Bitumen Market

Bitumen Market (Product: Paving Grade Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer Modified Bitumen [PMB], and Others; and Application: Roadways, Waterproofing [Roofing], Adhesive, Insulation, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

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Bitumen Market Outlook 2031

The global bitumen market was valued at US$ 93.4 Bn in 2020
It is estimated to expand at a CAGR of 4.1% from 2021 to 2031
The global bitumen market is expected to reach the value of US$ 145.3 Bn by the end of 2031

Analysts’ Viewpoint on Bitumen Market Scenario

Manufacturers in the bitumen market are taking advantage of government stimulus packages and schemes by the BFSI sector to stay financially afloat during the ongoing COVID-19 crisis. Even though bitumen is suitable for resurfacing a road with low volumes of traffic, asphalt is emerging as an alternative to it, owing to its cost efficiency with a longer life span as compared to bitumen. Nevertheless, bitumen can be recycled and is cheap as compared to asphalt. Manufacturers should educate their customers about the pros and cons of bitumen & asphalt, especially for resurfacing projects. They are investing in sound infrastructure, facilities, and experienced workforce to increase the availability of bituminous adhesives used for use in insulation applications.

Bio-bitumen Holds Potential to Replace Fossil-based Bitumen

Bio-bitumen is changing the bitumen market. Companies are taking cues from Indian manufacturers and researchers to innovate with bio-bitumen. Bitumen is being associated with purified lignin to produce bio-bitumen. Manufacturers are boosting R&D in proprietary processes to convert crude lignin into bio-bitumen, which has the potential to replace fossil-based bitumen and increase availability for eco-friendly green bitumen.

The binding and viscoelastic property of bio-bitumen makes it useful for applications in asphalt. Indian companies are seeking knowledge from the Circular Biobased Delta (CBBD), which helps innovators to use biomass as a raw material in the chemical, construction, and packaging industries. Bio-bitumen produced from rice and wheat straw, as feedstock in 2G bio-refinery demo plant in India is being carefully tested and evaluated.

Manufacturers Ensure Robust Supply Chains for Mission-critical Projects amid COVID-19 Crisis

Companies in the bitumen market are drawing an analysis to understand their high-risk clients & customers where recovery of debt may be an issue amid the ongoing COVID-19 crisis. They are focusing on key revenue generating sectors such as development of roadways, adhesives, and waterproofing applications to keep economies running. Despite new variants such as Omicron, participants in the market are enabling a balanced relationship with suppliers and ecosystem partners.

Manufacturers in the bitumen market are reinventing their production activities as per their revised budgets, owing to the ongoing pandemic. They are ensuring robust supply chains to deploy business continuity in mission-critical projects.

Shortcomings in Driving Experience Affect Bitumen Sales

Bitumen is cheaper than asphalt during installations. However, the loose rocks on bitumen pavements make the driving experience noisier and tends to wear down the tires. Nevertheless, bitumen can be recycled instead of going to the landfill. Bitumen is suitable for resurfacing a road with low volumes of traffic.

Road construction projects are generating revenue streams for companies in the bitumen market. Manufacturers are boosting the production for bituminous macadam (BM), which consists of crushed aggregates and bituminous binder heated & mixed in a hot mix plant at specified temperature.

Advanced Bitumen Solutions Aligning with Government & Road Authorities’ Safety Aims

The proliferation of bitumen 4.0 is translating into revenue opportunities for participants in the bitumen market. Manufacturers are boosting the production of polymer modified bitumen (PMB), which helps to improve fatigue performance and resistance to deformation. This helps to develop pavements with prolonged service life, which is critical for road networks funded by public authorities.

Advanced bitumen solutions are aligning with government and road authorities’ safety aims. These solutions are being combined with asphalts for enhanced skid resistance and for the development of colored & textured asphalt. Bus lanes, bus stops, and cycle paths are catalyzing the demand for advanced bitumen solutions.

Bituminous Adhesives Ensure Good Adhesion to Walls and Ceilings

Apart from roadways, manufacturers in the bitumen market are unlocking incremental opportunities in adhesives. These adhesives are compatible with wood, metal, and concrete materials. Manufacturers are increasing the availability of industrial grade bitumen adhesives. These include rubberized bituminous adhesives that are suitable for timber, concrete, metals, and insulation sheets.

