Bitumen Market is Expected to Reach USD 93.38 billion by 2020

According to the report published by Research Corridor, the bitumen market was valued at USD 70 billion in 2019 and is likely to reach more than USD 71 billion by 2020, expanding at a CAGR around 2.5% during the forecast period from 2020 to 2027.

Over 80% of bitumen produced each year is used in the construction of roads. Increase in road construction activities, particularly in emerging economies such as China, Brazil and India, is expected to be one of the key factors driving the growth of the bitumen market over the next few years. Rising demand for bitumen in roofing applications, development of polymer modified bitumen (PMB) and its growing usage in applications besides road construction are other vital factors expected to boost the bitumen market during the forecast period. However, environmental issues associated with the extraction, refinement and usage of bitumen are expected to hamper market growth. Furthermore, increasing use of concrete as a substitute to bitumen for construction of roads is expected to adversely affect the growth of the market. Nonetheless, development of bio-based bitumen is expected to offer new opportunities for the growth of the market in the near future, as bio-bitumen is anticipated to comply with regulations regarding reduced emissions, low heating temperatures and use of biomass.

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Paving bitumen is used for construction of road and related activities. Roadways was the largest application segment of the bitumen market, accounting for over 80% in 2020 while paving bitumen was the largest consumed type of bitumen. Thus, paving bitumen accounted for over 65% of the market volume in 2020. However, PMB is expected to witness the fastest growth during the forecast period, owing to its increasing usage in road construction activities due to its improved properties such as high skid resistance, significant noise reduction and high porosity. Additionally, PMBs are increasingly used in the roofing industry as these offer excellent resistance to water.

As mentioned above, roadways were the largest application segment of the market in 2019. However, waterproofing is expected to be the fastest growing application segment in the bitumen industry in the near future. Bitumen and PMBs are being increasingly used for waterproofing houses, commercial complexes, other construction structures and automotives. Demand for bitumen from waterproofing application is expected to grow at a CAGR of 4.1% in terms of revenue during the forecast period from 2020 to 2027.

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The bitumen market is highly fragmented in nature due to the presence of numerous manufacturers. Companies such as Shell Bitumen, NuStar Energy, ExxonMobil, Marathon Oil Company and Valero Energy Corporation are some of the renowned companies operating in the market.

The report segments the global bitumen market as follows:

Bitumen Market – Product Segment Analysis

• Paving grade bitumen
• Oxidized bitumen
• Cutback bitumen
• Bitumen emulsion
• Polymer Modified Bitumen (PMB)
• Others (including bitumen formed due to addition of zinc, copper, etc.)

Bitumen Market – Application Analysis

• 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 applications)

Bitumen Market – Regional Analysis

• North America
• Europe
• China
• Asia Pacific (Excluding China)
• Rest of World (RoW)