| Source: Emergen Research Emergen Research
Vancouver, Nov. 14, 2023 (GLOBE NEWSWIRE) — The global bitumen market, valued at USD 170.14 Billion in 2022, is poised to experience a steady revenue Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period. Key factors propelling this growth include the increasing demand for Polymer-Modified Bitumen (PMB) in the construction industry, a surge in global road construction activities, and a rising need for bitumen in the roofing sector.
Polymer-Modified Bitumen (PMB) is gaining popularity in various construction applications due to its exceptional qualities, including stability, durability, and resistance to deformation. Governments worldwide are investing in infrastructure development projects, such as roads, airports, and railroads, contributing to the growing need for PMB. Additionally, bitumen’s high resistance to water, heat, and UV rays makes it a preferred choice in waterproofing applications for underground structures like tunnels and basements.
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The waterproofing industry’s demand for bitumen is escalating, driven by the need for bitumen-based solutions in building structures. Government initiatives to enhance transportation infrastructure further bolster market growth. Manufacturers are also focusing on eco-friendly bitumen products to align with the increasing preference for sustainable and environmentally friendly materials.
However, fluctuating crude oil prices and environmental concerns associated with bitumen usage present challenges to market growth. The accessibility of less expensive alternatives, such as asphalt and concrete, is also restraining market revenue growth. Manufacturers are addressing these challenges by developing eco-friendly bitumen products and incorporating recycled materials like waste plastic and rubber in bitumen production.
The paving segment accounted for the largest revenue share in the global bitumen market in 2022. Paving grade bitumen, known for its exceptional binding qualities and durability, is extensively used in road, highway, and runway construction. The demand for paving grade bitumen is expected to rise with increasing road construction and transportation infrastructure needs, particularly in the Asia Pacific and the Middle East.
The oxidized segment is projected to register the highest revenue CAGR during the forecast period. Oxidized bitumen, created by passing air through hot bitumen, finds applications in roofing felt waterproofing membranes and soundproofing materials. The demand for oxidized bitumen is driven by the rising need for resilient and long-lasting roofing materials in regions exposed to extreme weather conditions.
In terms of application, the roadways segment accounted for the largest revenue share in 2022. Bitumen’s use in road and highway construction, attributed to its strength, flexibility, and water-repelling properties, enhances road longevity. Increasing government spending on infrastructure development and the expansion of roads, bridges, and tunnels further boost the demand for bitumen in roadways.
The waterproofing segment held the second-largest revenue share in 2022, driven by the use of bitumen in waterproofing roofs, basements, and building foundations. The rising demand for environmentally friendly and energy-efficient structures contributes to the increasing use of bitumen in waterproofing applications.
The Asia Pacific market claimed the largest revenue share in 2022 and is expected to maintain a steady revenue CAGR over the forecast period. The region’s booming construction sector, especially in countries like India, China, and Southeast Asia, fuels the demand for bitumen. Urbanization trends, rising per capita income, and a growing need for high-quality infrastructure further contribute to market expansion.
North America anticipates a rapid revenue CAGR, driven by increased attention to infrastructure construction, particularly in the United States and Canada. The presence of sizable refineries and the expanding use of bitumen in roofing and waterproofing products contribute to market growth. Europe is expected to witness significantly fast revenue growth, led by construction needs in countries like Germany, France, and the United Kingdom. The region’s focus on bio-based bitumen products aligns with the demand for environmentally friendly options.
In summary, the global bitumen market is experiencing substantial growth, propelled by infrastructure development, increasing construction activities, and the demand for eco-friendly bitumen products. Challenges related to crude oil prices and environmental concerns are being addressed through sustainable product development and the integration of recycled materials.
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Scope of Research
Major Companies and Competitive Landscape
The global bitumen market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global bitumen market report are:
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For the purpose of this report, Emergen Research has segmented the global bitumen market on the basis of product, application, and region:
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Global Bitumen Market Size Worth USD 170.14 Billion in 2032 … – GlobeNewswire
| Source: Emergen Research Emergen Research