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Overview
Bitumen Market is forecast to
reach $129.52 billion by 2025, after growing at a CAGR of 3.56% during 2020-2025.
Bitumen is widely used as a binding organic material, made from the by-products
of refined crude oil and soluble in carbon disulfide. It is a crucial component
of the asphalt, which is used to build roads, streets and other parts of the infrastructure. The global demand for bitumen is rising due to the growing
usage of bitumen in road construction, as it is easy to produce, non-toxic and
reusable. Rapid growth in road construction activities with significant usage
of bitumen for surfacing and paving purposes is a major growth factor for the
bitumen industry during the forecast period. The report covers Bitumen Market size by type and applications, Bitumen Market share by top 5 companies and also the market share by start-ups during the forecast period.
Report Coverage
The report: “Bitumen Market – Forecast (2020-2025)”, by IndustryARC, covers an
in-depth analysis of the following segments of the Bitumen Market.
Key Takeaways
- In 2017, global annual vehicle sales reached 96.8 million units and are expected to reach 125.5 million units by the end of the forecast spell, creating a need for broader and better road quality.
- Bitumen is widely used as a chemical additive in several applications such as black paints and solvents. Being a chemical additive bitumen helps in improving the efficiency of paints and coatings, and also improves the viscosity of waterproofing agents.
- Advancements in the production technologies of bitumen such as polymer modified bitumen is projected to expand the overall market.
Bitumen Market Segment Analysis - By Product Type
Polymer modified bitumen segment held
a significant share of the bitumen market in 2019. Polymer modified bitumen is
widely being adopted for road development as well as construction and building
on account of their superior durability and quality. Different types of
materials such as thermoplastic elastomers such as rubber and styrene polymers,
thermoplastic polymers such as polyethylene, ethylene copolymers and
polypropylene and thermosetting polymer resins are added to bitumen to alter
its characteristics.
Chemical or mechanical 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 the bitumen market, it will take a substantial period to increase its share in
the market.
Bitumen Market Segment Analysis - By Application
Road construction segment held a significant share in the bitumen market in 2019. Road development is the most
prevalent use of bitumen, where asphalt concrete is produced by directly
applying bitumen as a binder. It includes the application of bitumen in development
as well as repair works of roads and pavements, including high-speed roads, motorway,
flyovers, airport runway, and platforms
Other than the construction sector,
the product is among the major raw materials used in manufacturing of various
industrial products, such as roofing material, adhesives, insulation and
sealing as it provides various attributes such as varying hardness, adhesion,
high viscosity, ductility, and waterproofing to the structure.
Bitumen Market Segment Analysis - By Geography
Asia Pacific dominated
the bitumen market with a share of more than 38% during the forecast period. In
various countries such as China and India, high investments are being made for
industrial growth and infrastructure development. Furthermore, expansion of the
construction sector, especially in Asia Pacific is anticipated to drive the
steel grating market during the forecast period.
Growing population in countries like China and India, coupled with an excellent standard of living have significantly given rise to traffic globally which are leading to the construction of some flyovers and heavy-duty roads along with the extension of the existing roadways. The growing number of property renovation projects and modern construction systems especially in North America and Europe having waterproofed flat roofs will further stimulate the product demand in these regions.
Bitumen Market
- Increasing
usage of bitumen in waterproofing application
Bitumen is widely used as a
waterproofing agent on the roofs of commercial and residential buildings due to
its highly sticky and viscous nature. To protect roof decks from rains before
roofing or installation, bituminous waterproofing is done as it protects the
roof from seepage and water leakage. It also provides an extra barrier in the case of
water penetration or blow-offs and hence widely used by the construction
industry which is a major growth factor of the bitumen market.
Bitumen Market
Strict environment regulations
Strict environmental regulations
towards applications and manufacturing processes hinder the bitumen market growth
in future years. For instance, the industry is strongly controlled by the occupational exposure limit. In Australia, China, Belgium and France the limit
is confined to 5mg/m3. As the product is obtained from petrochemicals and crude
oil, it follows the same price dynamics as crude oil and showed similar
sluggish growth in the recent past. Wavering oil and petrochemical prices over
the forecast period can have an effect on the price trends in the bitumen
market. Nevertheless, bio-based bitumen emergence is analyzed to create new
growth opportunities for industry players.
Bitumen Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the bitumen market. In 2019, the market of bitumen has been consolidated by the top five players accounting for xx% of the bitumen market share. Major top 10 companies of the bitumen market are Indian Oil Corporation, Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Total, British Petroleum, JX Nippon Oil & Energy Corporation, Villas Austria, Royal Dutch Shell, Marathon Oil Corporation, Petroleos Mexicanos, NuStar Energy, Nynas, Exxon Mobil, Bouygues and Imperial Oil among others.
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