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.
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Attributes
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Details
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Report Title
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Bitumen Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018-2019
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Forecast Period
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2021-2028
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Segmentation
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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]
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East and Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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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
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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.
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