Global bitumen market is expected to reach USD 34.36 million by 2024, growing at a CAGR of around 4.0% between 2018 and 2024. The growing construction industry and the extensive infrastructure activities in the developing economies are expected to drive the demand for bitumen within the forecast period.
The report covers forecast and analysis for the bitumen market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Million). 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.
In order to give the users of this report a comprehensive view on the bitumen market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein type product segment and application segment are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides 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 launch, agreements, partnerships, collaborations & joint ventures, research & development, application, and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, and type portfolio of various companies according to the region.
The study provides a decisive view on the bitumen market by segmenting the market based on type product, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2017 2018 to 20232024. Based on type product, the market is segmented into paving grade bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen (PMB), and others. On the basis of application, the market is segmented into roadways, waterproofing, adhesive, insulation, and others. 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, JX 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: TypeProduct Analysis
Global Bitumen Market: Application Analysis
Global Bitumen Market: Regional Segment Analysis
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 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.
Among the regions, Asia Pacific accounted for most of the global market share and is expected to grow in light of rising construction industry growth in India, China, Thailand, and Vietnam. In addition, the presence of key players in the region is expected to augment the growth of the bitumen market in the Asia Pacific. Moreover, Asia Pacific region is expected to consume more bitumen owing to its extensive road network.
The Middle East & Africa bitumen market is expected to contribute for a significant growth over the forecast period as a result of increasing infrastructure activities in the region and the growing construction sector especially in countries like such as UAE and Qatar. In addition, increased government spending on construction activities is also expected to spur the growth of the bitumen sector market in the Middle East & Africa.
The key players operating in this the global bitumen market are Bouygues S.A., China Petroleum and Chemical Corporation, Villas Austria GmbH, ChevronTexaco Corporation, JX 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.