Press release
Bitumen Market Outlook 2024-2034 | Expected Expansion to US$ 116 Billion
Bitumen, also known as asphalt, is a dense, black, and adhesive material obtained from crude oil through the refining process of fractional distillation. It consists of complex hydrocarbon compounds and can be found naturally in deposits or produced as a byproduct of petroleum refining.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10071
Market Dynamics
The bitumen market is driven by several key dynamics. Bitumen, a crucial material in road construction, waterproofing, and roofing, is primarily derived from crude oil. Its demand is significantly influenced by infrastructure development, particularly in emerging economies where road construction and urbanization are rapidly advancing. Additionally, the rising adoption of bitumen in various industrial applications such as waterproofing and adhesives has further propelled market growth. Environmental regulations and the push towards sustainable and eco-friendly construction materials also play a role, with modifications and advancements in bitumen production and application techniques, such as polymer-modified bitumen, becoming increasingly prevalent.
However, the market faces challenges such as volatility in crude oil prices, which directly impacts bitumen pricing. Furthermore, the environmental concerns associated with bitumen production and application, including emissions and the use of non-renewable resources, pose significant challenges. The development of alternative materials and sustainable practices are thus essential to address these concerns and sustain market growth.
Market Future Outlook
The future outlook for the bitumen market appears promising, driven by continued infrastructure development and urbanization, especially in Asia-Pacific and Africa. Government initiatives and investments in road construction and maintenance projects are expected to provide a steady demand for bitumen. Additionally, advancements in bitumen technology, such as the development of bio-based bitumen and innovations in recycling techniques, are likely to open new avenues for market growth.
The market is also expected to benefit from the increasing emphasis on sustainable construction practices. With a growing focus on reducing carbon footprints and enhancing the durability of infrastructure, modified bitumen products that offer improved performance and environmental benefits are anticipated to gain traction. Furthermore, the expansion of the construction industry in emerging markets and the renovation and maintenance of aging infrastructure in developed regions will continue to drive demand.
Market Insights
Application Segmentation: The bitumen market (Marché du bitume) is segmented based on application into roadways, waterproofing, adhesives, and others. Road construction remains the dominant segment, accounting for a significant share due to the continuous need for road infrastructure development and maintenance.
Regional Analysis: Geographically, the Asia-Pacific region leads the market, driven by rapid urbanization, industrialization, and large-scale infrastructure projects in countries like China and India. North America and Europe also hold substantial shares, with significant investments in road maintenance and the construction sector.
Technological Advancements: The development of polymer-modified bitumen (PMB) and crumb rubber modified bitumen (CRMB) has enhanced the performance characteristics of bitumen, such as improved resistance to deformation and higher durability, making them increasingly popular in road construction.
Key Players
Hindustan Petroleum Corporation Limited
Sinopec
Royal Dutch Shell PLC
Total Oil India Pvt. Ltd.
China National Petroleum Corporation
CNOOC Limited
Rhine Middle East LLC
Indian Oil Corporation Ltd.
Wellbank Global PTE Ltd.
Kimya Refinery Group
Regional Petroleum Products Corporation
The Bahrain Petroleum Company B.S.C.
Muscat International Bitumen LLC
BNB Bitumen Private Limited
Competitive Landscape
Key players are increasing their investment in research and development to develop cost-effective waterproofing materials capable of withstanding high temperatures.
In November 2023, Omnipotent Industries Ltd. commenced operations at its new bitumen processing plant in Kandla, Gujarat. This facility ensures reliable access to raw materials and efficient delivery, enhancing Omnipotent's supply chain agility and aligning with its sustainability goals.
In September 2023, GOIL PLC entered the West African bitumen market with innovative products like polymer-modified bitumen (PMB) and bitumen emulsion, as part of its strategy to diversify its offerings. The USD 45 million project represents a joint venture between GOIL PLC and Société Multinationale de Bitumes (SMB) of Côte d'Ivoire.
In July 2020, Total SA, a prominent French energy company, and Indian Oil Corp (IOC), India's leading oil corporation, established a 50:50 joint venture to manufacture and distribute high-quality bitumen derivatives and specialized products for India's growing road construction sector.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=10071
Segmentation of Bitumen Market (역청시장) Research
By Product Type:
Paving Grade
Hard Grade
Oxidized/Blown Grade
Bitumen Emulsion
Polymer Modified Binders (PMBs)
By End Use:
Road Surfacing
Waterproofing
Others (Insulating, Sealing, Paint, etc.)
