Press release
Key Influencer in the Bitumen Market 2025: Growing Road Construction Activities Boost Bitumen Market Driver
Bitumen Global Market Report 2025
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, and convenience in construction and maintenance. For example, Global Australia Highlights, an intergovernmental organization located in Australia, reported in November 2022 that the 2022-23 government budget pledges $12.04 billion (A$17.9 billion) over one decade for notable infrastructure plans nationwide, inclusive of billions for road and rail projects. Investment in vast public infrastructure is forecasted to surpass $146.72 billion (A$218 billion) between 2021 and 2025. Additionally, Global X ETF, an American fund management company, stated in March 2023 that the U.S. made considerable progress in enhancing its infrastructure with the approval of the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in November 2021. The IIJA intends to allocate $550 billion over the coming decade towards the improvement of roads, bridges, airports, and railways, expanding clean water and broadband internet accessibility, and realizing environmental justice. As a result, the escalating road construction activities are facilitating the growth of the bitumen market.
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What growth opportunities are expected to drive the bitumen market's CAGR through 2034?
The bitumen industry has seen a consistent expansion in recent times. The market value is projected to surge from $55.85 billion in 2024 to $58.12 billion in 2025, with a compound annual growth rate (CAGR) of 4.1%. Factors like infrastructure growth, the demand in paving and roofing materials, along with the transportation sector, research and development for bitumen modifications, as well as environmental and sustainability considerations underlie the historical period increase.
The size of the bitumen market is anticipated to undergo significant expansion in the coming years, with forecasts predicting it to reach $71 billion by 2029, with a compound annual growth rate (CAGR) of 5.1%. The expected growth over the forecast period is largely attributed to factors such as sustainable asphalt solutions, initiatives related to smart cities, infrastructure for renewable energy, a rise in global construction, and carbon capture using bitumen. Trending advancements during this forecast period include superior quality pavements, modern roofing materials, recycling and reutilization of bitumen, as well as nano and micro bitumen technology, and digital enhancements to bitumen production.
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What are the emerging trends shaping the future of the bitumen market?
The invention of bio-based bitumen is slowly becoming a prevalent trend in the bitumen market. In order to maintain their market position, companies are exploring innovative product development. For example, Tarmac, a UK company focusing on sustainable construction materials and solutions, launched an algae-based bitumen, or bio-bitumen, in May 2024. This is intended to serve as a greener alternative to conventional petroleum-based bitumen used in road building. Tarmac's initiative makes use of algae's ability to naturally sequester carbon, which significantly reduces the carbon emissions associated with producing bitumen, yet ensures that the bio-bitumen maintains key features such as durability, water-repellency, and the ability to be recycled.
Which growth-oriented segments of the bitumen market are leading the industry's development?
The bitumen market covered in this report is segmented -
1) By Product Type: Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Products
2) By Application: Roadways, Waterproofing, Adhesives, Insulation, Other Applications
3) By End-Use Sector: Non-Residential, Residential, Other End-Users
Subsegments:
1) By Paving Grade: PG 64-22, PG 58-28, PG 70-28
2) By Hard Grade: Hard Bitumen, Extra Hard Bitumen
3) By Oxidized Grade: Oxidized Bitumen, Speciality Oxidized Bitumen
4) By Bitumen Emulsions: Cationic Emulsions, Anionic Emulsions
5) By Polymer Modified Bitumen (PMB): SBS Modified Bitumen, EVA Modified Bitumen, Other Polymer Modifications
6) By Other Products: Cutback Bitumen, Specialty Bitumen Products
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What regions are leading the charge in the bitumen market?
Asia-Pacific was the largest region in the bitumen market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bitumen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the bitumen market?
Major companies operating in the bitumen market include Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, Total Energies SE, BP plc, ConocoPhillips Co, PJSC Rosneft Oil Company, Cenovus Energy Inc., Bouygues Group, Imperial Oil Limited, Suncor Energy Inc., MOL Group, Nynas AB, Gazprom-Neft, Teck Resources Limited, Indian Oil Corporation Ltd., Syncrude Canada Ltd., MEG Energy Corp, Soprema Group, NuStar Energy L.P, Athabasca Oil Corporation, NIS Group, Compania Espanola de Petroleos SA (CEPSA), CertainTeed Corp., Asphalt Materials Inc., The Richmond Group, Karnak Corp., Sunshine Oilsands Ltd., GOYAL Group of Companies
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What Is Covered In The Bitumen Global Market Report?
• Market Size Forecast: Examine the bitumen market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the bitumen market for a structured understanding.
• Key Players Overview: Analyze major players in the bitumen market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bitumen market.
• Segment Contributions: Evaluate how different segments drive overall growth in the bitumen market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bitumen market.
• Industry Challenges: Identify potential risks and obstacles affecting the bitumen market.
• Competitive Landscape: Review strategic developments in the bitumen market, including expansions, agreements, and new product launches.
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