Bitumen Market Increasing Demand, Growth Analysis and Future Outlook by 2023-2030 | Exxon Mobil Corporation, Total S.A.

The Bitumen Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Bitumen is a semi-solid form of petroleum that is highly viscous in nature. It is used in road construction and waterproofing. Bitumen is used as a binder in asphalt concrete pavement and gravel roads.

Market Dynamics:

The growing construction industry, particularly in emerging economies, is driving the growth of the bitumen market. Infrastructure development and construction of new roads and highways are increasing the demand for bitumen. According to the World Road Association, over 105 million global highway lane kilometers will be added by 2050. Further, the increasing repair and rehabilitation activities of existing roads also requires bitumen for re-laying pavement surfaces. Additionally, the growing marine and non-residential construction industries are utilizing bitumen-based products for waterproofing and soundproofing roofs and walls, thereby supporting the market growth during the forecast period.

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Top Companies Covered In This Report:

★ Exxon Mobil Corporation
★ Total S.A.
★ Indian Oil Corporation Ltd.
★ Royal Dutch Shell Plc.
★ Marathon Oil Corporation
★ Calumet Specialty Product Partners Ltd L.P
★ Chevron Texaco Corporation
★ Nynas AB

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Product Type:

★ Paving Grade
★ Hard Grade
★ Oxidized Grade
★ Bitumen Emulsions
★ Polymer Modified Bitumen
★ Other

By Applications:

★ Road Construction
★ Waterproofing
★ Adhesives
★ Other

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Bitumen Market Drivers:

1: Increased Demand for Bitumen in Road Construction and Expansion Projects

One of the major drivers contributing to the growth of the global bitumen market is the rising demand for bitumen in road construction and expansion projects across the world. Bitumen has widespread use in the construction of highways, roads, bridges, and parking lots due to its excellent binding properties. With rapid urbanization and industrialization, the need for adequate transportation infrastructure is growing significantly. Various governments around the globe are investing heavily in upgrading existing transportation infrastructure as well as building new roads, highways, bridges, and tunnels to accommodate the increasing traffic. This has boosted the consumption of bitumen over the years. In addition, maintenance and repair of existing roads also contribute to stable demand for bitumen.

2: Rising Application of Bitumen in Other Sectors Such As Waterproofing, Paints & Coatings

Another important driver for the bitumen market is the increasing application of bitumen in other end-use industries beyond road construction. Bitumen finds wide use as a waterproofing agent and binder in various waterproofing products such as coatings, membranes, and sealants. It is also employed in paints and coatings applications to enhance adhesion, water resistance, and durability. Growing urbanization has increased the demand for waterproofing materials in construction, roofing, insulation, and marine applications. Moreover, bitumen is gaining increasing acceptance in industrial applications such as binder in asphalt formulation, printing inks, and heat-resistant industrial coatings. Significant growth in end-use industries will continue to drive the demand for bitumen in the coming years.

Bitumen Market Restraints: Stringent Government Regulations on VOC Emissions

One of the major challenges faced by the bitumen industry is the stringent government regulations imposed on VOC (volatile organic compound) emissions. Bitumen and asphalt contain high amounts of VOCs that emit air pollutants during production, transport, and application. Prolonged exposure to VOCs can cause harmful health effects such as nausea, eye irritation, and respiratory problems. Stringent environmental norms by regulatory bodies such as the U.S. EPA and REACH have limited VOC emissions from bitumen products. Manufacturers are required to adopt new technologies and implement pollution control measures to reduce VOC levels, which increases production costs. Other challenges include additional documentation and approvals required for new bitumen production facilities. Compliance with such strict norms may act as a restraint on the growth of the bitumen market.

Bitumen Market Opportunities: Increased Usage of Modified Bitumen

One of the major opportunities for the bitumen market is the growing application of modified bitumen. Traditional bitumen has limitations such as low temperature sensitivity, strength, and elasticity. Modified bitumen is produced by blending bitumen with other polymers and additives that enhance its physical and rheological properties. For instance, polymer-modified bitumen has improved elastic recovery at high and low service temperatures. It exhibits better resistance to reflective cracking, extended service life, and reduced maintenance costs. Use of modified bitumen helps address challenges faced by transportation infrastructure in extreme weather conditions. Rising awareness of benefits of modified bitumen coupled with initiatives to upgrade existing transportation assets using advanced materials will drive market opportunities.

Bitumen Market Trends: Growing Demand for Recycled Bitumen

A notable trend gaining prominence in the bitumen industry is the rising preference for recycled bitumen over virgin bitumen. Traditional techniques of bitumen production are depleting natural resources and contributing heavily to carbon footprint. Recycled bitumen is produced from reprocessing existing bituminous waste materials such as ripped-up roads, and asphalt shingles through thermal processes. It has similar composition and performance as virgin bitumen but with significantly lower energy requirements and emissions. Recycled bitumen is also more economical compared to fresh bitumen. With sustainability in focus, many governments are enacting policies promoting use of recycled bitumen in infrastructure projects. This emerging trend is expected to continue in the coming years considering the environmental and financial benefits.

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Key Questions Answered in This Report on Bitumen Market

• How much revenue will the global Bitumen Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Bitumen Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Bitumen Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Bitumen Market Insights

3.1 Market fragmentation
3.2 Market landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Bitumen Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.