SEATTLE, May 12, 2020 (GLOBE NEWSWIRE) -- Bitumen is also referred to as tar or pitch and is naturally occurs at the bottom of very old lakes. They are widely used across the construction industry due to its superior waterproofing and adhesives properties. Bitumen is made up of various complex hydrocarbon and other elements such as iron, sulfur, calcium, and oxygen. Moreover, bitumen is also used in road paving and nowadays most of the roads have been made with bitumen or combination of aggregates and bitumen. Furthermore, it is also used in the manufacturing of roofing products due to its waterproofing properties.
The global Bitumen market is estimated to account for US$ 81,304.0 Mn in terms of value and 126,947.0 Kilo Tons in terms of volume by the end of 2019.
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Market Drivers:
Growing demand for bitumen from various construction and other industrial applications such as roadways, insulation, waterproofing, and adhesives is predominantly fueling the market growth of the bitumen. Bitumen is a very important product that acts as a binder in roadways applications for providing higher strength, flexibility, and durability. Thus, growing demand for bitumen for various industrial applications will favor the market growth over the forecast period.
Rising awareness regarding the harsh climatic condition due to global warming is raising demand for roofing which is expected to propel the demand for bitumen. Growth in the residential infrastructure due to the increasing population is another major factor fueling the demand for roofing. Moreover, improving living of standard due to increasing per capita income of the consumer is further expected to foster the market growth bitumen over the forecast timeframe.
Market Opportunities
Rising demand for efficient roads and better road infrastructure across the developing region is expected to open up new avenues to the market of bitumen. Growth in the modern construction system coupled with the increasing adoption of advanced construction materials is also expected to stimulate the market growth of bitumen. Furthermore, increasing demand for paving applications across developing as well as developed regions are further expected to bolster the market growth of the bitumen.
Growing demand for bitumen adhesives across surfacing, cold-applied bonding, and sealing application is projected to provide potential growth opportunities to the market of bitumen. Cold-applied bonding is widely used to glue the roofing felts on asbestos and tiles which is anticipated to augment the market growth of bitumen. Rising demand for bitumen electric cable protection and sealants is also expected to accelerate the market growth of the bitumen.
Market Restraints
The decrease in the cost of oil has resulted in the gap in demand and supply of crude and leads to price volatility in the market. This is expected to hinder the market growth of bitumen.
Key Takeaways:
The North America region dominated the Global bitumen market and was valued US$ 24,218.0 in 2019 and is projected to grow with a CAGR of 2.2% from 2020 to 2027. The increase in construction activities in the region is expected to drive the growth of the market. For instance, according to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in June 2019, number of newly completed residential buildings was around 900 thousands of units in May 2014, which increased to 1,200 thousands of units in May 2019. This is expected to drive the demand for bitumen in the North America region.
On the basis of product type, Paving Grade segment dominated the global bitumen market in 2019, accounting for 57.4% share in terms of volume, followed by Oxidized Grade and Bitumen Emulsion, respectively. The paving grade is expected to experience significant growth owing to the increasing construction and road maintenance activities majorly in the developing countries of the Asia Pacific region.
On the basis of end use, Road Construction segment dominated the global bitumen market in 2019, accounting for 83.3% share in terms of volume, followed by waterproofing. The bitumen have superior quality and durability which makes it a widely adopted material for road construction and development. Numerous types of materials such as thermoplastic polymers, thermoplastic elastomers and polymer resins are being added to bitumen which help in enhancing the properties of bitumen.
Competitive Section:
Players active in the market are Exxon Mobil Corporation, Total S.A., Indian Oil Corporation Ltd., Royal Dutch Shell Plc., Marathon Oil Corporation, Calumet Specialty Product Partners Ltd L.P, Chevron Texaco Corporation, and Nynas AB
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Market Segmentation:
By Product Grade
- Paving Grade
- Hard Grade
- Oxidized Grade
- Bitumen Emulsion
- Polymer Modified Bitumen (PMB)
By End-Use Industry
- Road Construction
- Waterproofing
- Others
By Region
- North America
- Latin America
- Europe
- APAC
- MEA