Tokyo, Dec. 21, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global bitumen market size will reach at USD 108.47 billion in 2023. Bitumen is a viscoelastic material that ranges from black and dark brown and is mostly formed of large molecular weight hydrocarbon. It is a semi-solid hydrocarbon residue of petroleum products distilling that is produced when lighter components, such as diesel, gasoline, and liquid petroleum gases are separated from heavy crude. Adhesive, resistance to water, toughness, ductility and a higher elastic modulus are some of the physical characteristics of bitumen. The expansion of the roadway & construction projects industries will fuel the bitumen industry's expansion throughout the forecasted timeframe.
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Furthermore, it is anticipated that federal programs, such as building homes for the underprivileged who live both in rural and urban areas, will increase demand for bitumen and advance the bitumen industry. The bitumen market for bitumen is rising as more highways, expressways, and airport runways are being built. Bitumen is frequently employed as a waterproof material here on roofs of commercial and residential buildings because of its extremely tenacious and vicious character. Before installing or covering, bitumen is applied to preserve roof decks from the elements.
Additionally, it acts as an additional barrier in the event of blow-offs and water infiltration through roofing, flashings, or ceilings. Roof felt and tar sheet, which is a sheet and membrane formed of bitumen and utilized to divide roof decks from roofing coverings to provide secondary protection against the elements, are other names for bitumen, which is employed mostly in waterproofing structures and roofs.
What is the regional impact in the bitumen market?
With over 33% of worldwide the total, Asia Pacific is the largest market and is expected to expand due to the expansion of the construction sector in countries like India, Thailand, China, and Vietnam. Additionally, the presence of key market participants in the area, such as Shell Bitumen, ExxonMobil, and British Petroleum, will encourage the growth of the bitumen sector during the following eight years. In addition, because of the region's enormous road system, Asia Pacific would use more bitumen.
The North American market, which was estimated at a billion in 2015, is projected to develop significantly as a result of the increasing demand for rehabilitating existing infrastructure, including highways, bridges, and buildings. Because of expanding infrastructure projects in the area and the expansion of the construction industry, particularly in the UAE & Qatar, MEA is anticipated to have significant sales growth. The growth of the bitumen business will also be aided in the foreseeable future by rising government expenditure on the building.
Report highlights:
As a binding organic substance, bitumen (also known as asphalt), which is produced from the waste products of processing crude oil and is soluble in carbon disulfide, is frequently used. Asphalt, which is used to build roads, streets, and other infrastructure, contains bitumen as a key ingredient. Bitumen is easy to produce, non-toxic, and reusable, and its demand is rising as more and more people across the world use it to build roads. Since bitumen is widely used for surfacing and paving, the bitumen market would benefit from the steep increase in road construction activity over the forecast period.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 103.94 Billion |
| Revenue Forecast by 2030 | USD 146.21 Billion |
| CAGR | 4.63% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Key Players | AMT Techno, Athabasca Oil Corporation, Baker Hughes, CEMEX S.A.B. de C.V., Chevron Corporation, China Petroleum and Chemical Corporation, ENEOS Corporation, ExxonMobil Corporation, Gazprom- Neft, Bouygues Groups, Bp p.l.c, Gulf Petrochem, IKA Group, Imperial Oil Limited, Indian Oil Corporation Ltd, JX Nippon Oil & Energy Corporation, LN Petrochem, Marathon Oil Company, Maruti Group, MBD Industries, Nippon Oil Corporation, NuStar Energy L.P, and Others. |
Market Dynamics:
Drivers:
Road building is a huge source of revenue for businesses in the bitumen industry. Bitumen is mostly used in the construction of roads because of its various advantages and features. Bitumen is created with several unique properties already present. Bitumen is frequently used in the construction of roads and is used as a raw resource in adaptable road construction. Bitumen is less expensive than concrete to install. However, the loose rocks on bitumen pavements amplify traffic noise and quicken tire wear. However, rather than being disposed of in a landfill, bitumen may be recycled. Bitumen is effective for resurfacing little-used roads. Road building generates revenue for businesses in the bitumen industry. Producers are producing more bituminous macadam, which is made of broken aggregate and bitumen binders heated and blended in a warm mix plant at a predetermined temperature.
Restraints:
The fact of bitumen is generated through a variety of methods that have severe adverse effects on the environment, animals, and human health is a major problem that is anticipated to significantly slow market revenue growth. Sulfur dioxide, volatile organic compounds, and hydrogen sulfide are released into the air during bitumen extraction and production, hurting a negative effect on the environment. The structure of the asphalt mix, the surrounding temperatures, and the degree of stress all have a significant role in whether bitumen irreversibly deforms under heavily loaded circumstances. Additionally, bitumen quickly oxidizes, making asphalt more brittle and perhaps leading to surface or road breaking. Throughout the projection timeframe, these important variables are anticipated to limit future growth to some degree.
Opportunities:
Bitumen is frequently used as a chemical component in many different goods, including solvent and black paint. Bitumen increases the effectiveness of paints and varnishes and makes waterproof chemicals viscous with the addition of chemicals. Emulsifiers also use bitumen that has been chemically changed as a candy-coated component. When coupled with biological amides or amines, bitumen helps to provide higher bonding strength. When combined with wood ash & lime, bitumen makes good, smooth road surfaces. It is therefore projected that these factors will benefit the bitumen business in the years to come.
Challenges:
The drop in oil prices has resulted in a decrease in raw material supply, which has caused rate instability and swings in the bituminous industry. These factors would limit industry growth for the duration of the projection period. because of the extended distribution chain and durability of bituminous. Major vendors who began selling directly to the refineries are contesting this clause. Production processes and stringent environmental usage limitations are additional factors limiting the bitumen industry's potential growth. Bitumen market rate patterns may be impacted by changing oil and petrochemical pricing during the projection period. To offer new growth opportunities for industry participants, researchers are looking at the development of bio-based bitumen.
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Recent developments:
- To lessen the detrimental impacts of paving and asphalt production on the local air quality, Shell presented a new bitumen solution in 2019. It has been determined that using Rids Bitumen Fresh Air can reduce pollution of various asphalt mix particles and gases during manufacture and paving by 40%.
- In May 2021, the LATAM, Africa, and North American units of the Indian engineering company Praj Industries developed a novel lignin-based bio-bitumen production process. This was yet another important development for the company's pursuit of cutting-edge innovation in the bitumen production industry. Unprocessed phenol is converted into bio-bitumen through the method, reducing the need for bitumen made from fossil fuels and offering an environmentally friendly alternative.
Market Segmentation
By Product
- Oxidized
- Paving
- Emulsion
- Cutback
- Polymer Modified
- Others
By Application
- Waterproofing
- Roadways
- Insulation
- Adhesives
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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