Global Bitumen Market Overview
The key drivers impacting the bitumen market are the growing road construction activities globally, increasing bitumen demand as it is most prevalently used in road construction. For instance, The U.S. transportation infrastructure market is anticipated to increase by 4.2% in 2019, as per the annual economic forecast report by the American Road & Transportation Builders Association (ARTBA). The total domestic transportation construction and related market activities are expected to reach $278.1 billion, climb to $266.9 billion in 2018’s . Public & Private Highway, Street & Related Construction Work is the biggest sector, and work on private highways, bridges, parking lots, and driveways will augment from $65.9 billion in 2018 to $69.1 billion in 2019 and will persist in developing in the next five years. Moreover, the government expenditure and policies toward roads & infrastructural development by using Public-Private Partnership models across developed as well as emerging nations contributes to bitumen market demand in the later years. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global bitumen market size was valued at about USD 50 billion in 2020 and is estimated to grow at a CAGR of around 4.5% during the forecast period 2021 to 2027.
The growing usage of bitumen in waterproofing applications will likely augment the demand for bitumen software in the forecast period. Bitumen is also used in paints & coatings and inks & dyes applications due to the suitable bitumen properties, such as water resistance and viscosity which is driving the market demand in the paints and coating industry. However, substitution threat from concrete hampers the market in the long run. In addition, environmental concerns related to product extraction impede the market growth. Nevertheless, the market trends, such as the rising infrastructural developments and construction of new industrial plants, might provide considerable opportunities to the market's leading players.
The bitumen market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are Athabasca Oil Corporation, Imperial Oil Limited, Valero Energy Corporation, Syncrude, Indian Oil Corporation, China Petroleum and Chemical Corporation, Suncor Energy, Bouygues, Nustar Energy, Gazprom-Neftm, Villas Austria GmbH, and Marathon Oil Corporation.
In this research report, the bitumen market is segmented by application and region.
Analysis by Application:
By application, the report is divided into roadways, waterproofing, adhesives, insulation, and others. The roadways segment dominates with a significant market share in 2020. It is due to the growing need for roads in emerging economies, as road connectivity is the most critical feature of any developed economy. Moreover, an efficient transportation system in various countries, including India, China, and the U.S., will provoke product demand in the forecast period.
Analysis by Region:
In the regional outlook of the global bitumen market, the Asia Pacific region dominates with the largest market share in 2020. It is due to the rapidly growing construction industry growth in India, China, Vietnam, And Thailand. Also, the growing industrialization, urbanization, and automobile ownership in the region are adding growth to the market. Moreover, the presence of an extensive road network and major market players in the region, including shell Bitumen, ExxonMobil, and British Petroleum, could complement bitumen industry expansion, thus contribute to the huge market growth across the Asia Pacific.
Market Segmentation covered in the Report:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.