Bituminous adhesives are ideal for use in cold storage to ensure good adhesion to walls and ceilings. These adhesives are being extensively used for sticking thermocol for insulation of refrigeration pipe work. On the other hand, manufacturers are developing hot melt bituminous market adhesives for the placement of pavement markets. These adhesives can be used to bond both ceramic and plastic markers.

Bitumen Market: Overview

A mixture of highly sticky, viscous, and black organic liquids, which is soluble in carbon disulfide and primarily composed of condensed polycyclic aromatic hydrocarbons is known as bitumen. The compound is known as ‘asphalt’ in the US.
Bitumen is increasingly used during construction activities, owing to its properties such as higher strength, durability, and resilience. Rise in construction of governmental, private, and commercial buildings in order to meet the demand for infrastructure development is driving the global bitumen market. Additionally, increase in awareness about the advantages of bitumen when mixed with concrete coupled with effects of climate change and global warming on concrete used for roofing is bolstering the global bitumen market.

Growth in Infrastructure Development Activities to Drive Market

Based on product, the bitumen market has been segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen, and others (bitumen formed due to the addition of zinc and copper). Of these, paving bitumen dominated the market in 2020. This growth can be ascribed to the rise in initiatives for infrastructure development in developing countries such as India and China.
In terms of application, the bitumen market has been segmented into roadways, waterproofing, adhesives, insulation, and others (decorative and industrial). Of these, road construction is anticipated to dominate the market, accounting for a larger share of 80.0% by the end of 2031. This growth can be ascribed to high viscosity and stickiness of the bitumen. The waterproofing segment is predicted to expand at a rapid pace owing to infrastructure development activities in emerging nations such as India and China.

Rise in Repair and Redevelopment Activities in U.S. to Influence Growth of Bitumen Market

The global bitumen market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, North America dominated the global market for bitumen with 32.7% share in 2020. This growth can be ascribed to the higher consumption of bitumen in the U.S. for repair and redevelopment of existing roads. However, the market in Asia Pacific is expected to witness lucrative growth owing to increasing initiatives for infrastructure development in the region.

Bitumen Market: Competition Landscape

The global bitumen market has highly fragmented competition landscape. In 2020, the top eight players operating in the global market for bitumen collectively accounted for 39.0% share.
Some of the companies operating in the bitumen market are NuStar Energy, Marathon Oil Company, Shell Bitumen, ExxonMobil, and Valero Energy Corporation. These companies are increasingly investing in research and development (R&D) activities for development of cost-effective waterproofing materials, which can withstand high temperatures.

Bitumen Market Snapshot

Attribute	Detail
Market Size Value in 2020 (Base Year)	US$ 93.4 Bn
Market Forecast Value in 2031	US$ 145.3 Bn
Growth Rate (CAGR)	4.1%
Forecast Period	2021-2031
Quantitative Units	US$ Bn for Value & Kilo Tons for Volume
Competition Landscape	Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials
Format	Electronic (PDF) + Excel
Market Segmentation	Product Paving Grade Bitumen Oxidized Bitumen Cutback Bitumen Bitumen Emulsion Polymer Modified Bitumen (PMB) Others (including bitumen formed due to addition of zinc, copper, etc.) Application Roadways Hard Grade Soft Grade Polymer Modified Bitumen (PMB) Waterproofing (Roofing) Hard Grade Soft Grade Polymer Modified Bitumen (PMB) Adhesive Insulation Others (including Decorative and Industrial)
Regions Covered	North America Europe Asia Pacific Middle East & Africa Latin America
Countries Covered	U.S. Canada Germany France U.K. Italy Russia & CIS China Japan India ASEAN Brazil Mexico GCC South Africa
Companies Profiled	Shell Bitumen NuStar Energy ExxonMobil Marathon Oil Company Valero Energy Corporation Nynas AB. CEMEX S.A.B. de C.V. China Petroleum and chemical Corporation Royal Dutch Shell United Refining Company Total France
Customization Scope	Available upon Request
Pricing	Available upon Request

Bitumen Market - Segmentation

TMR’s research study assesses the global bitumen market in terms of product, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global bitumen market.

