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Global Bitumen Market – Industry Trends and Forecast to 2029

  • Chemical and Materials
  • Upcoming Report
  • May 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Bitumen Market, By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), Application (Roadways, Waterproofing, Adhesives, Insulation and Others) – Industry Trends and Forecast to 2029

Bitumen Market

Market Analysis and Size

Bitumen is obtained in the form of the residue from the distillation of crude oil. It was first utilized due to its waterproofing and natural adhesive properties, which helps to bind building materials together and line ship bottoms. This is also used as a medicine. The demand of bitumen is growing for infrastructure due to increasing the population and improving the standard of living which is anticipated to bolster the growth of bitumen market during forecast period.

Data Bridge Market Research analyses that the bitumen market was valued at USD 51.70 billion in 2021 and is expected to reach USD 70.43 billion by 2029, registering a CAGR of 3.94 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.  

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), Application (Roadways, Waterproofing, Adhesives, Insulation and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Valero(US), NuStar Energy L.P (US), Suncor Energy Inc, (Canada), Athabasca Oil Corporation (Canada), Imperial Oil Limited (Canada), Syncrude Canada Ltd. (Canada), Indian Oil Corporation Ltd (India), ENEOS Corporation (Japan), ExxonMobil Coroporation (US), Shell Bitumen (UK), Petróleos Mexicanos (Mexico), Nynas AB (Sweden), Marathon Oil Company (US), Bp p.l.c (UK), Royal Dutch Shell plc (UK), Total Energy (France), Sinopec Corporation (China), Chevron Corporation (US), Bouygues Groups (France), Villas Austria GmbH (Autria), Gazprom- Neft (Russia)

Market Opportunities

  • Increase in the number of emerging markets
  • Increasing number of product innovations
  • Rise in strategic collaborations

Market Definition

Bitumen is a viscous substance which exists in a liquid to a semi-solid form. It has a blackish-brown color. Bitumen is commonly possessed of asphaltene resin and other petroleum composites. Natural bitumen is a form of petroleum, which is so dense, thick and heavy when this will diluted or heated before it will flow. Bitumen contains sulfur and other heavy metals, such as mercury, chromium, nickel, vanadium, lead, and many other toxic elements. Usually, bitumen finds its many application such as in insulating, road surfacing, waterproofing, sealing, and others.

Bitumen Market Dynamics

Drivers

  • Rising the demand of construction

The physical features bitumen’s like hardness, adhesion, resistance to water, ductility, and higher softening point, bitumen is normally used in the building sector for the roofs. Due to this augmented the demand for bitumen overall the globe which are expected to increase the growth of the bitumen market.

  • Increase in the use of waterproofing

The nature of bitumen is highly viscous and sticky due to this it is generally used as a waterproofing agent on the roofs of commercial and residential buildings. Bituminous waterproofing is protect the roof from water seepage and leakage. Bitumen is used to protect the roof decks from rain before roofing or installation.

  • High demand in road construction

Road construction projects are generating large revenue for companies in the bitumen market. Bitumen is mainly used in road construction due to their several advantages and properties. Bitumen have certain unique properties which are inbuilt in it during its production. As a raw material, the bitumen is used in flexible road construction that generally uses bitumen in road construction.

Opportunities

Bitumen is generally used as a chemical additive in numerous applications for example, black paints and solvents. As a chemical additive, bitumen aids in improving the productivity of coatings and paints and increases the viscosity of waterproofing agents. Chemically-modified bitumen is also used as a candy coated chemical additive in emulsions. When bitumen has mixed with organic amides and amines, bitumen helps to provide better adhesion properties and when it mixed with fly ash and lime it provides smooth and excellent road surfaces. Therefore, these factors are expected to increase the bitumen market during the upcoming years.

Restraints/ Challenges

The decline of oil prices has resulted in decreased supply of raw material which has caused rate volatility and fluctuation in the bitumen market, which will restrain the expansion of industry during forecast period. Due to the long supply chain of bitumen being a robust product to handle. This feature is being challenged as large suppliers which have begun directly selling to the refineries.

Also, manufacturing processes and strict environmental regulations towards uses obstruct the growth of the bitumen market in future years. Petrochemical prices and wavering oil prices during the forecast period can have an effect on the price trends in the bitumen market. However, bio-based bitumen development is analysed to generate new growth opportunities for industry players.

This bitumen market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the bitumen market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Bitumen Market

COVID-19 had an adverse impact on the several market. The construction industry performance is expected to be moderately impacted by the effect on cash flow due to this affected the income of a comparatively broader segment of society, which is anticipated to affect the market analyzed. Declining expenses in the building and road construction sectors resulted in lesser consumption of bitumen in applications such as waterproofing of building roofs and basements, road construction, sealant, filler, and adhesive, which harmed the market bitumen. Central government imposed lockdown which disrupted the supply chain of bitumen, which in turn affected the growth of the market. However, with the slowing removal of the Covid-19 restriction, the market is anticipated to grow at a significant rate.

Global Bitumen Market Scope

The bitumen market is segmented on the basis of products and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Paving
  • Oxidized
  • Cutback
  • Emulsion
  • Polymer Modified

 Application

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

Bitumen Market Regional Analysis/Insights

The bitumen market is analysed and market size insights and trends are provided by country, products and application as referenced above.

The countries covered in the bitumen market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the bitumen market in terms of market share during the forecast period. This is due to the increasing demand for bitumen in this region. The Asia-Pacific region leads the bitumen market, with China leading due to the volume growth of constructions in this regions. Due to the ease of high bitumen consumption, China is leading the Asia-Pacific market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Bitumen Market Share Analysis

The bitumen market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bitumen market.

Some of the major players operating in the bitumen market are:

  • Valero (US)
  • NuStar Energy L.P (US)
  • Suncor Energy Inc, (Canada)
  • Athabasca Oil Corporation (Canada)
  • Imperial Oil Limited (Canada)
  • Syncrude Canada Ltd. (Canada)
  • Indian Oil Corporation Ltd (India)
  • ENEOS Corporation (Japan)
  • ExxonMobil Coroporation (US)
  • Shell Bitumen (UK)
  • Petróleos Mexicanos (Mexico)
  • Nynas AB (Sweden)
  • Marathon Oil Company (US)
  • Bp p.l.c (UK)
  • Royal Dutch Shell plc (UK)
  • Total Energy (France)
  • Sinopec Corporation (China)
  • Chevron Corporation (US)
  • Bouygues Groups (France)
  • Villas Austria GmbH (Austria)
  • Gazprom- Neft (Russia)

Research Methodology: Global Bitumen Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The market value for the bitumen market is expected USD 70.43 billion by 2029.
The bitumen market is to grow at a CAGR of 3.94% during the forecast period of 2022 to 2029
The major players operating in the Bitumen Market are Valero(US), NuStar Energy L.P (US), Suncor Energy Inc, (Canada), Athabasca Oil Corporation (Canada), Imperial Oil Limited (Canada), Syncrude Canada Ltd. (Canada), Indian Oil Corporation Ltd (India), ENEOS Corporation (Japan), ExxonMobil Coroporation (US), Shell Bitumen (UK), Petróleos Mexicanos (Mexico), Nynas AB (Sweden), Marathon Oil Company (US), Bp p.l.c (UK), Royal Dutch Shell plc (UK), Total Energy (France), Sinopec Corporation (China), Chevron Corporation (US), Bouygues Groups (France), Villas Austria GmbH (Autria), Gazprom- Neft (Russia).
The major countries covered in the Bitumen Market are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.