Bitumen Market - By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Construction | Format: Report available in PDF / Excel Format

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Bitumen Market - By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

Bitumen Market Size

Bitumen Market size was valued at around USD 49.74 billion in 2020 and will exhibit a growth rate of over 4.4% CAGR from 2021 to 2027. Rapid industrialization in emerging countries is likely to escalate the demand for bitumen in various applications such as roadways, waterproofing, adhesives, and insulation.

Bitumen, also known as asphalt, is a black sticky blend of hydrocarbons residue from petroleum distillation or obtained naturally. It is used in various applications such as roadway construction where it is applied as a binder and mixed with aggregate particles to produce asphalt concrete. Other applications include waterproofing products in the production of roofing felt, adhesives, insulation, etc. In the construction and industrial sector, bitumen is an important raw material for manufacturing water tanks, dams, and bridges due to its high viscosity, stickiness, and water-resistance properties.

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Increasing government expenditure and policies toward roads & infrastructural development by using Public Private Partnership models across developed as well as emerging nations will drive the bitumen market share in the future. They help in increasing the utilization of bituminous products across the maintenance industry and road construction.

Rising infrastructural developments and construction of new industrial plants in the emerging markets are in favor of the product demand. Due to bitumen properties, such as water resistance and viscosity, it is used in paints & coatings and inks & dyes applications, which is one of the factors propelling the bitumen market growth.

Bitumen Market Report Attributes
Report Attribute Details
Base Year 2020
Bitumen Market Size in 2020 USD 49.74 Billion
Forecast Period 2021 to 2027
Forecast Period 2021 to 2027 CAGR 4.4%
2027 Value Projection USD 66.92 Billion
Historical Data for 2017 to 2020
No. of Pages 224
Tables, Charts & Figures 188
Segments covered Product, Application
Growth Drivers
  • Robust growth in the construction industry
  • Growth in road construction activities
Pitfalls & Challenges
  • Environmental concerns associated with product extraction
  • Fluctuating crude oil prices

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There are a number of manufacturing processes to produce bitumen such as vacuum distillation or vacuum flashing of atmospheric residue from the vacuum distillation column. Both the methods have significant impacts on the environment such as air and water quality, effects of waste treatment & tailings, wildlife & wildlife habitat, and human health. It releases into the air PM2.5 and PM10 particles, hydrogen sulfide, sulfur dioxide, and VOC, indicating that tar sands facilities were major polluters.

Bitumen Market Analysis

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By 2027, the paving bitumen market is predicted to dominate, accounting for a whopping 60% of the market value. That's because around 85% of bitumen produced goes into making asphalt concrete, the tough stuff used to pave roads, parking lots, airport runways, and even sidewalks. It's known for its durability and can be fixed quickly if needed. One of the most common types of paving bitumen is called penetration grade 60/70. It's made from carefully chosen crude oil and undergoes a precise refining process. To make asphalt concrete, just mix this bitumen with fine and coarse stones or gravel. The bitumen acts like the glue that holds everything together!

As cars become more and more common, especially in developing countries like those in Latin America and Asia, there will be a huge need for more and better roads. In 2020, over 77 million new cars were sold worldwide, and by the end of this decade, that number is expected to jump to 125 million. This means we'll need wider, safer roads everywhere. One important part of road construction is bitumen, a sticky, black liquid that's used for paving. It's affordable and easy to get, which makes it a great option for building roads around the world. And because it can be used in so many different ways, the demand for bitumen is expected to keep growing by about 4% each year for the next few years.

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Based on application, the global bitumen market is categorized into roadways, waterproofing, adhesives, insulation, and others. The roadways application segment accounted for the highest share in 2020 and generated revenue of over USD 41.69 billion in the same year. Road construction has the most extensive use of bitumen, where it is used as a binder to process asphalt concrete. This segment includes the application of bitumen in the repair works and new construction of roads and pavements including airport runways, motorways, flyovers, and platforms.

