Bitumen Market Size By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Nov 2019  |  Report ID: GMI1100  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 354   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global bitumen market size was valued at USD 89.7 billion in 2018 and will grow at a CAGR of 3.8% from 2019 to 2026.

Global bitumen market

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Bitumen is a black viscous mixture obtained for the fractional distillation of crude. It is a crucial component of the asphalt, which is used to build roads, streets and other part of infrastructure. It is a vital material to all sorts of construction and infrastructure projects, large and small. Currently, the product demand is expanding at a moderate growth rate, mainly driven by the various government policies, aimed at infrastructural development, building new infrastructure along with renovating existing structures and roads.

Bitumen is an important material that enables design and engineering of the asphalt-based streets, runways, motorways, highways, coastal protection, canal linings, driveways, airport, reservoirs, footpaths cycle paths, parking areas as well as sports and play areas. Significant development in the global construction along with industrial developments in the developing economies of Asia Pacific and Latin America countries will play major roles in the bitumen industry growth over the coming years.

Bitumen market will be negatively influenced on account of its effect on the environment in every stage, ranging from its extraction to final deployment. The methods employed in these processes are fairly damaging to environment. It has incurred a concern from government and general population. However, the market outlook will exhibit moderate growth until an environment friendly accompanied with cost efficient method of road construction is innovated, that completely eliminates product use.

Bitumen Market Report Coverage
Report Coverage Details
Base Year:2018Historical Data for:2014 to 2018
Market Size in 2018:86,787.7 Million (USD)Forecast Period:2019 to 2026
Forecast Period 2019 to 2026 CAGR:3.8%No. of Pages:354
2026 Value Projection:116.27 Billion (USD) Tables, Charts & Figures:493
Geographies covered (21):U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait
Segments covered:Paving Bitumen , Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen, Roadways, Waterproofing, Adhesives, Insulation
Growth Drivers:
  • Robust growth in the construction industry
  • Growth in road construction activities
Pitfalls & Challenges:
  • Environmental concerns associated with product extraction
  • Fluctuating crude oil prices

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Mounting popularity of modified bitumen

The product segment consists of major grades such as paving, oxidized, cutback, emulsion, PMB and others. PMB shall witness rise of over 4.5% CAGR from 2019 to 2026. PMB are widely being adopted for road development as well as building & construction on account of their superior quality and durability. Different types of materials such as thermoplastic elastomers such as styrene polymers and rubber, thermoplastic polymers such as ethylene copolymers, polyethylene, and polypropylene, and thermosetting polymer resins are added to bitumen to alter its characteristics. Mechanical or chemical 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 bitumen market, it will take a substantial period to increase its share in the market.

Paving segment contributed in major capacity to the overall market and will preserve its share on account of rising construction and road maintenance all over the world, especially in Asia Pacific. On the other hand, recent developments in the modern infrastructure sector have propelled new potential uses of concrete mixtures in the road applications, which may subsequently hamper the industry growth.

Paving bitumen uses increasing on account of growing road construction

Paving and PMB Bitumen Market Projections

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Various bitumen type finds wider application in construction and industrial sector on account to type of manufacturing technique and its resulting properties. Paving are classified as penetration graded bitumen product. It is derived from particularly selected crude oils through meticulously monitored refining processes. Two major types of paving bitumen are available in the market, namely, asphalt cements and liquid asphalts. Paving grades of cements are semi-solid asphalts that are also used in fluid state through heating. The fluid form is then sprayed or mixed with other material.

Global annual vehicular sales reached 96.8 million units in 2017 and is expected to reach 125.5 million units by the end of the forecast spell, thus creating a need for broader and good quality road. In this manner the demand of paving product for roadway application will be strong and observe a continuous rise in the coming period.

Roadway construction boost through new infrastructure

Roadways segment held a significant share in overall bitumen market share. Road development is the most prevalent use of bitumen, where it is directly applied as a binder to produce asphalt concrete. It includes application of bitumen in development as well as repair works of roads and pavements, including motorways, high speed roads, airport runways, flyovers, platforms, etc.

Other than construction sector, the product is among the major raw materials used in manufacturing of various industrial products, such as adhesives, roofing material, sealing, and insulation. It provides various attributes such as adhesion, varying hardness, ductility, high viscosity, and water resistance/proofing to the structure. The growing number of modern construction systems and property renovation projects especially in Europe & North America having waterproofed flat roofs will further stimulate the product demand. Other applications where the product is used in minor capacity are mildew protection, soundproofing, fence post coating, briquettes binder, explosives, soil stabilization, mirrors backing, shoe soles, etc.

Growing construction projects in Asia Pacific

Asia Pacific vs other regions

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Asia Pacific is the dominating region in the global bitumen market with over 45% industry share in 2018. Massive regional is mainly due to rising construction sector in countries such as India, China, Thailand, and Vietnam. Additionally, as per IMF, China, Australia, Korea, Thailand, Indonesia, and Vietnam are expected to be a better performing economy in the near future. China is also a prominent producer and end user of bitumen, making its production more cost efficient.

Chinese infrastructure building and allied road construction activities are expected to continually rise over the forecast period. Other than that, Indian construction industry is also gaining traction in terms of projects and investment. The Indian construction sector was valued at USD 126 billion and about 50% of the demand for construction comes from the infrastructure sector. The country is planning to achieve its goal of 5 trillion worth economy, where infrastructure and road building will play an inseparable part in coming decade. Similarly, other developing economies of the region are also projecting their growth in similar manner, thereby increasing demand in the near future.

Consolidation of market share by major players

Prominent bitumen industry players are British Petroleum, Chevron Texaco, China Petroleum and Chemical, Royal Dutch Shell., Total, Indian Oil, JX Nippon Oil & Energy, Marathon Oil, NuStar Energy, Bouygues S.A., Exxon Mobil, Petroleos Mexicanos, Nynas AB and Villas Austria GmbH. Various players such as Shell and Valero Energy have noticeable presence in product value chain, securing them a higher profit sharing ratio and greater penetration across various regions.

 The bitumen market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and volume in kilo tons from 2016 to 2026, for the following segments:

By Product

  • Paving Bitumen
    • Roadways
    • Waterproofing
    • Adhesives
    • Insulation
    • Others
  • Oxidized Bitumen
    • Roadways
    • Waterproofing
    • Adhesives
    • Insulation
    • Others
  • Cutback Bitumen
    • Roadways
    • Waterproofing
    • Adhesives
    • Insulation
    • Others
  • Bitumen Emulsion
    • Roadways
    • Waterproofing
    • Adhesives
    • Insulation
    • Others
  • Polymer Modified Bitumen
    • Roadways
    • Waterproofing
    • Adhesives
    • Insulation
    • Others
  • Others
    • Roadways
    • Waterproofing
    • Adhesives
  • Insulation
    • Others

by Application

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

The above information is provided for the following countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Kuwait


Frequently Asked Questions (FAQ) :

bitumen market size was valued at USD 89.7 billion in 2018
bitumen market will grow at a CAGR of 3.8% from 2019 to 2026
Bitumen is a black viscous mixture obtained for the fractional distillation of crude. It is a crucial component of the asphalt, which is used to build roads, streets and other part of infrastructure.
Rising paving bitumen demand from new road construction as well as maintenance will fuel the global industry demand.
The Asia Pacific region was leading the industry with 45% revenue share in 2018.

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Premium Report Details

  • Published Date: Nov 2019
  • Pages: 354
  • Tables: 462
  • Charts / Figures: 31
  • Companies covered: 15
  • Countries covered: 21

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