Bitumen Market: Global Industry Analysis, Size, Share & Growth Analysis 2021 – 2027

Bitumen Market: Global Industry Analysis, Size, Share & Growth Analysis 2021 – 2027

As per Global Market Insights Inc., the bitumen market will record a valuation of over $66 Bn up until 2027.

Global bitumen market size will encounter substantial expansion over the forecast period of 2021-2027. Proliferating construction industry and the growing product application in road construction and road carpeting activities will augment the industry size in the foreseeable future. Increasing product penetration in paints, roof sheets, sealants, emulsions, etc., for roofing and waterproofing purposes, will propel the bitumen industry outlook in the forthcoming years. 

Bitumen is reusable, easy to produce, non-toxic, and has strong binding properties. Furthermore, rising investment in road development and maintenance activities across developed economies will support the expansion of the global bitumen market in the years ahead. 

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The ongoing COVID-19 pandemic led to a significant slowdown in the bitumen industry during 2020. Rapidly declining economic growth, falling disposable incomes, and rising infection anxiety substantially reduced the non-essential expenditure. Nationwide lockdowns across several economies led to mobility, and transport restrictions impacted the construction sector, thereby hampering the bitumen market expansion. Moreover, the diversion of government funds towards the mitigation of the current situation halted the road construction and maintenance activities which further impacted the bitumen industry forecast.

However, the removal of lockdown restrictions and the increasing product consumption coupled with the growing focus on infrastructure development and implementation of new growth measures by major companies will help the bitumen industry recover from the impact of the pandemic.

The report features a detailed analysis of prime segments of the bitumen industry based on product, application, and region.

By Product

  • Oxidized
  • Paving
  • Cutback
  • Polymer Modified
  • Emulsion
  • Other

By Application

  • Waterproofing
  • Roadways
  • Insulation
  • Adhesives
  • Others

By Region

  • Asia Pacific
  • North America
  • Europe
  • Latin America
  • Middle East and Africa

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Some of the eminent players of the bitumen market include Athabasca Oil Corporation, ExxonMobil, TotalEnergies, Royal Dutch Shell, Valero Energy Corporation, Nynas, Chevron Texaco Corporation, Suncor Energy, Indian Oil Corporation, Nustar energy, China Petroleum and Chemical Corporation, Bouygues, Villas Austria GmbH, Marathon Oil Corporation, Gazprom-Neft, and others.

Massive road networks will spur paving bitumen demand

Increasing product penetration due to rising construction and infrastructure development activities and the emerging product usage in the construction of greenhouse floors, roads, runways, bicycle paths, and railway beds, along with growing R&D activities for better and eco-friendly product innovation, will push the demand for paving bitumen over the forecast timeframe. Escalating road networks, the rapidly rising transportation industry, and the accelerating requirement for improvement of road transportation will boost the consumption of paving bitumen, thus supporting the bitumen market share in the forthcoming years.

In January 2022, FPInnovations introduced lignin-modified asphalt based on natural wood glue from Canadian forests to reduce emissions and environmental footprints on the road, while maintaining the workability, performance, and economics of the conventional asphalt. 

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

 

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