Bitumen Market Size Worth USD 170.14 Billion By 2027 | Emergen Research

The global bitumen market size was USD 104.20 billion in 2022 and is expected to register a revenue CAGR of 5.0% during the forecast period. The global bitumen market is poised for significant expansion in the coming years, fueled by a surge in construction activities worldwide and an increasing focus on infrastructure development. According to recent market research, factors such as the rising demand for Polymer-Modified Bitumen (PMB) in construction, growth in road construction projects globally, and the escalating need for bitumen in the roofing sector are key drivers behind this growth.

Bitumen, known for its exceptional qualities including stability, durability, and resistance to deformation, has become an essential component in various building applications. Its applications span from road construction to waterproofing solutions, making it a versatile material in the construction industry. Government investments in infrastructure projects such as roads, airports, and railroads in numerous countries are propelling the demand for PMB, which enhances the durability of asphalt, thus contributing to the growth of the bitumen market.

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The waterproofing industry is also witnessing a surge in demand for bitumen-based solutions, particularly for underground structures like tunnels and basements. This demand is driven by the need for resilient and long-lasting waterproofing materials. Additionally, the roofing sector is embracing bitumen-based solutions due to their outstanding weather resistance, longevity, and ease of installation. The rising popularity of energy-efficient roofing systems further boosts the demand for reflective bitumen roofing solutions.

However, despite the optimistic outlook, the market faces challenges such as fluctuating crude oil prices and environmental concerns associated with bitumen usage. Nonetheless, manufacturers are actively addressing these challenges by focusing on creating eco-friendly bitumen products, aligning with the increasing demand for sustainable construction materials.

In terms of product segmentation, the paving segment dominates the global bitumen market, attributed to its exceptional binding qualities and durability. Paving grade bitumen finds extensive use in road, highway, and runway construction, especially in emerging economies like the Asia Pacific and the Middle East. Meanwhile, the oxidized segment is expected to witness significant growth owing to the rising demand for resilient roofing materials, particularly in regions prone to extreme weather conditions.

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Among applications, roadways emerge as the leading segment due to the indispensable role of bitumen in road and highway construction. Bitumen's strength, flexibility, and water-repelling properties make it an ideal material for roads, thereby extending their lifespan. The waterproofing segment follows closely, driven by the need for effective waterproofing solutions in construction projects and the rising demand for energy-efficient structures.

Overall, the global bitumen market is on an upward trajectory, propelled by the construction boom and infrastructure development initiatives worldwide. As industry players continue to innovate and address environmental concerns, the market is poised to witness sustained growth in the foreseeable future.

Major Companies and Competitive Landscape

The global bitumen market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global bitumen market report are:

• Exxon Mobil Corporation
• Chevron Corporation
• NYNAS AB
• TotalEnergies
• Petrochina Company Limited
• Indian Oil Corporation Ltd
• China Petroleum & Chemical Corporation
• Valero
• Asphalt and Bitumen West Company
• RAHA Bitumen, Inc
• ASIA Bitumen
• Shell

Strategic Development

• On 11 October 2023, ExxonMobil announced that it had developed a new proprietary technology that reduces greenhouse gas emissions and increases the production of high-quality bitumen. The technology, called the 'cMIST' system, uses a cyclonic micro-scale gas-liquid separator to remove water from the bitumen extraction process, reducing emissions by up to 90%.

• On 31 December 2020, Royal Dutch Shell announced that it had entered into a joint venture with China National Offshore Oil Corporation (CNOOC) to develop a new bitumen project in Canada. The project called the 'Carmon Creek' project, is expected to produce up to 80,000 barrels of bitumen per day.

• On 30 November 2020, Nynas AB announced that it had completed a restructuring process that had secured its long-term financial stability. The restructuring involved the transfer of the majority of the company's shares to a new company jointly owned by the Venezuelan state oil company PDVSA and the Finnish Neste Corporation.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global bitumen market on the basis of product, application, and region:

• Product Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2032)
o Paving
o Oxidized
o Cutback
o Emulsion
o Polymer Modified
o Others

• Application Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2032)
o Roadways
o Waterproofing
o Adhesives
o Insulation
o Others

• Regional Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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