Wilmington, Delaware, United States, May 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Bitumen Market is projected to flourish at a CAGR of 4.1% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 145.3 billion is anticipated for the market in 2031. As of 2023, the market for bitumen is expected to close at US$ 105.3 billion
The rapidly growing construction industry across the globe and the increased use of bitumen as a raw material in construction are expected to drive the bitumen market during the forecast period. The increasing construction of roads, highways, airports, bridges, and other transportation infrastructure projects require a significant amount of bitumen for asphalt pavement.
Rapid urbanization, growing population, and investments in infrastructure projects by governments and private sectors drive the demand for bitumen. Increasing the application of bitumen in waterproofing applications such as roofing membranes, damp-proofing, and sealing, for ensuring the integrity and longevity of structures, fueling the expansion of the bitumen industry
Bitumen also has its application in solvents & black paints as it helps in improving the efficiency of paints & coatings, thus bitumen is used in the manufacturing of anti-corrosion paints & black paints, these factors are expected to boost the bitumen market during the forecast period.
Increasing technological advancements in the production, formulation, and applications of bitumen are contributing to market growth. As these advancements aim to improve the performance, durability, and sustainability of bitumen. The development of polymer-modified bitumen (PMB) enhances the properties of bitumen, making it more resistant to deformation, cracking, and aging.
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Key Takeaways from the Market Report
- As of 2023, the bitumen market is forecast to reach US$ 105.3 billion
- By product, demand for paving grade bitumen is rising significantly due to the increasing demand in the road construction industry
- Based on application, the road construction segment is expected to account for a significant market share
- The waterproofing segment is expected to generate high revenue during the forecast period.
Bitumen Market: Prominent Drivers and Trends
- Increased usage of bitumen in waterproofing due to its high viscosity and sticky characteristics creating opportunities for bitumen market growth. Bitumen are gaining traction due to the increasing waterproofing of roofs in residential & commercial buildings
- With increased urbanization and increase in construction activities by the government of various countries the demand for bitumen increases. The need for bitumen is increasing in real estate to improve the quality of infrastructure facilities.
- Manufacturers are focusing on developing special product grades to cater to different customer requirements
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Bitumen Market: Regional Analysis
- North America is expected to dominate the bitumen market owing to the increasing repair & redevelopment of existing roads in the region. The increasing number of new construction projects and the waterproofing of roads are anticipated to drive the growth of the bitumen market in the region.
- Asia Pacific is expected to witness lucrative growth opportunities for the bitumen market during the forecast period. An increasing number of infrastructure development programs undertaken by the government are fueling the market growth in the region.
Competitive Landscape
Transparency Market Research has profiled the following players in its global bitumen market report:
- Shell Bitumen
- NuStar Energy
- ExxonMobil
- Marathon Oil Company
- Valero Energy Corporation
- Nynas AB.
- CEMEX S.A.B. de C.V.
- China Petroleum & Chemical Corporation
- Royal Dutch Shell
- United Refining Company
- Total France
Recent Market Developments
- In November 2022, Shell signed a memorandum of understanding with Connect Plus to develop and deploy solutions & technologies to decarbonize road paving in the United Kingdom by extending the life of pavements.
- ExxonMobil has a dedicated research and development center focused on bitumen technologies. They work on developing polymer-modified bitumen (PMB) formulations that enhance the performance and durability of asphalt. ExxonMobil also invests in technologies that reduce greenhouse gas emissions associated with bitumen production.
- Valero Energy Corporation is actively engaged in bitumen product development. They have developed proprietary formulations of polymer-modified bitumen to enhance pavement durability and reduce rutting and cracking. Valero also invests in sustainability initiatives, including the use of bio-based materials in bitumen production
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Bitumen Market: Key Segments
Product
- Paving Grade Bitumen
- Oxidized Bitumen
- Cutback Bitumen
- Bitumen Emulsion
- Polymer Modified Bitumen
- Others (including bitumen form due to the addition of zinc copper etc)
Application
- Roadways
- Hard Grade
- Soft Grade
- Polymer Modified Bitumen (PMB)
- Waterproofing
- Hard Grade
- Soft Grade
- Polymer Modified Bitumen (PMB)
- Adhesive
- Insulation
- Others (Including decorative & Industrial)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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