Bitumen Market - Forecast(2024 - 2030)

Report Code: CMR 1337 Report Format: PDF + Excel


Bitumen Market is forecast to reach $129.52 billion by 2025, after growing at a CAGR of 3.56% during 2020-2025. Bitumen is widely used as a binding organic material, made from the by-products of refined crude oil and soluble in carbon disulfide. It is a crucial component of the asphalt, which is used to build roads, streets and other parts of the infrastructure. The global demand for bitumen is rising due to the growing usage of bitumen in road construction, as it is easy to produce, non-toxic and reusable. Rapid growth in road construction activities with significant usage of bitumen for surfacing and paving purposes is a major growth factor for the bitumen industry during the forecast period. The report covers Bitumen Market size by type and applications, Bitumen Market share by top 5 companies and also the market share by start-ups during the forecast period.

Report Coverage

The report: “Bitumen Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Bitumen Market.

Key Takeaways

  • In 2017, global annual vehicle sales reached 96.8 million units and are expected to reach 125.5 million units by the end of the forecast spell, creating a need for broader and better road quality.
  • Bitumen is widely used as a chemical additive in several applications such as black paints and solvents. Being a chemical additive bitumen helps in improving the efficiency of paints and coatings, and also improves the viscosity of waterproofing agents.
  • Advancements in the production technologies of bitumen such as polymer modified bitumen is projected to expand the overall market.

Bitumen Market Segment Analysis - By Product Type

Polymer modified bitumen segment held a significant share of the bitumen market in 2019. Polymer modified bitumen is widely being adopted for road development as well as construction and building on account of their superior durability and quality. Different types of materials such as thermoplastic elastomers such as rubber and styrene polymers, thermoplastic polymers such as polyethylene, ethylene copolymers and polypropylene and thermosetting polymer resins are added to bitumen to alter its characteristics.

Chemical or mechanical addition of these polymers in trace amount increases the elasticity and tensile strength multiple times, thus increasing its fatigue life. Though PMB is an innovation in the bitumen market, it will take a substantial period to increase its share in the market.

Bitumen Market Segment Analysis - By Application

Road construction segment held a significant share in the bitumen market in 2019. Road development is the most prevalent use of bitumen, where asphalt concrete is produced by directly applying bitumen as a binder. It includes the application of bitumen in development as well as repair works of roads and pavements, including high-speed roads, motorway, flyovers, airport runway, and platforms

Other than the construction sector, the product is among the major raw materials used in manufacturing of various industrial products, such as roofing material, adhesives, insulation and sealing as it provides various attributes such as varying hardness, adhesion, high viscosity, ductility, and waterproofing to the structure.

Bitumen Market Segment Analysis - By Geography

Asia Pacific dominated the bitumen market with a share of more than 38% during the forecast period. In various countries such as China and India, high investments are being made for industrial growth and infrastructure development. Furthermore, expansion of the construction sector, especially in Asia Pacific is anticipated to drive the steel grating market during the forecast period.

Growing population in countries like China and India, coupled with an excellent standard of living have significantly given rise to traffic globally which are leading to the construction of some flyovers and heavy-duty roads along with the extension of the existing roadways. The growing number of property renovation projects and modern construction systems especially in North America and Europe having waterproofed flat roofs will further stimulate the product demand in these regions.

Bitumen Market Drivers

  • Increasing usage of bitumen in waterproofing application

Bitumen is widely used as a waterproofing agent on the roofs of commercial and residential buildings due to its highly sticky and viscous nature. To protect roof decks from rains before roofing or installation, bituminous waterproofing is done as it protects the roof from seepage and water leakage. It also provides an extra barrier in the case of water penetration or blow-offs and hence widely used by the construction industry which is a major growth factor of the bitumen market. 

Bitumen Market Challenges

Strict environment regulations

Strict environmental regulations towards applications and manufacturing processes hinder the bitumen market growth in future years. For instance, the industry is strongly controlled by the occupational exposure limit. In Australia, China, Belgium and France the limit is confined to 5mg/m3. As the product is obtained from petrochemicals and crude oil, it follows the same price dynamics as crude oil and showed similar sluggish growth in the recent past. Wavering oil and petrochemical prices over the forecast period can have an effect on the price trends in the bitumen market. Nevertheless, bio-based bitumen emergence is analyzed to create new growth opportunities for industry players.

Bitumen Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the bitumen market. In 2019, the market of bitumen has been consolidated by the top five players accounting for xx% of the bitumen market share. Major top 10 companies of the bitumen market are Indian Oil Corporation, Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Total, British Petroleum, JX Nippon Oil & Energy Corporation, Villas Austria, Royal Dutch Shell, Marathon Oil Corporation, Petroleos Mexicanos, NuStar Energy, Nynas, Exxon Mobil, Bouygues and Imperial Oil among others.

