Bitumen Market Report 2023: Market Size, Top Segments And Key Trends

Bitumen Market expected to reach USD 138.91 Bn. by 2029 with a CAGR of 3.56% during the forecast period.

Bitumen Market Report Scope and Research Methodology

Scope of the Report:

This comprehensive report offers an in-depth analysis of the Bitumen Market, categorizing it based on factors such as grade and application. The research spans across regions including North America, Asia Pacific, Europe, Middle East & Africa, and South America. The report's research methodology involves data collection from industry participants, ensuring a thorough analysis that covers the historical period from 2017 to 2020. It also delves into the market's drivers, restraints, opportunities, and challenges.

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What are Bitumen Market Dynamics?

Market Drivers:

Bitumen in Waterproofing: Bitumen's highly viscous nature makes it a popular choice for waterproofing applications in residential and commercial buildings. It safeguards roof decks from rain, preventing seepage and water leakage. This waterproofing material is essential for roof protection and is widely utilized in the construction industry.

Road Construction: The most common application of bitumen is in road construction. It serves as a binder in asphalt concrete, which is used in road and pavement construction. Bitumen plays a critical role in creating high-speed roads, highways, flyovers, airport runways, and platforms.

Variety of Industrial Uses: Bitumen is a vital raw material used in the production of various industrial products, such as roofing materials, adhesives, insulation, and sealants. It imparts various properties to these products, including hardness, adhesion, high viscosity, ductility, and waterproofing.

Market Restraints:

Environmental Regulations: Stringent environmental regulations that govern the usage and manufacturing processes of bitumen are expected to restrict market growth. Occupational exposure limits, set at 5 mg/m3 in various countries, pose a significant impact on the industry.

Price Volatility: Bitumen prices are influenced by crude oil and petrochemical prices, leading to comparable fluctuations. The emergence of bio-based bitumen is under exploration as a potential avenue for future growth.

Bitumen Market Segmentation?

Grade: Segments include penetration grade bitumen, hard grade bitumen, oxidation grade bitumen, polymer modified bitumen, modified bitumen, and high-performance polymer-modified bitumen. In 2022, polymer-modified bitumen held a dominant market share due to its superior endurance and quality, particularly in road construction and building.

Application: Segments encompass road construction, waterproofing, airport runways, piping, and industrial bitumen. The road construction segment led the market in 2022, with the most common use of bitumen in road and pavement construction.

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Who are Bitumen Market Key Players?

1. Indian Oil Corporation Limited
2. Chevron Texaco Corporation
3. China National Petroleum Corporation
4. Villas Austria
5. Bouygues
6. Nynas
7. NuStar Energy
8. Total SA
9. JX Nippon Oil & Energy Corporation
10.Baker Hughes
11.Exxon Mobil
12.Sasol Ltd.
13.Royal Dutch Shell Plc
14.Marathon Oil Corporation
15.Petroleos Mexicanos
16.Imperial Oil
17.Others

Table of content for the Bitumen Market includes:

Part 01: Executive Summary

Part 02: Scope of the Bitumen Market Report

Part 03: Global Bitumen Market Landscape

Part 04: Global Bitumen Market Sizing

Part 05: Global Bitumen Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

Asia Pacific: The region dominated the market in 2022, contributing to over 38% of the overall market revenue. High investments in countries like China and India for industrial growth and infrastructure development, especially in the construction sector, are driving market growth.

North America and Europe: The increasing number of property renovation projects, along with modern construction systems featuring waterproofed flat roofs, is anticipated to boost bitumen demand in these regions.

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This release was published on openPR.