Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 55.0 billion bitumen market will reach USD 89.5 billion by 2032. Bitumen, often known as asphalt, is a black, sticky combination of hydrocarbons that occurs naturally or is generated through petroleum distillation. It is sprayed as glue and mixed with fine aggregates to make concrete blocks used in various applications, including road construction. Other applications for waterproof items include insulation, adhesives, and roofing felt. Bitumen is an essential raw material in the architectural and manufacturing industries for creating water dams, tanks, and bridges due to its high viscosity, adhesion, and moisture properties. In the following years, growing government spending and legislation towards road and infrastructure construction using Publicly Owned Collaboration models in developed and developing countries will drive bitumen market share.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 55.0 Billion |
| Market Size in 2032 | USD 89.5 Billion |
| CAGR | 5% |
| No. of Pages in Report | 238 |
| Segments Covered | Product, Application |
| Drivers | Construction of Roads |
| Opportunities | Used in Various Ranges of Products |
| Restraints | Drop in Oil Price |
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential bitumen market share. Rising government initiatives, increased investment in road expansion, and an expanding construction sector are accelerating regional growth. The Asia Pacific region dominated the market and is expected to maintain its dominance in the future because of the numerous efforts and programmes put in place by governments to enhance public infrastructure. For example, the Indian government planned road projects for USD 13.8 billion in September 2021 to build Jammu and Kashmir's road infrastructure. The rising socioeconomic conditions and the thriving construction industry are the primary drivers of market expansion. Furthermore, the government has budgeted a US$ 13 million expenditure in August 2021 to rebuild Konkan and Western Maharashtra highways devastated by heavy rains.
The paving segment dominated the market with the most significant revenue of USD 21.45 billion.
The paving segment dominated the market with the most significant revenue of USD 21.45 billion. The paving grade segment is predicted to have the most significant market share due to high road construction sector demand. The oxidised and cutback segment is expected to grow significantly. Polymer-modified asphalt is expected to grow considerably due to its exceptional attributes and advantages over cutback and oxidised asphalt.
The road construction segment dominated the market with the most significant revenue of USD 23.1 billion.
The road construction segment dominated the market with the most significant revenue of USD 23.1 billion. Bitumen is a material that is frequently used in paving and road construction due to its exceptional qualities and advantages over other materials used to make pavement. Because of their unique and intrinsic properties can be used as the principal component of roads and pavements. Current road development projects, such as the Indian government's recently established Bharatmala Pariyojana project, would support bitumen industry expansion. As part of this initiative, the Ministry of Road Transport and Highways has authorised the construction of 34800 km of national highways over the next five years. This programme asks for the development of 22 greenfield sites.
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Market Dynamics:
Drivers: Widely Used
Bitumen is widely used in the construction sector for roofing because of its physical features, which include adhesion, water resistance, toughness, flexibility, and a higher breaking point. The asphalt market developed across the country as a result of either an extension in building projects caused by an increase in urban population or the need for new dwellings. Furthermore, the development of bio-based bituminous with EME binders is expected to provide enticing opportunities for continued market advancement.
Restraint: Negative Consequences
The fact that bitumen is produced in many ways that have serious negative consequences for the environment, animals, and public health is a big issue expected to slow market revenue and profit severely. During bitumen processing and extraction, sulphur dioxide, volatile organic compounds, and hydrogen sulphide are emitted into the atmosphere, harming the environment. The structure of the asphalt mix, the surrounding temperatures, and the degree of stress affect whether bitumen deforms irreversibly under strongly loaded conditions. Furthermore, bitumen oxidises quickly, making asphalt more brittle and perhaps leading to surface or road breakdown.
Opportunity: Used in Various Applications
Bitumen is commonly used as a chemical ingredient in various applications, such as black paints and solvents. As a chemical addition, bitumen increases the viscosity of waterproofing agents and improves the productivity of coatings and paints. Bitumen that has been chemically changed is also employed as a candy-coated chemical ingredient in emulsions. Bitumen helps to give superior adhesion properties when mixed with organic amides and amines, and when mixed with fly ash and lime, it provides smooth and excellent road surfaces. As a result, these factors are projected to boost the bitumen market in the approaching years.
Challenge: Stringent Laws
Production procedures and stringent environmental laws towards usage would stymie the expansion of the bitumen market in the following years. Petrochemical pricing and fluctuating oil prices during the forecast period may impact bitumen price trends. However, bio-based bitumen production is being studied to provide new growth potential for market participants.
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Some of the major players operating in the bitumen market are:
● Asphalt & Bitumen West Corporation
● ATDM CO. LTD
● BP PLC
● BMI Group
● China Petroleum & Chemical Corporation
● ENEOS Corporation
● Exxon Mobil Corporation
● GOIL Ltd.
● Indian Oil Corporation Ltd
● KRATON CORPORATION
● Marathon Petroleum Corporation
● Nynas AB
● Raha Bitumen Inc.
● Royal Dutch Shell PLC
● Suncor Energy Inc.
Key Segments cover in the market:
By Product:
● Oxidized
● Paving
● Emulsion
● Cutback
● Polymer Modified
● Others
By Application:
● Road Construction
● Water-proofing
● Airport Runways
● Piping
● Industrial Bitumen
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About the report:
The global bitumen market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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