Increasing automotive traffic throughout the world driven by the increasing Purchase Power Parity (PPP) in the emerging economies will result in the demand for a more extensive road and highway network with multiple lanes to accommodate all cars during peak hours. Moreover, rapid urbanization and modernization will also increase the connectivity of rural & urban areas, thus boosting the demand for road development activities.

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Asia Pacific will exceed USD 35 billion in 2027 driven by the growing application of bitumen products in various applications. The road & highway construction industry in APAC countries, such as China, India, and Australia, has been increasing rapidly and is driven by the growing automobile ownership and increasing urbanization in the region. The rise in freight and passenger road transportation in the country, followed by manufacturing activities will further propel road construction and development. Additionally, growing investment industrial sectors have significantly influenced the bitumen market revenue in the country.

Bitumen Market Share

Global bitumen industry players majorly focus on development of their product portfolio to enhance their business capabilities. Major players are increasing their product range and presence in the emerging market to cater to the growing demand for bitumen. Strategic partnerships and enhancement of the product landscape are key initiatives in the global market.

Some of the key manufacturers include

  • ExxonMobil
  • Athabasca Oil Corporation
  • Royal Dutch Shell
  • TotalEnergies
  • Nynas
  • Valero Energy Corporation
  • Chevron Texaco Corporation
  • Indian Oil Corporation
  • Suncor Energy
  • China Petroleum and Chemical Corporation
  • Nustar energy
  • Bouygues
  • Villas Austria GmbH
  • Gazprom-Neft
  •  Marathon Oil Corporation

The bitumen market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million kilo tons & revenue in USD billion from 2017 to 2027 for the following segments

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By Product

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

By Application

  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       

 

Table of Content

Report Content

Chapter 1   Methodology and Scope

1.1    Market definition

1.2    Base estimates & working

1.2.1    North America

1.2.2    Europe

1.2.3    Asia Pacific

1.2.4    Latin America

1.2.5    Middle East & Africa

1.3    Forecast calculations

1.3.1    COVID-19 impact calculations on industry forecast

1.4    Data Sources

1.4.1    Secondary

1.4.1.1    Paid

1.4.1.2    Unpaid

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Bitumen industry 360° synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Application trends

2.1.4    Regional trends

Chapter 3   Bitumen Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2017 - 2027

