According to a research report published by Spherical Insights & Consulting, the Global Bitumen Market Size is Expected to Grow from USD 78.1 Billion in 2023 to USD 93.4 Billion by 2033, at a CAGR of 1.81% during the forecast period 2023-2033.

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Bitumen, also known as asphalt, is a black, sticky mixture of hydrocarbons used as a binder in road construction, adhesives, insulation, and roofing felt. It is derived from petroleum distillation or naturally occurring sources. In the construction and industrial sectors, bitumen is an essential raw material for water tanks, dams, and bridges because of its high viscosity, stickiness, and water-resistant properties. It is anticipated that continuous product innovation and research will lead to consistent revenue growth in the worldwide eco-friendly bitumen market. In addition to having better workability, adhesion, and moisture resistance than conventional grades, recycled asphalt pavements have environmental, economic, and sustainability advantages. Bitumen is a common material in road building because of its special qualities, which make it a perfect raw material for pavements and paving. The market will expand as a result of ongoing road construction projects, for instance, the Indian government’s Bharatmala Pariyojana project, which aims to build 34800 km of national highways over five years, is expected to expand the market, with twenty-two greenfield projects being built under this plan. In addition, nine national highway projects totaling 262 km in length were started in October 2020 to improve Tripura’s connectivity. The bitumen market share is anticipated to grow as a result. Bitumen membranes are a very durable and simple material projected to grow a lot in the construction industry because of their high demand, simplicity of availability, and versatility. However, the international fluctuations in crude oil prices hinder market expansion.

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Bitumen Market Size, Share, and COVID-19 Impact Analysis, By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified, and Others), By Application (Roadways, Waterproofing, Adhesives, Insulation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.         

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The paving segment is predicted to hold the largest market share through the forecast period.

Based on the product, the bitumen market is classified into paving, oxidized, cutback, emulsion, polymer modified, and others. Among these, the paving segment is predicted to hold the largest market share through the forecast period. This is due to the road construction industry’s strong need and also utilization of asphalt concrete as the binder in about 85% of all bitumen manufactured for roads, parking lots, airport runways, and walkways because of its strength and speed of repair.

The roadways segment is anticipated to hold the largest market share during the projected timeframe. 

Based on the application, the bitumen market is divided into roadways, waterproofing, adhesives, insulation, and others. Among these, the roadways segment is anticipated to hold the largest market share during the projected timeframe. This is anticipated to maintain its supremacy as a result of the rise in road development. It is also attributed to its use in road construction, including asphalt concrete production, new roadway construction, and paving of existing ones like flyovers and motorways.

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North America is estimated to hold the largest share of the bitumen market over the forecast period.

North America is estimated to hold the largest share of the bitumen market over the forecast period. The market’s growing acceptance of bitumen is driving demand for it. The North American market accounted for the largest share of the worldwide bitumen market, due to the growing demand for bitumen in the US for the repair and reconstruction of existing roadways.

Asia Pacific is predicted to have the fastest CAGR growth in the bitumen market over the forecast period. The road and highway building sector in APAC nations like China, and India is rapidly expanding due to rising automotive ownership and urbanization. This growth, coupled with increased freight and passenger road travel, is also boosting the bitumen market revenue.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the bitumen market include Asphalt & Bitumen West Corporation, ATDM CO. LTD, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, GOIL Ltd., Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Raha Bitumen Inc., Royal Dutch Shell PLC, and Suncor Energy Inc. and Others.

Recent Development

• In June 2022, Shell completed its acquisition of the Landmark network of convenience stores and gas stations. Shell Oil Products US (Shell) has acquired specific company-owned retail convenience stores and gas stations from the Landmark group of companies (Landmark) through its wholly-owned subsidiary Shell Retail and Convenience Operations LLC. The agreement also includes supply contracts for independently owned and operated gas stations and convenience stores.
• In March 2022, the merger between Kraton Corporation and Dl Chemical is complete. The announcement was made by Kraton Corporation (NYSE: KRA), a significant global sustainable producer of specialty polymers and high-value bio-based products made from the byproducts of the pulping of pine wood (“DL Chemical”).

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the bitumen market based on the below-mentioned segments:

Global Bitumen Market, By Product

• Paving
• Oxidized
• Cutback
• Emulsion
• Polymer Modified
• Others

Global Bitumen Market, By Application

• Roadways
• Waterproofing
• Adhesives
• Insulation
• Others

Global Bitumen Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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