Bitumen Market: Growing Application Scope of Polymer Modified Bitumen (PMB) Augments Overall Market By 2024

The presence of a large number of players makes the global bitumen market a highly fragmented arena. Transparency Market Research (TMR) observes that the majority of key participants are refineries that are forward integrated into the value chain. Companies are focusing towards staying ahead in this highly competitive marketplace by introducing advanced technologies that cater to the requirements of end users.

Apart from this, business expansion is also looked upon as viable strategies for consolidating the presence. Some of the prominent companies operating in the global bitumen market are Shell Bitumen, NuStar Energy, ExxonMobil, Marathon Oil Company, British Petroleum, PEMEX, and Valero Energy Corporation.

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North America Leads Revenue Generation through 2020

The global bitumen market stood at 113.5 mn tons in 2015 and is estimated to reach 129.6 mn tons by 2020, rising at a CAGR of 3.9% from 2014 to 2020. On the basis of product, paving bitumen will continue to dominate the market until 2020, representing over 69.0% of its volume. The growth of the segment can be attributed to the increasing road development activities in countries such as India, China, and Brazil. PMB will expand at a CAGR higher than any other segment during the forecast period. The advantages such as low heating temperature and high application performance are triggering the demand for PMB.

North America will continue to account for the lion’s share until 2020. The high emphasis on road maintenance and reconstruction in the U.S. and Canada is supplementing the growth of the region. However, the region, along with Europe, is likely to lose its shares to China and other countries in Asia Pacific during the review period. China is expected to progress at a CAGR of 3.6% in terms of volume during the same period. Rapid infrastructure development along with improving economic conditions is providing a significant boost to the growth of the bitumen market in the region.

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Expansion of Road Network Triggers Demand for Bitumen

The growing road development activities across the world is providing a fillip to the global bitumen market. The increasing population and increasing trade activities are encouraging the development of superior road transportation systems. Developing countries are expected to register higher pace of expansion of road network. Moreover, the spiraling roofing and waterproofing activities are stimulating the demand for bitumen.

The widening scope of application of polymer modified bitumen (PMB) is working in favor of the overall market. The rising volume of traffic and higher axle loads are creating a dire need for products that prolong the lifespan of roads. “The high noise absorption capacity and increased porosity, along with improved brittleness and lower emission levels, are making PMB an attractive option for a number of applications such as sprayed sealants, construction of pavements and roads, roofing and waterproofing,” says a TMR analyst.

Criticism over Environmentally Unsafe Bitumen Extraction Hinders Market Growth

There are several environmental issues associated with the extraction process of bitumen, such as pollution on land, water, and air. Thus, bitumen extraction is largely criticized by environmental groups around the world. In addition, the process adversely affects workers by causing skin burns, as bitumen is handled at very high temperatures. This factor is, thereby, hampering the growth of the global market for bitumen. The growth of the market is also limited by the presence of alternatives, including pavers, concrete, bricks, cement, and cobblestone, which are believed to have several advantages over bitumen.

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