Bitumen Market Analysis, Share, Industry, Opportunities 2031

Segments - Bitumen Market by Product Types [Polymer Modified Bitumen, Hard Grade, Paving Grade, Bitumen Emulsion, Oxidized Grade, and Other Product Types], Applications [Water Proofing, Adhesives, Road Construction, and Other Applications], and Regions [Asia Pacific, North America, Latin America, Europe, and Middle East and Africa]-Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Riddhesh Dani

Fact-checked by : Harneet Meher

Editor : Shruti Bhat

Report Description

The bitumen market size was valued at USD 100 million metric ton in 2020 and is anticipated to expand at a significant CAGR during the forecast period, 2021 – 2028. Growth of the market is attributed to the increasing road constructions, rapid urbanization, increasing population, and increasing demand for bitumen as sealant.

Bitumen is also known as asphalt it is a black, sticky, and semi-solid or highly viscous liquid form of petroleum. It is known for its adhesive and waterproofing properties and can obtained through distillation of crude oil and also found naturally. It is mixture of hydrocarbons and contain compound such as sulfur, iron, hydrogen, and calcium.
The Covid-19 pandemic affected the demand and supply of the bitumen market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

Increased road construction and frequently growing population is projected to boost the market.
Rapid growth in construction activities is a key factor fueling the market.
Unfavorable condition due to impact of covid-19 pandemic are anticipated to restrict market growth during the forecast period.
Increasing environment concern regarding bitumen possesses a main challenge that can hamper the market expansion in the coming years.
R&D investment and technological advancement in bitumen market is projected to create lucrative opportunities for the market players.

Scope of the Report

The report on the bitumen market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Bitumen Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2018-2019
Forecast Period	2021-2028
Segmentation	Product Types [Polymer Modified Bitumen, Hard Grade, Paving Grade, Bitumen Emulsion, Oxidized Grade, and Other Product Types] and Applications [Water Proofing, Adhesives, Road Construction, and Other Applications]
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East and Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report	China Petroleum & Chemical Corporation [SINOPEC], BP PLC, Exxon Mobil Corporation, Royal Dutch Shell Plc., Nynas AB, Rosneft Deutschland GmbH, Gazprom Neft PJSC, Total S.A., Indian Oil Corporation Ltd., Marathon Oil Corporation, Shell International BV, and Calumet Specialty Partners Ltd. LP

Market Segment Insights

The road construction segment accounts for key share in the market and expected to grow at a rapid pace
Based on applications, the bitumen market is fragmented into water proofing, adhesives, road construction, and other applications. The road construction segment accounts for a key share of the market. Growth of the market is attributed to rapid growth in construction sector, frequently growing population, and increasing repair activities. However, the water proofing segment is anticipated to expand at a rapid pace during the forecast period due to factors such as supportive government policies and upcoming projects, development of high-performance bitumen product such as shell mexphalte, and increasing demand for bitumen in water proofing sector.

The polymer modified bitumen segment holds major market share
On the basis of product types, the bitumen market is segmented into polymer modified bitumen, hard grade, paving grade, bitumen emulsion, oxidized grade, and other product types. The polymer modified bitumen segment holds major market share due to factors such as increasing road constructions, rapid urbanization, increasing population, and increasing demand for bitumen as sealant. The polymer modified bitumen is bitumen mixed with one and more ingredients. The polymer addition makes bitumen more elastic in nature. The characteristics of polymer modified bitumen are resistance, cohesiveness, and strength. The bitumen emulsion is combination of droplets of water and bitumen.

The market in Asia Pacific is anticipated to dominate in the coming years
On the basis of regions, the bitumen market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. The market of North America is anticipated to expand at a high CAGR during the forecast period due to increasing demand for bitumen as adhesive, rapid development in construction sector, and increasing population. However, the market of Asia Pacific is anticipated to dominate in the coming years owing to increasing repair activities, development of high-performance bitumen product like shell cariphalte, and rapid urbanization.

Segments

Segments Covered in the Report
The bitumen market has been segmented on the basis of

Product Types

Polymer Modified Bitumen
Hard Grade
Paving Grade
Bitumen Emulsion
Oxidized Grade
Other Product Types

Applications

Water Proofing
Adhesives
Road Construction
Other Applications

Regions

Asia Pacific
North America
Latin America
Europe
Middle East and Africa

Key Players

China Petroleum & Chemical Corporation [SINOPEC]
BP PLC
Exxon Mobil Corporation
Royal Dutch Shell Plc.
Nynas AB
Rosneft Deutschland GmbH
Gazprom Neft PJSC
Total S.A.
Indian Oil Corporation Ltd.
Marathon Oil Corporation
Shell International BV
Calumet Specialty Partners Ltd. LP

Competitive Landscape

Key players competing in the bitumen market include China Petroleum & Chemical Corporation [SINOPEC], BP PLC, Exxon Mobil Corporation, Royal Dutch Shell Plc., Nynas AB, Rosneft Deutschland GmbH, Gazprom Neft PJSC, Total S.A., Indian Oil Corporation Ltd., Marathon Oil Corporation, Shell International BV, and Calumet Specialty Partners Ltd.

Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.

Global Bitumen Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Bitumen Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Bitumen Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Bitumen Market - Supply Chain
  4.5. Global Bitumen Market Forecast
     4.5.1. Bitumen Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Bitumen Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Bitumen Market Absolute $ Opportunity
5. Global Bitumen Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Bitumen Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Bitumen Demand Share Forecast, 2019-2026
6. North America Bitumen Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Bitumen Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Bitumen Demand Share Forecast, 2019-2026
7. Latin America Bitumen Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Bitumen Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Bitumen Demand Share Forecast, 2019-2026
8. Europe Bitumen Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Bitumen Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Bitumen Demand Share Forecast, 2019-2026
9. Asia Pacific Bitumen Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Bitumen Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Bitumen Demand Share Forecast, 2019-2026
10. Middle East & Africa Bitumen Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Bitumen Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Bitumen Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Bitumen Market: Market Share Analysis
  11.2. Bitumen Distributors and Customers
  11.3. Bitumen Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. China Petroleum & Chemical Corporation [SINOPEC]
     11.4.2. BP PLC
     11.4.3. Exxon Mobil Corporation
     11.4.4. Royal Dutch Shell Plc.
     11.4.5. Nynas AB&a