Attribute	Detail
Product	Paving Grade Bitumen Oxidized Bitumen Cutback Bitumen Bitumen Emulsion Polymer Modified Bitumen (PMB) Others (including Bitumen Formed Due to Addition of Zinc, Copper, etc.)
Application	Roadways Hard Grade Soft Grade Polymer Modified Bitumen (PMB) Waterproofing (Roofing) Hard Grade Soft Grade Polymer Modified Bitumen (PMB) Adhesive Insulation Others (including Decorative and Industrial)
Region	North America Latin America Europe Asia Pacific Middle East & Africa

1. Preface

1.1. Report Description

1.2. Market Segmentation

1.2.1. Global Bitumen Market Segmentation

1.3. Research Methodology

1.4. Research Scope and Assumptions

2. Executive Summary

2.1. Global Bitumen Market, 2020-2031 (Kilo Tons) (US$ Bn)

2.2. Global Bitumen - Market Snapshot (2020 And 2031)

3. Bitumen - Industry Analysis

3.1. Introduction

3.2. Value Chain Analysis

3.3. Market Drivers

3.3.1. Increasing Road Development Activities to Boost Market Growth for Bitumen over the Forecast Period

3.3.2. Rising Application Scope of Polymer Modified Bitumen (PMB) Is Anticipated To Drive the Overall Bitumen Market

3.3.3. Growth in Roofing Industry to Augment the Demand for Bitumen over the Next Few Years

3.3.3.1. Global Construction Market, 2020-2031 (US$ Bn)

3.4. Market Restraints

3.4.1. Environmental Issues Associated With Bitumen Extraction Anticipated To Hamper Market Growth

3.4.2. Bitumen Alternatives Likely To Hamper Market Growth in Roadway Application

3.5. Market Opportunity

3.5.1. Development of Bio-Based Bitumen

3.6. Porter’s Five Forces Analysis

3.6.1. Bargaining Power of Suppliers

3.6.2. Bargaining Power of Buyers

3.6.3. Threat of New Entrants

3.6.4. Threat of Substitutes

3.6.5. Degree of Competition

3.7. Bitumen: Company Market Share Analysis

3.7.1. Bitumen: Company Market Share, 2020 (%)

3.8. Bitumen: Market Attractiveness Analysis

3.8.1. Bitumen: Market Attractiveness Analysis

4. Global Bitumen Market - Product Segment Analysis

4.1. Global Bitumen Market: Product Segment Analysis

4.1.1. Global Bitumen Market Volume Share, by Product, 2020 And 2031

4.1.2. Paving Bitumen

4.1.2.1. Global Paving Bitumen Market, 2020-2031 (Kilo Tons)

4.1.3. Oxidized Bitumen

4.1.3.1. Global Oxidized Bitumen Market, 2020-2031 (Kilo Tons)

4.1.4. Cutback Bitumen

4.1.4.1. Global Cutback Bitumen Market, 2020-2031 (Kilo Tons)

4.1.5. Bitumen Emulsion

4.1.5.1. Global Bitumen Emulsion Market, 2020-2031 (Kilo Tons)

4.1.6. Polymer Modified Bitumen (PMB)

4.1.6.1. Global Polymer Modified Bitumen (PMB) Market, 2020-2031 (Kilo Tons)

4.1.7. Others

4.1.7.1. Global Bitumen Market for Other Product Types, 2020-2031 (Kilo Tons)

5. Global Bitumen Market - Application Analysis

5.1. Global Bitumen Market: Application Overview

5.1.1. Global Bitumen Market Volume Share, by Application, 2020 And 2031

5.1.2. Roadways

5.1.2.1. Global Bitumen Market for Roadways, 2020-2031 (Kilo Tons) (US$ Bn)

5.1.2.2. Global Bitumen Market for Roadways, by Product Type, 2020-2031, (Kilo Tons)

5.1.2.2.1. Global Hard Grade Bitumen Market for Roadways, 2020-2031, (Kilo Tons)

5.1.2.2.2. Global Soft Grade Bitumen Market for Roadways, 2020-2031, (Kilo Tons)

5.1.2.2.3. Global Polymer Modified Bitumen (PMB) Market for Roadways, 2020-2031 (Kilo Tons)

5.1.3. Waterproofing

5.1.3.1. Global Bitumen Market for Waterproofing 2020-2031, (Kilo Tons) (US$ Bn)

5.1.3.2. Global Bitumen Market for Waterproofing, by Product Type, 2020-2031, (Kilo Tons)

5.1.3.2.1. Global Hard Grade Bitumen Market for Waterproofing, 2020-2031, (Kilo Tons)

5.1.3.2.2. Global Soft Grade Bitumen Market for Waterproofing, 2020-2031, (Kilo Tons)

