grade bitumen.

In the Asia Pacific region, the demand for paving grade bitumen has considerably increased as the region is focusing on expanding its roadways along with repairing the old structures. With the increase in commercialization and the need to connect the rural areas to the urban, the governments in this region are undertaking contracts to improve transportation connectivity.

Bitumen is also an important component used in the construction of asphalt-based pavements like highways, roads, railways, and bridges. It carries superior characteristics such as high adhesion, hardness, hydrophobicity, elasticity, among others. These roads can be constructed while keeping in mind the regional climate and expected wear and tear from the load of the vehicles.

It must be noted that the compound is derived as a residue of distillation from crude oil. Its composition makes it an unfavored substance with respect to the environment, primarily asphalt fumes during the process of construction. Hence, the environmental impact of producing bitumen along with its application may affect the market growth in the coming times.

The global bitumen market is bestowed with many leading companies that are working on sustainable ways to offer the product in a bit to meet the strict emission targets laid down by the governments in most of the countries. Some of the many bitumen suppliers include JX Nippon Oil & Energy Corporation, Royal Dutch Shell, Nynas AB, and Exxon Mobil Corporation. These companies are heavily investing in the development of bitumen to lower its ill effects on the environment. For instance, Shell Bitumen had invested in the development of a PMB plant at Stanlow near Ellesmere Port.

Regionally speaking, emerging regions across the Asia Pacific have emerged as a key consumption belt for bitumen market over the years. This is because the governments in this region are focusing on improving the road and infrastructure network by constructing new roads and refurbishing the existing ones.

The growing number of vehicles worldwide and especially in APAC and Latin America has pushed the need to develop improved road solutions. Favored by the rise in urbanization in countries like China, Malaysia, Thailand, and Indonesia, this has led to the increase in the number of vehicles due to the rise in middle-class spending.

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According to the Asia Development Bank, in the Asia Pacific, China has the highest number of cars on the road while Malaysia has the best quality of roads. Moreover, India, China, South Korea, and Japan have the highest density of road per 1000 sq. km area, further propelling the demand for bitumen market to maintain the density at optimum scale.

In a nutshell, the growing infrastructural development globally along with the constant development in the compounds will foster bitumen market size in the coming years.

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