Pune, India, April 12, 2022 (GLOBE NEWSWIRE) -- The global bitumen market size is anticipated to hit USD 67.14 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The soaring road construction activities and the rising demand for bitumen for products for waterproofing applications are expected to be the key factors boosting the Bitumen Market growth. Fortune Business InsightsTM has presented this information in its report titled, “Bitumen Market, 2021-2028”. The market size stood at USD 49.45 billion in 2020 and USD 51.69 billion in 2021.
Additionally, the rising adoption of bio-asphalt is anticipated to prevail as a key trend stimulating the market growth during the forecast period.
List of Key Market Players-
- Asphalt & Bitumen West Co. (Tehran, Iran)
- Raha Bitumen (Esfahan, Iran)
- Asia Bitumen (Tehran, Iran)
- Exxon Mobil (Texas, U.S.)
- Royal Dutch Shell (Hague, Netherlands)
- Sinopec (Beijing, China)
- Nynas (Stockholm, Sweden)
- GOIL Ltd (Accra, Ghana)
- Total Energies (Courbevoie, France)
- Gazprom Neft (St. Petersburg, Russia)
- Indian Oil Corporation (New Delhi, India)
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COVID-19 Impact-
The swift spread of the COVID-19 pandemic has severely affected the construction sector, which in turn hampered the bitumen market growth. The halted construction activities and labor scarcity negatively impacted the market growth. The lower cash liquidity and disrupted transportation systems affected the market growth. However, the implementation of strict remedial methods to curb the virus spread is helping the bitumen market recover due to the resumption of construction activities.
Segmentation-
By Type
- Paving
- Oxidized
- Cutback
- Emulsion
- Polymer Modified
By Application
- Roadways
- Waterproofing
Drivers & Restraints-
Increasing Road Construction Activities to Fuel Market Growth
The high demand for bitumen products such as bitumen paint, bitumen primer, bitumen roof, bitumen adhesive, and others, due to their exceptional properties, are anticipated to fuel the market growth. These products are widely applied in waterproofing underground structures, bridges, basements, and other infrastructure. Hence, the high demand for bitumen products in waterproofing applications is likely to stimulate market growth.
The innate and unique properties of bitumen allow it to be used as a raw material in pavement and road construction. The increasing road construction activities across developing and developed economies are likely to benefit the market growth.
Additionally, the development of bio-asphalt that is sustainable and eco-friendly is likely to amplify market growth in the forthcoming years.
However, the use of hazardous chemicals in bitumen products may restrain the market growth.
Report Coverage-
- It provides a comprehensive market assessment.
- It assimilates key bitumen market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It assesses the COVID-19 pandemic’s impact on the market.
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Regional Insights-
Booming Construction Sector to Influence Growth in Asia Pacific
Asia Pacific is anticipated to dominate the global bitumen market share. The adoption of several schemes and initiatives by governments to improve public infrastructure is likely to uplift the region’s market growth. Additionally, the booming construction sector and improving socio-economic conditions are expected to complement the region’s market growth.
Europe is expected to emerge as a key market due to high emulsion demand and rising construction activities. The growing adoption of asphalt sheets and films in waterproofing solutions is likely to favor the region’s market growth.
North America is projected to witness significant growth due to the rising bitumen adoption. Depleting crude oil and petroleum reserves is likely to bolster the demand for bio-asphalt in the coming years.
The Middle East & Africa, and Latin America are expected to witness slow growth. Though, rising urbanization and industrialization are anticipated to amplify the region’s market growth in the coming years.
Competitive Landscape-
Key Players Adopt Ingenious Strategies to Acquire Growth
The market comprises a large number of global players. Indian Oil Corporation, Sinopec, Exxon Mobil, Royal Dutch Shell, and Raha Bitumen are the major market players. The major players emphasize strategic alliances to achieve competitive advantages and increase their market shares. They also adopt new product launches, mergers, acquisitions, partnerships, and others to magnify their market penetration. For instance, Shell Bitumen partnered with Tiki Tar Industries in October 2019 to supply asphalt for pavement application to consumers.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Bitumen Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Bitumen Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- Paving
- Oxidized
- Cutback
- Emulsion
- Polymer Modified
- By Application (Volume/Value)
- Roadways
- Waterproofing
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Volume/Value)
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Industry Developments-
February 2019: Philippines Shell Petroleum Corporation completed the first batch of locally blended bitumen.
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