5.1.3.2.3. Global Polymer Modified Bitumen (PMB) Market for Waterproofing, 2020-2031 (Kilo Tons)

5.1.4. Adhesives

5.1.4.1. Global Bitumen Market for Adhesives, 2020-2031, (Kilo Tons) (US$ Bn)

5.1.5. Insulation

5.1.5.1. Global Bitumen Market for Insulation, 2020-2031, (Kilo Tons) (US$ Bn)

5.1.6. Others

5.1.6.1. Global Bitumen Market for Other Applications, 2020-2031, (Kilo Tons) (US$ Bn)

6. Global Bitumen Market - Regional Analysis

6.1. Global Bitumen Market: Regional Overview

6.1.1. Global Bitumen Market Volume Share, by Region, 2020 And 2031

6.2. North America

6.2.1. North America Bitumen Market, by Application, 2020-2031 (Kilo Tons)

6.2.2. North America Bitumen Market, by Application, 2020-2031 (US$ Bn)

6.3. Europe

6.3.1. Europe Bitumen Market, by Application, 2020-2031 (Kilo Tons)

6.3.2. Europe Bitumen Market, by Application, 2020-2031 (US$ Bn)

6.4. Asia Pacific

6.4.1. Asia Pacific Bitumen Market, by Application, 2020-2031 (Kilo Tons)

6.4.2. Asia Pacific Bitumen Market, by Application, 2020-2031 (US$ Bn)

6.5. Latin America

6.5.1. Latin America Bitumen Market, by Application, 2020-2031 (Kilo Tons)

6.5.2. Latin America Bitumen Market, by Application, 2020-2031 (US$ Bn)

6.6. Middle East and Africa

6.6.1. Middle East and Africa Bitumen Market, by Application, 2020-2031 (Kilo Tons)

6.6.2. Middle East and Africa Bitumen Market, by Application, 2020-2031 (US$ Bn)

7. Company Profiles

7.1. Bau Holding Vermögensverwaltung Ag

7.1.1. Company Overview

7.1.2. Financial Overview

7.1.3. Business Strategy

7.1.4. Recent Developments

7.2. Bouygues S.A.

7.2.1. Company Overview

7.2.2. Financial Overview

7.2.3. Business Strategy

7.2.4. Recent Developments

7.3. British Petroleum

7.3.1. Company Overview

7.3.2. Product Portfolio

7.3.3. Financial Overview

7.3.4. Business Strategy

7.3.5. Recent Developments

7.4. Chevrontexaco Corporation

7.4.1. Company Overview

7.4.2. Financial Overview

7.4.3. Business Strategy

7.4.4. Recent Developments

7.5. China Petroleum And Chemical Corporation

7.5.1. Company Overview

7.5.2. Financial Overview

7.5.3. Business Strategy

7.5.4. Recent Developments

7.6. Exxonmobil

7.6.1. Company Overview

7.6.2. Financial Overview

7.6.3. Business Strategy

7.6.4. Recent Developments

7.7. Indian Oil Corporation

7.7.1. Company Overview

7.7.2. Financial Overview

7.7.3. Business Strategy

7.7.4. Recent Developments

7.8. Marathon Oil Company

7.8.1. Company Overview

7.8.2. Financial Overview

7.8.3. Business Strategy

7.8.4. Recent Developments

7.9. Jx Nippon Oil & Energy Corporation

7.9.1. Company Overview

7.9.2. Financial Overview

7.9.3. Business Strategy

7.9.4. Recent Developments

7.10. Nustar Energy

7.10.1. Company Overview

7.10.2. Financial Overview

7.10.3. Business Strategy

7.10.4. Recent Development

7.11. Nynas Ab

7.11.1. Company Overview

7.11.2. Financial Overview

7.11.3. Business Strategy

7.11.4. Recent Developments

7.12. Petroleos Mexicanos

7.12.1. Company Overview

7.12.2. Financial Overview

7.12.3. Business Strategy

7.12.4. Recent Developments

7.13. Shell Bitumen

7.13.1. Company Overview

7.13.2. Product Portfolio

7.13.3. Financial Overview

7.13.4. Business Strategy

7.13.5. Recent Developments

7.14. Valero Energy Corporation

7.14.1. Company Overview

7.14.2. Financial Overview

7.14.3. Business Strategy

7.14.4. Recent Developments

7.15. Villas Austria Gmbh

7.15.1. Company Overview

7.15.2. Business Strategy

7.15.3. Recent Developments

List of Tables

Table 1: Bitumen Market: Global Snapshot

Table 2: Drivers for Bitumen Market: Impact Analysis

Table 3: Road Network Size, by Country, 2013-2018, (Thousand Kilometres)