3.3    COVID 19 impact on industry landscape

3.4    Industry ecosystem analysis

3.4.1    Distribution channel analysis

3.4.2    Value chain disruption analysis (COVID 19 impact)

3.4.3    Vendor matrix

3.5    Technology landscape

3.6    Pricing trends

3.6.1    North America

3.6.2    Europe

3.6.3    Asia Pacific

3.6.4    Latin America

3.6.5    MEA

3.7    Cost structure analysis

3.8    Regulatory landscape

3.8.1    U.S.

3.8.2    Europe

3.8.3    China

3.9    Industry impact forces

3.9.1    Growth driver

3.9.1.1    Robust growth in the construction industry

3.9.1.2    Growth in road construction activities

3.9.2    Industry pitfalls & challenges

3.9.2.1    Environmental concerns associated with product extraction

3.9.2.2    Fluctuating crude oil prices

3.10    Innovation & sustainability

3.11    Growth potential analysis, 2020

3.12    Porter's analysis

3.12.1    Supplier power

3.12.2    Buyer power

3.12.3    Threat of new entrants

3.12.4    Industry rivalry

3.12.5    Threat of substitutes

3.13    Company market share analysis, 2020

3.13.1    Top players analysis

3.13.2    Strategy dashboard

3.14    PESTEL analysis

3.15    COVID-19 impact on bitumen market

Chapter 4   Bitumen Market, By Product

4.1    Global bitumen market share, by product, 2020 & 2027

4.2    Paving

4.2.1    Market estimates and forecast, 2017 - 2027

4.2.2    Market estimates and forecast, by region, 2017 – 2027

4.3    Oxidized

4.3.1    Market estimates and forecast, 2017 - 2027

4.3.2    Market estimates and forecast, by region, 2017 – 2027

4.4    Cutback

4.4.1    Market estimates and forecast, 2017 - 2027

4.4.2    Market estimates and forecast, by region, 2017 - 2027

4.5    Emulsion

4.5.1    Market estimates and forecast, 2017 - 2027

4.5.2    Market estimates and forecast, by region, 2017 - 2027

4.6    Polymer Modified

4.6.1    Market estimates and forecast, 2017 - 2027

4.6.2    Market estimates and forecast, by region, 2017 – 2027

4.7    Others

4.7.1    Market estimates and forecast, 2017 - 2027

4.7.2    Market estimates and forecast, by region, 2017 - 2027

Chapter 5   Bitumen Market, By Application

5.1    Global bitumen market share, by application, 2020 & 2027

5.2    Roadways

5.2.1    Market estimates and forecast, 2017 - 2027

5.2.2    Market estimates and forecast, by region, 2017 - 2027

5.3    Waterproofing

5.3.1    Market estimates and forecast, 2017 - 2027

5.3.2    Market estimates and forecast, by region, 2017 – 2027

5.4    Adhesives

5.4.1    Market estimates and forecast, 2017 - 2027

5.4.2    Market estimates and forecast, by region, 2017 - 2027

5.5    Insulation

5.5.1    Market estimates and forecast, 2017 - 2027

5.5.2    Market estimates and forecast, by region, 2017 – 2027

5.6    Others

5.6.1    Market estimates and forecast, 2017 - 2027

5.6.2    Market estimates and forecast, by region, 2017 - 2027

Chapter 6   Bitumen Market, By Region

6.1    Global bitumen market share, by region, 2020 & 2027

6.2    North America

6.2.1    Market estimates and forecast, 2017 - 2027

6.2.2    Market estimates and forecast, by product, 2017 – 2027

6.2.3    Market estimates and forecast, by application, 2017 - 2027

6.2.4    U.S.

6.2.4.1    Market estimates and forecast, 2017 - 2027

6.2.4.2    Market estimates and forecast, by product, 2017 – 2027

6.2.4.3    Market estimates and forecast, by application, 2017 - 2027

6.2.5    Canada

6.2.5.1    Market estimates and forecast, 2017 - 2027

6.2.5.2    Market estimates and forecast, by product, 2017 – 2027

6.2.5.3    Market estimates and forecast, by application, 2017 - 2027

6.3    Europe

6.3.1    Market estimates and forecast, 2017 - 2027

6.3.2    Market estimates and forecast, by product, 2017 – 2027

