Bitumen Market is forecast to reach $129.52 billion by 2025, after growing at a CAGR of 3.56% during 2020-2025. Bitumen is widely used as a binding organic material, made from the by-products of refined crude oil and soluble in carbon disulfide. It is a crucial component of the asphalt, which is used to build roads, streets and other parts of the infrastructure. The global demand for bitumen is rising due to the growing usage of bitumen in road construction, as it is easy to produce, non-toxic and reusable. Rapid growth in road construction activities with significant usage of bitumen for surfacing and paving purposes is a major growth factor for the bitumen industry during the forecast period. The report covers Bitumen Market size by type and applications, Bitumen Market share by top 5 companies and also the market share by start-ups during the forecast period.
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By Product Type – Segment Analysis
Polymer modified bitumen segment held a significant share of the bitumen market in 2019. Polymer modified bitumen is widely being adopted for road development as well as construction and building on account of their superior durability and quality. Different types of materials such as thermoplastic elastomers such as rubber and styrene polymers, thermoplastic polymers such as polyethylene, ethylene copolymers and polypropylene and thermosetting polymer resins are added to bitumen to alter its characteristics.
Chemical or mechanical addition of these polymers in trace amount increases the elasticity and tensile strength multiple times, thus increasing its fatigue life. Though PMB is an innovation in the bitumen market, it will take a substantial period to increase its share in the market.
By Application – Segment Analysis
Road construction segment held a significant share in the bitumen market in 2019. Road development is the most prevalent use of bitumen, where asphalt concrete is produced by directly applying bitumen as a binder. It includes the application of bitumen in development as well as repair works of roads and pavements, including high-speed roads, motorway, flyovers, airport runway, and platforms
Other than the construction sector, the product is among the major raw materials used in manufacturing of various industrial products, such as roofing material, adhesives, insulation and sealing as it provides various attributes such as varying hardness, adhesion, high viscosity, ductility, and waterproofing to the structure.
Geography – Segment Analysis
Asia Pacific dominated the bitumen market with a share of more than 38% during the forecast period. In various countries such as China and India, high investments are being made for industrial growth and infrastructure development. Furthermore, expansion of the construction sector, especially in Asia Pacific is anticipated to drive the steel grating market during the forecast period.
Growing population in countries like China and India, coupled with an excellent standard of living have significantly given rise to traffic globally which are leading to the construction of some flyovers and heavy-duty roads along with the extension of the existing roadways. The growing number of property renovation projects and modern construction systems especially in North America and Europe having waterproofed flat roofs will further stimulate the product demand in these regions.
Drivers – Bitumen Market
Bitumen is widely used as a waterproofing agent on the roofs of commercial and residential buildings due to its highly sticky and viscous nature. To protect roof decks from rains before roofing or installation, bituminous waterproofing is done as it protects the roof from seepage and water leakage. It also provides an extra barrier in the case of water penetration or blow-offs and hence widely used by the construction industry which is a major growth factor of the bitumen market.
Challenges – Bitumen Market
Strict environment regulations
Strict environmental regulations towards applications and manufacturing processes hinder the bitumen market growth in future years. For instance, the industry is strongly controlled by the occupational exposure limit. In Australia, China, Belgium and France the limit is confined to 5mg/m3. As the product is obtained from petrochemicals and crude oil, it follows the same price dynamics as crude oil and showed similar sluggish growth in the recent past. Wavering oil and petrochemical prices over the forecast period can have an effect on the price trends in the bitumen market. Nevertheless, bio-based bitumen emergence is analyzed to create new growth opportunities for industry players.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the bitumen market. In 2019, the market of bitumen has been consolidated by the top five players accounting for xx% of the bitumen market share. Major top 10 companies of the bitumen market are Indian Oil Corporation, Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Total, British Petroleum, JX Nippon Oil & Energy Corporation, Villas Austria, Royal Dutch Shell, Marathon Oil Corporation, Petroleos Mexicanos, NuStar Energy, Nynas, Exxon Mobil, Bouygues and Imperial Oil among others.
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