Bitumen Market Growth, Size, Share, Trends, and Forecast 2032

Bitumen Market: Overview

The global bitumen market size accrued earnings worth approximately USD 55.75 Billion in 2023 and is predicted to gain revenue of about USD 78.66 Billion by 2032, is set to record a CAGR of nearly 3.90% over the period from 2024 to 2032. The study includes drivers and restraints for the bitumen market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of the opportunities available in the bitumen market on a global level.

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In order to give the users of this report a comprehensive view of the bitumen market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the type product segment and application segment are benchmarked based on their market size, growth rate, and general attractiveness.

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Bitumen Market Growth

Bitumen market is a rapidly growing industry with demand from various regions of the world. It is a combination of highly viscous organic liquids soluble in carbon disulfide which consists of extremely condensed polycyclic aromatic hydrocarbons. Naturally occurring bitumen is a tar-like form of petroleum which is dense, thick, and heavy, and it needs to be heated or diluted before being allowed to flow. Bitumen mostly contains sulfur and heavy metals which includes vanadium, mercury, lead, chromium, nickel, and other toxic elements. Rising demand for infrastructure development and improved roadways is driving the global bitumen market forward. With the growing population, the demand for infrastructure development and improving the standard of living is anticipated to aid the market growth of the bitumen market within the forecast period. Falling oil prices have led to a scarce scarcity in the supply of raw materials used in the production of bitumen.

This has caused fluctuation in subsequently, the prices are being subjected to fluctuations owing to the uncertainty surrounding the global crude oil prices, which could is expected to be hampered the restraining factor for the growth of this the industry global bitumen market. The environmental regulations imposed on the manufacture and usage of bitumen could restrain the growth of the market. The long supply chain is another restraint for the bitumen market as bitumen is a strong product to handle. On the other hand, large contractors have been supplying the raw materials directly to the refineries in several regions across the globe. This is expected to unwrap new opportunities for the players operating in the global bitumen market.

The report provides a company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new application launches, agreements, partnerships, collaborations & joint ventures, research & development, application, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis, and the type portfolio of various companies according to the region.

Bitumen Market: Report Scope

Bitumen Market Segmentation Analysis

The bitumen products market can be segmented into categories based on product type like such as cutback bitumen, paving grade bitumen, bitumen emulsion, oxidized bitumen, polymer modified bitumen (PMB), and others. PMB accounted for most of the global revenue and is expected to witness significant gains within the forecast period owing to its high porosity, high skid resistance, and low noise. These are the most important properties in the roadways industry sector. Hence, PMB is a more preferred product than other products over the other type segments.

Based on the application, bitumen market can be further segmented into categories like such as roadways, waterproofing, adhesive, insulation, and others. Roadways segment dominated the market in terms of revenue and is expected to grow within the forecast period. A superior road network is the most crucial feature of a developed country. This has led to rising demand for bitumen on account of rising need for superior developed road networks in developing countries. Waterproofing segment is expected to witness a good growth rate within the forecast period. Innovative modern construction systems having waterproofed flat roofs are expected to stimulate bitumen demand within the forecast period.

Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa with its further bifurcation into major countries including the U.S., UK, Germany, France, China, Japan, India, and Brazil, and the Middle East and Africa. This segmentation includes demand for bitumen market based on type product and application in all the regions and countries.

The report also includes detailed profiles of end players such as

• Bouygues S.A.
• China Petroleum and Chemical Corporation
• Villas Austria GmbH
• ChevronTexaco Corporation
• XJ Nippon Oil & Energy Corporation
• ExxonMobil
• British Petroleum
• Marathon Oil Company
• Nynas AB
• Valero Energy Corporation
• NuStar Energy
• Bau Holding Vermögensverwaltung AG
• Petroleos Mexicanos
• Indian Oil Corporation
• and Shell Bitumen
• among others.

This report segments the global bitumen market as follows:

Global Bitumen Market Type: Product Analysis

• Paving grade bitumen
• Oxidized bitumen
• Cutback bitumen
• Bitumen emulsion
• Polymer-modified bitumen (PMB)
• Others

Global Bitumen Market: Application Analysis

• Roadways
• Waterproofing
• Adhesive
• Insulation
• Others

Global Bitumen Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa