+1-786-628-7980
Sign Up/Sign In 
Global Bitumen Market size is predicted to reach $154.5 billion by 2030, growing at a CAGR of 3.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Rising infrastructure development and increasing road construction projects propel market growth, finds IndustryARC in its recent report, titled “Bitumen Market – By Product Type (Penetration Grade Bitumen, Hard Grade Bitumen, Oxidation Grade Bitumen, Polymer Modified Bitumen, Modified Bitumen, and High-Performance Polymer Modified), By Application (Road Construction, Roofing, Airport and Piping and Industrial Asphalts), By End-User (Construction, Oil and Gas, and Chemical Industry, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
Request Sample Research Report:
https://www.industryarc.com/pdfdownload.php?id=19165
North America to Register Significant Growth:
North America is poised to witness substantial growth in the coming years, driven by robust investments in infrastructure and technological advancements across various sectors. The region’s emphasis on sustainable development practices, coupled with stringent regulatory frameworks promoting road safety and environmental conservation, is bolstering the demand for construction materials like bitumen. Moreover, the resurgence in economic activities post-pandemic, coupled with increased government spending on transportation projects, particularly in the United States and Canada, is further fueling market expansion. Additionally, the growing adoption of advanced technologies in road construction and maintenance is enhancing efficiency and durability in transportation infrastructure projects. These factors collectively underscore North America’s pivotal role in shaping the future growth trajectory of the bitumen market.
Bitumen Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
3.5% |
|
Market Size in 2030 |
$154.5 billion |
|
Segments Covered |
By Product Type, By Application, By End-User and By Region |
|
Geographies Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. Indian Oil Corporation 2. TotalEnergies 3. Royal Dutch Shell 4. RAHABitumen, Inc 5. Nynas 6. Exxon Mobil 7. Rosneft Deutschland GmbH 8. Cepsa 9. MOL Group 10. Asphalt & Bitumen West Co |
Get Access to the Full Research Report:
https://www.industryarc.com/Report/19165/bitumen-market
Bitumen Market Report – Key Takeaways:
The polymer-modified bitumen segment commanded a significant portion of the bitumen market in 2023. Widely utilized in road construction and building projects, polymer-modified bitumen is favored for its exceptional durability and high quality. Various materials such as thermoplastic elastomers like rubber and styrene polymers, thermoplastic polymers including polyethylene and polypropylene, and thermosetting polymer resins are blended with bitumen to modify its properties. Incorporating these polymers chemically or mechanically in small quantities enhances elasticity and tensile strength manifold, thereby extending its fatigue life. Despite being an innovative addition to the bitumen market, the widespread adoption of PMB is expected to take considerable time to increase its market share significantly.
The road construction sector maintained a significant share of the bitumen market in 2023. Bitumen is predominantly used in road development, where it serves as a crucial binder in asphalt concrete production. This application spans the construction and repair of roads and pavements, encompassing high-speed highways, motorways, bridges, airport runways, and industrial platforms. Beyond construction, bitumen is a fundamental raw material in diverse industries, including roofing, adhesives, insulation, and sealing. Its versatile properties such as varying hardness, strong adhesion, high viscosity, ductility, and waterproofing capabilities enhance the structural integrity and durability of these products across various applications.
Purchase this Premium Report:
https://www.industryarc.com/buynow?id=19165
Key Opportunity Analysis:
Sustainable Bitumen Solutions for Green Infrastructure
The global bitumen market is witnessing significant opportunities in developing sustainable solutions for green infrastructure projects. With increasing environmental concerns and the shift towards eco-friendly construction materials, bitumen manufacturers are investing in research and innovation to produce eco-friendly bitumen with reduced carbon footprints. This includes utilizing renewable raw materials, recycling old asphalt, and enhancing bitumen performance with additives that improve longevity and durability. Sustainable bitumen solutions align with the growing demand for green infrastructure, such as low-emission roads, permeable pavements, and energy-efficient buildings. As governments worldwide implement stringent environmental regulations, the demand for sustainable bitumen solutions presents a lucrative opportunity for market players to capitalize on.
Rising Demand in Emerging Markets for Road Development
The global bitumen market presents a significant opportunity in emerging markets due to increasing road development projects. As urbanization and economic growth drive infrastructure expansion in regions such as Asia-Pacific, Africa, and Latin America, the demand for bitumen in road construction is set to rise. Governments in these regions are investing heavily in developing and upgrading road networks to improve connectivity and support economic growth. Bitumen, known for its excellent binding properties and durability, is a preferred material for road surfacing and maintenance. This growing demand offers substantial market opportunities for bitumen producers to expand their presence in these high-growth regions, thereby boosting sales and revenues.
If you have any questions, please feel free to contact our experts at:
https://www.industryarc.com/reports/request-quote?id=19165
The report also covers the following areas:
Bitumen Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
To Get a Customized Industry Analysis, Speak with our Research Analyst: https://connect.industryarc.com/lite/schedule-a-call-with-our-sales-expert
List of Key Market Players in the Bitumen Market:
The Global Bitumen Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Related Reports:
Polymer Modified Bitumen Market:However, COVID-19 is having a massive impact on construction projects, due to lockdown, and regulation on social distancing has become the major factor that slowed down the growth of construction in the region. These factors are constraining the growth of the market.
Modified Bitumen Market – The thermoplastic elastomers segment held the largest share in the polymer modified bitumen market in 2020, due to its varied properties such as storage stability, temperature stability, and rutting resistance.
Report Code: CMR 49698
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: sales@industryarc.com
USA: (+1) 518-282-4727
