The global bitumen market revenue was around US$ 55.5 billion in 2023 and is estimated to reach US$ 75.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2032.
Bitumen is a semi-solid hydrocarbon product and an oil-based substance made by extracting lighter fractions from heavy crude oil during the refining procedure. The composition of bitumen includes hydrogen (6-8%), carbon (87-92%), nitrogen (1%), sulphur (~5%), and oxygen (1%). It has physical properties like water resistance, adhesion, hardness, and viscosity.
Factors Influencing Market Growth
- The bitumen market is expected to notice considerable growth during the forecast period, because of the high road construction activities.
- The growth in environmental and health concerns over the production and use of bitumen, unsettled crude oil prices, and the rise in the usage of an option for bitumen are anticipated to hinder the growth of the bitumen market.
- The growth of bio-based bitumen and EME binders is anticipated to deliver growth opportunities for the bitumen market in the future.
Impact of COVID-19
The construction sector dealt with the extreme brunt of the COVID-19 pandemic. The direct influence of the COVID-19 pandemic as all the parts of businesses, including supply and production, were suspended immediately. Restrictions on traveling and keeping with the government norms caused an extreme interruption in the business. During the initial stage of the pandemic, suppliers were incapable of sourcing raw materials, whereas the contractors were not able to arrange the labor force.
Regional Analysis
In 2023, Asia-Pacific dominated the global bitumen market in terms of revenue and is anticipated to maintain its position during the forecast period. This is due to China's relentless infrastructural and urbanization development have boosted its demand for bitumen. As the world's most populated country and the second-largest economy, China's emphasis on constructing airports, highways, and urban roads underscores its preference to bolster both inter-city and intra-connectivity.
Leading Companies
The leading prominent companies profiled in the global bitumen market are: -
- Asphalt & Bitumen West Co.
- RAHA Bitumen, Inc.
- Exxon Mobil Corporation
- Royal Dutch Shell
- Sinopec
- NYNAS AB
- GOIL PLC
- TOTAL ENERGIES
- Gazprom and Hindustan Petroleum Corporation Limited.
- Indian Oil Corporation Ltd.
- Bharat Petroleum Corporation Ltd.
- Oil & Natural Gas Corporation Ltd.
- Total India
- Tiki Tar Industries India Ltd.
- Agarwal Industries Corporation Ltd.
- Juno Bitumix Pvt Ltd.
- Universal Bituminous Industries Pvt. Ltd.
- Swastik Tar Industries.
- Other prominent key players
Segmentation Outline
The global bitumen market segmentation focuses on Type, End-use Industry, and Region.
Segmentation based on Type
- Paving Grade Bitumen
- Oxidized Grade Bitumen
- Polymer Modified Bitumen
- Bitumen Emulsions
- Others
Segmentation based on End-use Industry
- Road Construction
- Waterproofing
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
