Bitumen Global Market Report 2022: Increasing Amount of Roadway and Highway Construction and Maintenance Projects Fuels Growth

DUBLIN, April 6, 2023 /PRNewswire/ -- The "Bitumen Market Size, Share, Trends, By Type, By Application, and Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The bitumen market has a current size of USD 89.30 Billion in 2021 and is projected to experience a revenue CAGR of 4.7% during the forecast period.

The growth in market revenue is primarily attributed to the increased usage of bitumen in road construction due to its ease of production, non-toxicity, reusability, and significant use in surfacing and paving. Furthermore, the market's revenue growth is also driven by global industrialization development, rising construction of buildings and businesses, and the need for waterproofing petroleum products and additives.

Increasing amount of roadway and highway construction and maintenance across the globe

Moreover, the growing utilization of bitumen owing to its various benefits is expected to drive market revenue growth. The production of this product is economical and highly accessible, making it a key factor in rising demand. Additionally, the product can undergo recycling, since it has a low melting point and can be re-melted to its original state, leading to reduced waste.

Increase in use of bitumen alternatives in various applications

However, the market also faces some restraints, such as the harmful effects on the environment, animals, and people's health caused by several procedures used to generate bitumen. The release of sulfur dioxide, volatile organic compounds, and hydrogen sulfide into the air during its extraction and processing have negative impacts on the environment. Furthermore, bitumen quickly oxidizes, making asphalt more brittle and leading to pavement or road cracking.

The introduction of environmental rules on drilling new resources has decreased the availability of petroleum asphalt resources, leading to a decrease in the number of asphalt binders produced and increasing the price of the material. Researchers are exploring alternative materials that can partially replace current asphalt binders and are searching for materials that would be economical, sustainable, and ecologically beneficial, such as bio asphalt made from pig manure, grass, tea dregs, and coffee field waste, and urban garden waste. This may restrain the market revenue growth.

Type Insights

The global bitumen market is classified into different types and applications. The types include paving grade bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, Polymer Modified Bitumen (PMB), and others. The paving grade bitumen segment is the largest revenue-generating segment due to its widespread use as a binder in asphalt concrete in roadways, runways, and parking lots. The increase in road development, global vehicle population growth, and the availability of affordable paving grade bitumen are the main factors driving revenue growth of this segment.

The bitumen emulsion segment is expected to have steady revenue growth due to its unique features. Bitumen emulsion is a combination of bitumen, water, and other ingredients that make it a liquid and a stabilizing agent. It is easy to use at room temperature and the binding process starts by mixing it with materials for road construction. The three types of bitumen emulsion are Slow Setting (SS), Medium Setting (MS), and Fast Setting (RS), which have different stability levels provided by the emulsifying agent. The binding process is indicated by a color shift from brown to black, and it is used to stabilize soil and restore roads.

Application Insights

The applications of the global bitumen market include roadways, waterproofing, adhesive, insulation, and others. The roadways segment is the largest revenue-generating segment due to the high demand for superior quality roads caused by the advancements in developing countries. Bitumen is an essential ingredient for road construction due to its advantages, such as depending on the degree of stress. The thermoplastic and viscoelastic properties of bitumen make it ideal for different types of road construction and adapt well to being used as road surface dressing, creating smooth and well-maintained roadways.

The waterproofing segment is expected to have steady revenue growth due to the increased use of bitumen coating to protect surfaces from rust and harsh chemicals. Bitumen coating is applied to metals such as steel pipelines, iron concrete masonry, metal sheets, steel roofing panels, and water tanks due to its waterproofing and chemical-resistant properties.

Regional Insights

The Asia Pacific market had the highest revenue share in 2021, primarily due to an increase in automotive ownership and urbanization in countries like India, Australia, and China. The growing passenger and freight road travel, as well as manufacturing activities, are further encouraging road development in this region. Major manufacturers in the region are also expected to drive revenue growth. For example, Puma Energy's bitumen business recently opened a new terminal in Chennai, India, to produce up to 40KT of asphalt each year to support India's infrastructure growth.

The North America market is expected to register a steady revenue growth rate during the forecast period due to increasing initiatives by major manufacturers for Research and Development (R&D) of new products. For instance, Shell Bitumen introduced Shell Bitumen FreshAir in May 2019, which significantly reduces hazardous air pollutants during the production and application of asphalt mixes for roadways.

The Europe market is expected to register moderate revenue growth during the forecast period, with key manufacturers expanding their product portfolio to maintain their position in the market. For example, BASF launched B2Last in June 2020 to create more resilient and environmentally friendly roadways by combining elements in bitumen to create a polymer grid that makes roads more durable and reduces rutting.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Bitumen Market Segmentation & Impact Analysis
4.1. Bitumen Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market driver's analysis
4.2.2.1. Growth of the construction Industry.
4.2.2.2. Development of bio-based bitumen
4.2.2.3. Development of Enrobes a Module Eleve (EME) binder
4.2.3. Market restraints analysis
4.2.3.1. Health issues associated with bitumen
4.2.3.2. Increase in use of bitumen alternatives in roadway application

Chapter 5. Bitumen Market By Type Insights & Trends

Chapter 6. Bitumen Market By Application Insights & Trends

Chapter 7. Bitumen Market Regional Outlook

Chapter 8. Competitive Landscape

Chapter 9. Company Profiles

Companies Mentioned

• Asphalt & Bitumen West Co.
• Rahabitumen Inc.
• ASIA Bitumen
• Exxon Mobil Corporation
• Shell
• China Petroleum & Chemical Corporation
• Nynas AB
• GOIL Company Limited
• TotalEnergies
• Gazprom Neft PJSC

For more information about this report visit https://www.researchandmarkets.com/r/7w9liy

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