Rockville, MD, Aug. 27, 2024 (GLOBE NEWSWIRE) -- The global bitumen market has been thoroughly studied and is estimated at US$ 76.2 billion in 2024. Fact.MR has projected the market to generate revenue worth US$ 116 billion by the end of 2034.
Sales of bitumen are rising, driven by the escalating number of construction projects worldwide. Bitumen serves as a vital component and foundation for infrastructure construction, encompassing roads, highways, roofing, and waterproofing.
Bitumen plays a crucial role in waterproofing applications within the construction sector, as it functions as a foundation sealant, waterproofing compound, and roof membrane. The increasing demand for residential, commercial, and industrial buildings underscores the growing significance of waterproofing on a global scale.
Beneficial properties of bitumen make it an excellent barrier against water intrusion, thereby ensuring the durability and strength of structures. Whether used to seal the foundation of a commercial building or to shield a home's roof from inclement weather, bitumen-based materials are critical to modern construction.
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Key Takeaways from Market Study
- The global bitumen market is forecasted to expand at 3% CAGR from 2024 to 2034.
- The market in China is projected to generate US$ 18.1 billion in revenue by the end of 2034.
- The road surfacing segment, under end use, is projected to reach a value of US$ 24.2 billion by 2034-end.
- The North American market is projected to expand at a CAGR of 2% from 2024 to 2034.
- In 2024, the waterproofing segment is expected to hold 8% market share.
- By the end of 2034, the market in Mexico is projected to be worth US$ 1.1 billion.
- In South Korea, bitumen sales are forecasted to increase at 9.1% CAGR from 2024 to 2034.
“Bio-bitumen is beneficial for usage in asphalt because of its binding and viscoelastic properties. Adoption of Bitumen 4.0 and focus on creating pavements with extended service lives are driving market growth,” says a Fact.MR analyst.
Leading Players Driving Innovation in Bitumen Market:
Hindustan Petroleum Corporation Limited; Sinopec; Royal Dutch Shell PLC; Total Oil India Pvt. Ltd.; China National Petroleum Corporation; CNOOC Limited; Rhine Middle East LLC; Indian Oil Corporation Ltd.; Wellbank Global PTE Ltd.; Kimya Refinery Group; Regional Petroleum Products Corporation; The Bahrain Petroleum Company B.S.C.; Muscat International Bitumen LLC; BNB Bitumen Private Limited
Focus on Development of Polymer-Modified Bitumen with Enhanced Fatigue Performance:
Bitumen 4.0 is opening up new income opportunities for companies in the bitumen industry. The production of polymer-modified bitumen (PMB), which enhances fatigue performance and deformation resistance, is growing among manufacturers. This helps create long-lasting pavements, which is important for road networks that receive government funding.
Safety goals of road authorities and the government are aligned with advanced bitumen solutions. To increase skid resistance and create textured, multicolored asphalt, these treatments are mixed with asphalt. The need for advanced bitumen solutions is increasing due to the installation of bike lanes, bus stops, and bus lanes.
Bitumen Industry News:
In November 2023, Omnipotent Industries Ltd. started commercial operations at its new bitumen processing plant in Kandla. The Gujarat-based factory guarantees access to raw materials and delivery. This transaction is intended to enhance Omnipotent's supply chain, improving market responsiveness and aligning with the company's overall sustainability mission.
In September 2023, GOIL PLC entered the West African bitumen industry by offering novel products, especially polymer-modified bitumen (PMB) and bitumen emulsion, as part of its continuous diversification strategy. The US$ 45 million project is a joint venture between GOIL PLC and Côte d'Ivoire's Société Multinationale de Bitumes (SMB).
In July 2020, Total SA, a French energy behemoth, and India's top oil corporation, Indian Oil Corp (IOC), formed a 50:50 joint venture to manufacture and distribute high-quality bitumen derivatives and specialist goods for India's burgeoning road-building sector.
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Regional Analysis:
The North American and European markets for bitumen are projected to witness steady growth over the projection period due to increasing construction and redevelopment activities. East Asia is a leading player and is projected to hold 22.4% of the global bitumen market share in 2024.
Bitumen sales in China are increasing steadily as a result of the nation's economic expansion and extensive infrastructure development initiatives, which include building highways, airports, and roads. Because of its vast territory and populace, China requires a robust transportation infrastructure, which is why bitumen is widely utilized in road construction and upkeep. Additionally, the Chinese government's vigorous initiatives, such the Belt and Road Initiative (BRI), which have sped up infrastructure development, have increased demand for bitumen.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the bitumen market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on grade (paving grade, hard grade, oxidized/blown grade, bitumen emulsion, polymer modified binder) and end use (road surfacing, waterproofing, others), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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