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1. Bitumen Market - Market Overview
    1.1. Definitions and Scope
2. Bitumen Market - Executive Summary
    2.1. Market Revenue, Market Size and Key Trends by Company
    2.2. Key trends by Type
    2.3. Key trends by Type of Application
    2.4. Key trends by Geography
3. Bitumen Market – Market Landscape
    3.1. Comparative Analysis
        3.1.1. Product Benchmarking – Top 10 companies
        3.1.2. Patent Analysis – Top 10 companies
4. Bitumen Market – Industry Market Entry Scenario Premium
    4.1. Regulatory Framework Overview
    4.2. New Business and Ease of Doing Business Index
    4.3. Customer Analysis – Top 10 Companies Investment
5. Bitumen Market – Market Forces
    5.1. Market Drivers
    5.2. Market Constraints
    5.3. Market Opportunities
    5.4. Porters five forces model
        5.4.1. Bargaining power of suppliers
        5.4.2. Bargaining powers of customers
        5.4.3. Threat of new entrants
        5.4.4. Rivalry among existing players
        5.4.5. Threat of substitutes 
6. Bitumen Market – Strategic Analysis
    6.1. Value Chain Analysis
    6.2. Pricing Analysis
    6.3. Suppliers and Distributors
7. Bitumen Market – By Product Type (Market Size – $Million/KT)
    7.1. Market Size and Market Share Analysis 
    7.2. Product Type Revenue and Trend Research 
    7.3. Product Type Segment Analysis
        7.3.1. Introduction
        7.3.2. Penetration Grade Bitumen
        7.3.3. Hard Grade Bitumen
        7.3.4. Oxidation Grade Bitumen
        7.3.5. Polymer Modified Bitumen
       Thermoplastic Elastomer Modified Bitumen
       Plastomer Modified Bitumen
        7.3.6. Modified Bitumen 
       Crumb Rubber 
       Natural Rubber
        7.3.7. High Performance Polymer Modified Bitumen
8. Bitumen Market – By Application (Market Size –$Million/KT)
    8.1. Market Size and Market Share Analysis 
    8.2. Application Revenue and Trend Research 
    8.3. Application Segment Analysis
        8.3.1. Introduction
        8.3.2. Road Construction
        8.3.3. Roofing
        8.3.4. Airport and Piping
        8.3.5. Industrial Asphalts
       Coloured Asphalts
       Road Asphalts
       Waterproof Asphalts
9. Bitumen Market – By Geography (Market Size – $Million/KT)
    9.1. Bitumen Market –North America Segment Research 
    9.2. North America Market Research ($Million/$Billion)
        9.2.1. Type Market Size Analysis
        9.2.2. Application Market Size Analysis
        9.2.3. North America- By Country Analysis
    9.3. Bitumen Market –South America Segment Research 
    9.4. South America Market Research ($Million/$Billion)
        9.4.1. Type Market Size Analysis
        9.4.2. Application Market Size Analysis
        9.4.3. South America – By Country Analysis
       Rest of South America
    9.5. Bitumen Market –Europe Segment Research 
    9.6. Europe Market Research ($Million/$Billion)
        9.6.1. Type Market Size Analysis
        9.6.2. Application Market Size Analysis
        9.6.3. Europe - By Country Analysis
       Rest of Europe
    9.7. Bitumen Market- Asia Pacific Segment Research 
    9.8. Asia Pacific Research ($Million/$Billion)
        9.8.1. Type Market Size Analysis
        9.8.2. Application Market Size Analysis
        9.8.3. Asia Pacific - By Country Analysis
       South Korea
       Rest of Asia Pacific
    9.9. Bitumen Market Middle East Segment Research 
    9.10. Middle East Research ($Million/$Billion)
        9.10.1. Type Market Size Analysis
        9.10.2. Application Market Size Analysis
        9.10.3. Middle East - By Country Analysis
       Saudi Arabia
       Rest of Middle East 
    9.11. Bitumen Market Africa Segment Research 
    9.12. Africa Research ($Million/$Billion)
        9.12.1. Type Market Size Analysis
        9.12.2. Application Market Size Analysis
        9.12.3. Africa- By Country Analysis
       South Africa
       Rest of Africa
10. Bitumen Market – Market Entropy
    10.1. New Product Launches
    10.2. M&As, Collaborations, JVs, and Partnerships
11. Bitumen Market – Industry/Segment Competition Landscape
    11.1. Market Share Analysis 
        11.1.1. Market Share by Bitumen Market- Top 10 Companies
        11.1.2. Market Share by Country - Top 10 Companies
        11.1.3. Market Share by Type of Application - Top 10 Companies
        11.1.4. Best Practices for Companies
12. Bitumen Market – Company Analysis
    12.1. Market Share, Company Revenue, Products, M&As, Developments
    12.2. Company 1
    12.3. Company 2
    12.4.  Company 3
    12.5. Company 4
    12.6. Company 5
    12.7. Company 6
    12.8. Company 7
    12.9. Company 8
    12.10. Company 9
    12.11. Company 10 and more
"*Financials of private companies would be provided on a best-efforts basis"
13. Bitumen Market – Appendix
    13.1. Abbreviations
    13.2. Sources
14. Bitumen Market – Research Methodology
    14.1. Company Expert Interviews
    14.2. Industry Databases
    14.3. Associations
    14.4. Company News
    14.5. Company Annual Reports
    14.6. Application Trends
    14.7. New Products and Product database
    14.8. Company Transcripts
    14.9. R&D Trends
    14.10. Key Opinion Leaders Interviews
    14.11. Supply and Demand Trends