Press release
Bitumen Market to Reach US$ 145.3 Bn by 2031
Bitumen
The authors of the bitumen market study estimated that road constructions account for a sizable bitumen market share by the end of 2031. The demand for bitumen for waterproofing applications is expected to rise in the coming years, and will generate massive revenue streams. Rise in spending on road constructions in developing world has boosted the prospects, indicate an analysis of recent bitumen market trends. Furthermore, companies are witnessing incremental opportunities in bituminous adhesives.
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Focus on boosting the production of bituminous macadam (BM) will open up new revenue streams in the bitumen market. Need for construction pavements that are of high fatigue performance and provides resistance to deformation has spurred the growth prospects.
Key Findings of Bitumen Market Study
Rising Adoption Resurfacing Projects Generating Sizable Revenues: Lucrative demand for bitumen for road resurfacing projects especially those with low road traffic has kept the bitumen market in good stead. They are cost-effective and recyclable, and hence can be used multiple times. Sustainability of the products has unlocked an incredible avenue for the expansion of the bitumen market.
Need to Meet Road Safety Regulations and Government Norms Expanding Avenues: Firms are producing bitumen that complies with latest road safety regulations and government norms. The trend is creating demand for advanced solutions in the bitumen market. Of note, several players are leaning on developing bio-bitumen to boost their sustainability credentials. To this end, they are also adopting propriety technologies that help them produce bio-bitumen based on lignin.
Bitumen Market: Key Drivers
Rise in spending on infrastructural developments by governments and private players in emerging economies is a key driver of the bitumen market. Road constructions accounts for a bulk of demand for bitumen. Rise in use of bitumen used in modern asphalts will spur profitable demand.
Evolution of bitumen 4.0 has spurred the demand for bituminous adhesives for both building and construction industries
Need for increasing the service life, versatility, and flexibility of next generation of roads underpins a vast avenue for stakeholders in the bitumen market. Of note, this has invigorated the commercialization of polymer modified bitumen (PMB).
Bitumen Market: Regional Growth Dynamics
North America held a major share of the global market in 2020. Rise in repair and redevelopment of existing roads has spurred the consumption of products. Of note, use in road constructions in the U.S. has generated substantial revenue streams in North America bitumen market.
The bitumen market in Asia Pacific, the study finds, is poised to expand at most lucrative growth rate over the next few years. Abundant demand for products in road constructions and other infrastructure development projects especially in emerging economies will create enormous profitable streams for firms in the regional market.
Bitumen Market: Competition Landscape
The bitumen market is characterized by high degree of fragmentation, with the leading eight players collectively accounting for a relatively low share of 39.0% in 2020.
Some of the key players in the market are Total France, United Refining Company, Royal Dutch Shell, Valero Energy Corporation, Nynas AB, Marathon Oil Company, ExxonMobil, NuStar Energy, and Shell Bitumen.
Bitumen Market Segmentation
Product
Paving Grade Bitumen
Oxidized Bitumen
Cutback Bitumen
Bitumen Emulsion
Polymer Modified Bitumen (PMB)
Others (including Bitumen Formed Due to Addition of Zinc, Copper, etc.)
Application
Roadways
Hard Grade
Soft Grade
Polymer Modified Bitumen (PMB)
Waterproofing (Roofing)
Hard Grade
Soft Grade
Polymer Modified Bitumen (PMB)
Adhesive
Insulation
Others (including Decorative and Industrial)
Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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