By Region:
North America
Europe
Latin America
East Asia
South Asia & Oceania
Middle East & Africa
Contact:
US Sales Office
11140 Rockville Pike
Suite 400 Rockville, MD 20852
United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
About Fact.MR :
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Bitumen Market Outlook 2024-2034 | Expected Expansion to US$ 116 Billion here
News-ID: 3582412 • Views: …
More Releases from Fact.MR
Global Flow Cytometry Market to Reach USD 13.5 Billion by 2035, Driven by Cell-B …
The global flow cytometry market is poised for significant growth over the next decade, driven by advancements in cell-based technologies, rising demand in pharmaceutical and drug discovery applications, and increasing research activities in life sciences. According to recent market insights, the industry is projected to expand from USD 6.1 billion in 2025 to USD 13.5 billion by 2035, registering a CAGR of 8.3% during the forecast period.
Among various technology segments,…
Global Benzodiazepine Drugs Market to Reach USD 5.4 Billion by 2035, Led by Alpr …
The global benzodiazepine drugs market is projected to witness steady growth over the next decade, fueled by increasing prevalence of anxiety disorders, insomnia, and other related conditions. According to recent market insights, the industry is expected to expand from USD 4.0 billion in 2025 to USD 5.4 billion by 2035, registering a CAGR of 3.0% during the forecast period.
Among the various drug types, Alprazolam is anticipated to remain the leading…
Global Ultrasound Systems Market to Reach USD 19.7 Billion by 2035, Led by 2D Ul …
The global ultrasound systems market is set to experience substantial growth over the next decade, driven by increasing diagnostic imaging demand, rising prevalence of chronic diseases, and continuous technological advancements in ultrasound devices. According to recent market insights, the industry is projected to expand from USD 10.8 billion in 2025 to USD 19.7 billion by 2035, registering a CAGR of 6.2% during the forecast period.
Among various device types, 2D ultrasound…
Surgical Staplers Market to Reach USD 12.5 Billion by 2035, Driven by Powered De …
The global surgical staplers market is poised for robust growth over the next decade, driven by increasing surgical procedures, rising demand for minimally invasive surgeries, and advancements in surgical stapling technologies. According to recent market insights, the industry is projected to expand from USD 6.0 billion in 2025 to USD 12.5 billion by 2035, registering a CAGR of 7.6% during the forecast period.
Powered surgical staplers are expected to dominate the…
More Releases for Bitumen
Key Influencer in the Bitumen Market 2025: Growing Road Construction Activities …
How Are the key drivers contributing to the expansion of the bitumen market?
The rise in road construction endeavors is anticipated to boost the advancement of the bitumen market. Activities in road construction encompass the various methods and operations employed in the development, enhancement, and upkeep of roads and highways. Bitumen contributes to these activities by serving as a binder and providing water resistance, flexibility, resistance to weather conditions, skid resistance,…
Netherlands Bitumen Market: 2024, Share & Size Analysis, Growth, Trends, Report …
According to a new report published by CoherentMI The Netherlands Bitumen Market is estimated to be valued at USD 13.81 Bn in 2024 and is expected to reach USD 20.43 Bn by 2031, growing at a CAGR of 4.60% from 2024 to 2031.
Most recent Report, named "Netherlands Bitumen Market" Patterns, Offer, Size, Development, Opportunity and Forecast 2024-2031, by CoherentMI offers a complete investigation of the business, which includes bits of…
bitumen 60/70
What is Bitumen 60/70?
Bitumen 60/70 means penetration of bitumen is between 60 to 70 0.mm. It is produced by blowing hot air onto vacuum bottom residue, resulting in a penetration value of 160 to 220, making it very soft. Heating the raw material can increase its hardness and decrease penetration. This type of bitumen is commonly used in road construction, paving, waterproofing, and coating.
Differences of bitumen 60/70 with bitumen 80/100
Bitumen…
Africa Bitumen Market to Witness Huge Growth by 2028: Royal Dutch Shell Plc., RA …
Description
New Research Study ""Africa Bitumen Market 2022 analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook"" has been added to Coherent Market insight
The Global Africa Bitumen Market 2022 Research Report is a thorough analysis of the Africa Bitumen industry's current state of affairs.
The report gives a fundamental overview of the sector, comprehensive with definitions and classifications. The Africa Bitumen market analysis is offered…
COVID-19 Study: Bitumen Emulsifier Market | Modified Bitumen Emulsion Is Predict …
As per a new report published by Research Dive, the global bitumen emulsifier market is set to generate a revenue of $154.3 million by 2026, at a CAGR of 3.9% during the forecast period from 2019 to 2026. The segmentation of the market has been done on the basis of type, type of setting, application, end use, and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints,…
APAC (Asia-Pacific) Bitumen Market Accounted for 31% Volume Share of Global Bitu …
According to Goldstein Research, APAC Bitumen market is expected to reach USD 34.1 billion by the end of 2024, growing at a CAGR of 6.59%. The growing infrastructure projects and maintenance of existing ones are the major driving force in the growing demand for bitumen across the APAC region. APAC Bitumen market segmentation has been done on the basis of grades, product, application, and countries. Road construction accounted for the…
