Press release
Bitumen Market Expansion: From USD 93.4 Bn in 2020 to USD 145.3 Bn by 2031 | TMR
bitumen market
Manufacturers in the bitumen market are taking advantage of government stimulus packages and schemes by the BFSI sector to stay financially afloat during the ongoing COVID-19 crisis. Even though bitumen is suitable for resurfacing a road with low volumes of traffic, asphalt is emerging as an alternative to it, owing to its cost efficiency with a longer life span as compared to bitumen. Nevertheless, bitumen can be recycled and is cheap as compared to asphalt. Manufacturers should educate their customers about the pros and cons of bitumen & asphalt, especially for resurfacing projects. They are investing in sound infrastructure, facilities, and experienced workforce to increase the availability of bituminous adhesives used for use in insulation applications.
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Growth in Infrastructure Development Activities to Drive Market
Based on product, the bitumen market has been segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen, and others (bitumen formed due to the addition of zinc and copper). Of these, paving bitumen dominated the market in 2020. This growth can be ascribed to the rise in initiatives for infrastructure development in developing countries such as India and China.
In terms of application, the bitumen market has been segmented into roadways, waterproofing, adhesives, insulation, and others (decorative and industrial). Of these, road construction is anticipated to dominate the market, accounting for a larger share of 80.0% by the end of 2031. This growth can be ascribed to high viscosity and stickiness of the bitumen. The waterproofing segment is predicted to expand at a rapid pace owing to infrastructure development activities in emerging nations such as India and China.
Market Segmentation
By Service Type
Supply and Distribution
Refining and Processing
Storage and Transportation
Consulting and Maintenance
By Sourcing Type
Petroleum-derived Bitumen
Bio-based Bitumen
Synthetic Bitumen
By Application
Roadways and Highways
Waterproofing
Adhesives and Sealants
Roofing
Others
By Industry Vertical
Construction
Infrastructure
Automotive
Oil & Gas
Others
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Regional Analysis
North America
North America holds a significant share in the global bitumen market, with the U.S. and Canada being key contributors due to their well-established road construction and maintenance industry. Increased government spending on infrastructure projects is fueling demand.
Europe
Europe's market is driven by stringent environmental regulations, pushing demand for eco-friendly and bio-based bitumen. Countries like Germany, the UK, and France are investing in sustainable road construction projects.
Asia-Pacific
Asia-Pacific is the fastest-growing market, primarily led by China, India, and Japan. The region's rapid urbanization and infrastructure development initiatives are major growth drivers.
Latin America
The Latin American market is experiencing moderate growth, with increased investments in road networks and urban development projects in Brazil and Mexico.
Middle East & Africa
The Middle East & Africa market is expanding due to investments in transportation infrastructure and industrial development, particularly in the UAE, Saudi Arabia, and South Africa.
Market Drivers and Challenges
Market Drivers
Increasing investment in road infrastructure projects
Rising urbanization and industrialization
Advancements in bitumen modification technologies
Growing demand for waterproofing and roofing applications
Market Challenges
Volatility in crude oil prices affecting bitumen supply
Environmental concerns regarding bitumen emissions
Stringent government regulations on carbon footprints
Availability of alternative materials such as bio-asphalt
Market Trends
Growing adoption of polymer-modified bitumen for enhanced road durability
Increasing use of bio-based and eco-friendly bitumen
Technological advancements in bitumen refining and processing
Expansion of bitumen storage and transportation facilities
Future Outlook
The bitumen market is projected to witness substantial growth from 2021 to 2031, driven by continued investments in infrastructure and technological innovations. The increasing adoption of sustainable and environmentally friendly bitumen alternatives is expected to shape the future of the market.
Key Market Study Points
Analysis of bitumen demand and supply trends
Impact of government policies on bitumen usage
Competitive landscape and market share analysis
Investment opportunities in emerging markets
Technological advancements in bitumen processing
Competitive Landscape
Key players in the bitumen market include:
Royal Dutch Shell
ExxonMobil Corporation
Total Energies
BP PLC
Indian Oil Corporation
China Petroleum & Chemical Corporation (Sinopec)
Marathon Petroleum Corporation
Nynas AB
These companies are actively engaged in strategic collaborations, mergers, acquisitions, and product innovations to strengthen their market position.
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Recent Developments
Sinopec launched a new high-performance bitumen product aimed at improving road sustainability.
Shell introduced a carbon-neutral bitumen solution to reduce environmental impact.
Indian Oil Corporation expanded its bitumen production capacity to meet rising demand.
Total Energies invested in bio-based bitumen production technology.
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About Transparency Market Research
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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