Bitumen Market to Reach Valuation of USD 131.2 Billion by 2028 – Growth in the Road Construction Activities Drives the Market

In terms of revenue, the Global Bitumen Market is expected to reach USD 131.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 4.00% from 2022 to 2028.

One of the main factors driving the expansion of the Bitumen market is the growth of the highway and construction projects industries. The world's requirement for Bitumen grows as more highways and airport runways are constructed. In addition, Bitumen is converted into asphalt for use in roadway buildings. For instance, in India, initiatives that are anticipated to boost government investment in the construction of national highways and motorways include the State Road Transport Development Company, the six-landing of congested stretches of both the Heavenly Equilateral triangles, a special software package for improving road connectivity in Naxal-affected areas, the advancement of the Visakhapatnam Ranchi Route, and efforts to provide last-mile connectivity.

Furthermore, Bitumen is often used for roofing in the construction industry due to its physical qualities, including stickiness, waterproofing, toughness, flexibility, and higher elastic modulus. Because of the growth in the urban population and the demand for new dwellings, there was an increase in the requirement for Bitumen throughout the country due to the building industry's expansion. However, worries over Bitumen's impact on the environment and human health are changing crude oil prices across the globe. Therefore, the increased use of Bitumen alternatives like cement in an application involving the construction of roads is predicted to restrain the market's growth. Furthermore, introducing bio-based Bitumen with an EME binder would provide the sector with the opportunity for profit-based future expansion.

Key Highlights from Report

• Based on Product, the Paving segment dominates the Bitumen market with the maximum market share and will continue its domination in the forecast period. This is primarily because this substance is being used as a binder in asphalt concrete for various applications, including roads, runways, and parking lots.
• Among Applications, the Roadways segment accounted for the highest CAGR during the forecast period. Due to technological advancements in developing nations and increased traffic around the world, this market will likely see revenue development.
• In terms of region, Asia Pacific holds the significant market share within the Bitumen market. This is mostly because of the increase in automotive ownership and regional urbanization in APAC nations like China, India, and Australia.

Market Dynamics

Due to its excellent qualities and benefits over other materials used to make pavement, Bitumen is a material that is frequently utilized in paving and road construction. They can be used as the primary component of roads and pavements because of their special and inherent qualities. Current road construction initiatives, like the Bharatmala Pariyojana project just launched by the Indian government, would promote market expansion. The Ministry of Road Transport and Highways has authorized the construction of 34800 km of national highways as part of this project during the next five years. Within the framework of this plan, 22 Greenfield projects will be built. In addition, nine national highway projects with a combined length of 262 km were started in October 2020 to improve Tripura's connectivity. This is anticipated to increase the market share of Bitumen.

Products like roofs, primer, paint, coatings, sealants, adhesives, and others are in high demand because of their excellent qualities. In waterproofing applications, asphalt waterproofing sheets are employed. Bituminous membranes and films are extensively used to waterproof underground constructions, bridges, basements, and other infrastructure. One of the leading manufacturers, Sika AG, claims that asphalt technologies control over 60% of the flat roof market. This should accelerate the expansion of the Bitumen market.

Asia Pacific will surpass in 2030 due to the rising use of Bitumen compounds in numerous industries. Due to increasing car penetration and regional growth, the highway and road construction industry has been rapidly growing in APAC countries like India, China, and Australia. Road building will be further encouraged by the country's passenger and freight vehicle traffic expansion, followed by manufacturers. Expanding investments in manufacturing sectors have also had a significant impact on the country's bituminous industry revenues. North India accounted for the majority of the India Bitumen market share in 2021 due to extensive road network-building initiatives undertaken by the Indian government within the North India Area, including the development of federal highways in Uttar Pradesh and Punjab.

The Global Bitumen Market is Segmented as follows

• Products
  • Oxidized
  • Paving
  • Emulsion
  • Cutback
  • Polymer Modified
  • Other Products
• Applications
  • Waterproofing
  • Roadways
  • Insulation
  • Adhesives
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Bitumen Market is

AMT Techno (India), Athabasca Oil Corporation (Canada), Baker Hughes (US), Bouygues Groups (France), BP PLC (UK), CEMEX S.A.B. de C.V. (Mexico), Chevron Corporation (US), China Petroleum & Chemical Corporation (China), ENEOS Corporation (Japan), ExxonMobil Corporation (US), Gazprom- Neft (Russia), Gulf Petrochem (UAE), IKA Group (Germany), Imperial Oil Limited (Canada), Indian Oil Corporation Ltd (India), JX Nippon Oil & Energy Corporation (Japan), LN Petrochem (India), Marathon Oil Company (US), Maruti Group (India), MBD Industries (India), Nippon Oil Corporation (Japan), NuStar Energy LP (US), Nynas AB (Sweden), PetróleosMexicanos (Mexico), Ratnamani Industries (India), Roadstar, Royal Dutch Shell PLC (UK), Sasol Ltd. (South Africa), Shell Bitumen (UK), Sinopec Corporation (China), Suncor Energy Inc. (Canada), Syncrude Canada Ltd. (Canada), The Richmond Group (US), Tiki Tar Industries (India), Total Energy (France), United Refining Company (US), Valero Energy Corporation (US), Veekay Industries (India), Villas Austria GmbH (Austria)

The Global Bitumen Market Scope can be Tabulated as below