6.3.3    Market estimates and forecast, by application, 2017 - 2027

6.3.4    Germany

6.3.4.1    Market estimates and forecast, 2017 - 2027

6.3.4.2    Market estimates and forecast, by product, 2017 – 2027

6.3.4.3    Market estimates and forecast, by application, 2017 - 2027

6.3.5    UK

6.3.5.1    Market estimates and forecast, 2017 - 2027

6.3.5.2    Market estimates and forecast, by product, 2017 – 2027

6.3.5.3    Market estimates and forecast, by application, 2017 - 2027

6.3.6    France

6.3.6.1    Market estimates and forecast, 2017 - 2027

6.3.6.2    Market estimates and forecast, by product, 2017 – 2027

6.3.6.3    Market estimates and forecast, by application, 2017 - 2027

6.3.7    Italy

6.3.7.1    Market estimates and forecast, 2017 - 2027

6.3.7.2    Market estimates and forecast, by product, 2017 – 2027

6.3.7.3    Market estimates and forecast, by application, 2017 - 2027

6.3.8    Spain

6.3.8.1    Market estimates and forecast, 2017 - 2027

6.3.8.2    Market estimates and forecast, by product, 2017 – 2027

6.3.8.3    Market estimates and forecast, by application, 2017 – 2027

6.3.9    Russia

6.3.9.1    Market estimates and forecast, 2017 - 2027

6.3.9.2    Market estimates and forecast, by product, 2017 – 2027

6.3.9.3    Market estimates and forecast, by application, 2017 - 2027

6.4    Asia Pacific

6.4.1    Market estimates and forecast, 2017 - 2027

6.4.2    Market estimates and forecast, by product, 2017 – 2027

6.4.3    Market estimates and forecast, by application, 2017 - 2027

6.4.4    China

6.4.4.1    Market estimates and forecast, 2017 - 2027

6.4.4.2    Market estimates and forecast, by product, 2017 – 2027

6.4.4.3    Market estimates and forecast, by application, 2017 - 2027

6.4.5    India

6.4.5.1    Market estimates and forecast, 2017 - 2027

6.4.5.2    Market estimates and forecast, by product, 2017 – 2027

6.4.5.3    Market estimates and forecast, by application, 2017 - 2027

6.4.6    Japan

6.4.6.1    Market estimates and forecast, 2017 - 2027

6.4.6.2    Market estimates and forecast, by product, 2017 – 2027

6.4.6.3    Market estimates and forecast, by application, 2017 – 2027

6.4.7    Australia

6.4.7.1    Market estimates and forecast, 2017 - 2027

6.4.7.2    Market estimates and forecast, by product, 2017 – 2027

6.4.7.3    Market estimates and forecast, by application, 2017 - 2027

6.4.8    Indonesia

6.4.8.1    Market estimates and forecast, 2017 - 2027

6.4.8.2    Market estimates and forecast, by product, 2017 – 2027

6.4.8.3    Market estimates and forecast, by application, 2017 - 2027

6.4.9    Malaysia

6.4.9.1    Market estimates and forecast, 2017 - 2027

6.4.9.2    Market estimates and forecast, by product, 2017 – 2027

6.4.9.3    Market estimates and forecast, by application, 2017 - 2027

6.4.10    South Korea

6.4.10.1    Market estimates and forecast, 2017 - 2027

6.4.10.2    Market estimates and forecast, by product, 2017 – 2027

6.4.10.3    Market estimates and forecast, by application, 2017 - 2027

6.5    Latin America

6.5.1    Market estimates and forecast, 2017 - 2027

6.5.2    Market estimates and forecast, by product, 2017 – 2027

6.5.3    Market estimates and forecast, by application, 2017 - 2027

6.5.4    Brazil

6.5.4.1    Market estimates and forecast, 2017 - 2027

6.5.4.2    Market estimates and forecast, by product, 2017 – 2027

6.5.4.3    Market estimates and forecast, by application, 2017 - 2027

6.5.5    Mexico

6.5.5.1    Market estimates and forecast, 2017 - 2027

6.5.5.2    Market estimates and forecast, by product, 2017 – 2027

6.5.5.3    Market estimates and forecast, by application, 2017 - 2027

6.6    Middle East & Africa (MEA)

6.6.1    Market estimates and forecast, 2017 - 2027

6.6.2    Market estimates and forecast, by product, 2017 – 2027