Table 4: Restraints for Bitumen Market: Impact Analysis

Table 5: Comparison of Concrete and Bitumen on Various Aspects

Table 6: North America Bitumen Market, by Application, 2020-2031 (Kilo Tons)

Table 7: North America Bitumen Market, by Application, 2020-2031 (US$ Bn)

Table 8: Europe Bitumen Market, by Application, 2020-2031 (Kilo Tons)

Table 9: Europe Bitumen Market, by Application, 2020-2031 (US$ Bn)

Table 10: Asia Pacific Bitumen Market, by Application, 2020-2031 (Kilo Tons)

Table 11: Asia Pacific Bitumen Market, by Application, 2020-2031 (US$ Bn)

Table 12: Latin America Bitumen Market, by Application, 2020-2031 (Kilo Tons)

Table 13: Latin America Bitumen Market, by Application, 2020-2031 (US$ Bn)

Table 14: Middle East and Africa Bitumen Market, by Application, 2020-2031 (Kilo Tons)

Table 15: Middle East and Africa Bitumen Market, by Application, 2020-2031 (US$ Bn)

List of Figures

Figure 1: Global Bitumen Market Segmentation

Figure 2: Global Bitumen Market, 2020-2031 (Kilo Tons) (US$ Bn)

Figure 3: Bitumen: Value Chain Analysis

Figure 4: Global Construction Market, 2020-2031 (US$ Bn)

Figure 5: Porters’ Five Forces Analysis on Bitumen Market

Figure 6: Bitumen: Company Market Share, 2020 (%)

Figure 7: Bitumen: Market Attractiveness Analysis

Figure 8: Global Bitumen Market Volume Share, by Product, 2020 And 2031

Figure 9: Global Paving Bitumen Market, 2020-2031 (Kilo Tons)

Figure 10: Global Oxidized Bitumen Market, 2020-2031 (Kilo Tons)

Figure 11: Global Cutback Bitumen Market, 2020 - 2031 (Kilo Tons)

Figure 12: Global Bitumen Emulsion Market, 2020-2031 (Kilo Tons)

Figure 13: Global Polymer Modified Bitumen (PMB) Market, 2020-2031 (Kilo Tons)

Figure 14: Global Bitumen Market For Other Product Types, 2020-2031 (Kilo Tons)

Figure 15: Global Bitumen Market Volume Share, by Application, 2020 And 2031

Figure 16: Global Bitumen Market for Roadways, 2020-2031 (Kilo Tons) (US$ Bn)

Figure 17: Global Hard Grade Bitumen Market for Roadways, 2020-2031, (Kilo Tons)

Figure 18: Global Soft Grade Bitumen Market For Roadways, 2020-2031 (Kilo Tons)

Figure 19: Global Polymer Modified Bitumen (PMB) Market for Roadways, 2020-2031, (Kilo Tons)

Figure 20: Global Bitumen Market for Waterproofing, 2020-2031, (Kilo Tons) (US$ Bn)

Figure 21: Global Hard Grade Bitumen Market for Waterproofing, 2020-2031, (Kilo Tons)

Figure 22: Global Soft Grade Bitumen Market for Waterproofing, 2020-2031 (Kilo Tons)

Figure 23: Global Polymer Modified Bitumen (PMB) Market for Waterproofing, 2020-2031, (Kilo Tons)

Figure 24: Global Bitumen Market for Adhesives, 2020-2031, (Kilo Tons) (US$ Bn)

Figure 25: Global Bitumen Market for Insulation, 2020-2031, (Kilo Tons) (US$ Bn)

Figure 26: Global Bitumen Market for Other Applications, 2020-2031, (Kilo Tons) (US$ Bn)

Figure 27: Global Bitumen Market Volume Share, by Region, 2020 And 2031

Rep Id : TMRGL295
January 2022
102 Pages
PPT, Excel, PDF

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