6.6.3    Market estimates and forecast, by application, 2017 - 2027

6.6.4    Saudi Arabia

6.6.4.1    Market estimates and forecast, 2017 - 2027

6.6.4.2    Market estimates and forecast, by product, 2017 – 2027

6.6.4.3    Market estimates and forecast, by application, 2017 - 2027

6.6.5    UAE

6.6.5.1    Market estimates and forecast, 2017 - 2027

6.6.5.2    Market estimates and forecast, by product, 2017 – 2027

6.6.5.3    Market estimates and forecast, by application, 2017 – 2027

6.6.6    Kuwait

6.6.6.1    Market estimates and forecast, 2017 - 2027

6.6.6.2    Market estimates and forecast, by product, 2017 – 2027

6.6.6.3    Market estimates and forecast, by application, 2017 - 2027

6.6.7    South Africa

6.6.7.1    Market estimates and forecast, 2017 - 2027

6.6.7.2    Market estimates and forecast, by product, 2017 – 2027

6.6.7.3    Market estimates and forecast, by application, 2017 - 2027

Chapter 7   Company Profiles

7.1    Royal Dutch Shell

7.1.1    Business Overview

7.1.2    Financial Data

7.1.3    Product Landscape

7.1.4    Strategic Outlook

7.1.5    SWOT Analysis

7.2    Total S.A.

7.2.1    Business Overview

7.2.2    Financial Data

7.2.3    Product Landscape

7.2.4    Strategic Outlook

7.2.5    SWOT Analysis

7.3    Valero Energy Corporation

7.3.1    Business Overview

7.3.2    Financial Data

7.3.3    Product Landscape

7.3.4    Strategic Outlook

7.3.5    SWOT Analysis

7.4    Exxon Mobil Corporation

7.4.1    Business Overview

7.4.2    Financial Data

7.4.3    Product Landscape

7.4.4    Strategic Outlook

7.4.5    SWOT Analysis

7.5    Nynas AB

7.5.1    Business Overview

7.5.2    Financial Data

7.5.3    Product Landscape

7.5.4    Strategic Outlook

7.5.5    SWOT Analysis

7.6    Indian Oil Corporation

7.6.1    Business Overview

7.6.2    Financial Data

7.6.3    Product Landscape

7.6.4    Strategic Outlook

7.6.5    SWOT Analysis

7.7    Chevron Texaco Corporation

7.7.1    Business Overview

7.7.2    Financial Data

7.7.3    Product Landscape

7.7.4    Strategic Outlook

7.7.5    SWOT Analysis

7.8    China Petroleum and Chemical Corporation

7.8.1    Business Overview

7.8.2    Financial Data

7.8.3    Product Landscape

7.8.4    Strategic Outlook

7.8.5    SWOT Analysis

7.9    Suncor Energy

7.9.1    Business Overview

7.9.2    Financial Data

7.9.3    Product Landscape

7.9.4    Strategic Outlook

7.9.5    SWOT Analysis

7.10    Athabasca Oil Corporation

7.10.1    Business Overview

7.10.2    Financial Data

7.10.3    Product Landscape

7.10.4    Strategic Outlook

7.10.5    SWOT Analysis

7.11    Bouygues S.A

7.11.1    Business Overview

7.11.2    Financial Data

7.11.3    Product Landscape

7.11.4    Strategic Outlook

7.11.5    SWOT Analysis

7.12    Nustar energy

7.12.1    Business Overview

7.12.2    Financial Data

7.12.3    Product Landscape

7.12.4    Strategic Outlook

7.12.5    SWOT Analysis

7.13    Villas Austria GmbH

7.13.1    Business Overview

7.13.2    Financial Data

7.13.3    Product Landscape

7.13.4    Strategic Outlook

7.13.5    SWOT Analysis

7.14    Marathon Oil Corporation

7.14.1    Business Overview

7.14.2    Financial Data

7.14.3    Product Landscape

7.14.4    Strategic Outlook

7.14.5    SWOT Analysis

7.15    Gazprom-Neft

7.15.1    Business Overview

7.15.2    Financial Data

7.15.3    Product Landscape

7.15.4    Strategic Outlook

7.15.5    SWOT Analysis
 

  • ExxonMobil
  • Athabasca Oil Corporation
  • Royal Dutch Shell
  • TotalEnergies
  • Nynas
  • Valero Energy Corporation
  • Chevron Texaco Corporation
  • Indian Oil Corporation
  • Suncor Energy
  • China Petroleum and Chemical Corporation
  • Nustar energy
  • Bouygues
  • Villas Austria GmbH
  • Gazprom-Neft
  •  Marathon Oil Corporation

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