Discover Bitumen Market Upcoming Trends, Growth Drivers And Challenges – Forecast To 2024|Grand View Research, Inc.


The global bitumen market size is expected to reach USD 79.91 billion by 2024, according to a new report by Grand View Research, Inc. Rise in infrastructure development in emerging economies including China, India and Brazil has resulted in propelling demand for bitumen in the last few years. Road connectivity is among the most important features of any developed economy. This factor has resulted in product market growth on account of growing need for roads in emerging economies.
Road widening and rebuilding existing assets including buildings and roads are some key areas where product need is expected to increase constantly. Rising demand from the construction sector has been influencing growth of the product.
Changing government requirements owing to environment regulations coupled with low cost roofing solutions are major factors propelling demand for polymer modified bitumen (PMB) in roofing applications. Excellent durability, water resistance and ability to withstand extreme temperatures have resulted in increasing demand for PMB.
The global bitumen industry is characterized by integration through raw material supply to the manufacturing stages. Companies including Valero Energy Corporation, NuStar Energy, Suncor Energy, Athabasca Oil Corporation, Imperial Oil Limited, Syncrude are engaged in producing crude bitumen from oil sands. Companies including Sinopec, Indian Oil Corporation, Nippon Oil Corporation, ExxonMobil, Shell Bitumen, Petróleos Mexicanos (PEMEX) Nynas AB, Marathon Oil Corporation captively consume crude bitumen, refine it and then use it in various applications.
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The global bitumen market size was USD 66.10 billion in 2015 and is expected to witness significant growth over the next eight years owing to increasing use in various applications including roadways, waterproofing, insulation, and adhesives. Rapid urbanization in emerging markets has contributed to rising in infrastructure activities. This has resulted in increasing demand for the product.
Further key findings from the report suggest:
  • European bitumen market is expected to grow at a CAGR of 1.8% from 2016 to 2024 in terms of volume. Turkey is projected to be a key market for the product on account of increasing infrastructure spending by the government over the past few years.
  • Asia Pacific is expected to be the fastest growing market and is expected to witness gains at a CAGR of 3.0% from 2016 to 2024 in terms of volume. Government initiatives to construct roads to access rural areas is projected to propel demand for bitumen over the forecast period.
  • Bitumen demand in roadways was 62,716.8 kilo tons in 2015. The intervention of various government policies such as FDI is expected to drive the Indian construction industry. The increasing trend of using paving techniques including micro-surfacing on heavy traffic roads is contributing towards PMB demand. This trend is supposed to continue over the forecast period.
  • The increasing need to provide cost effective solutions for roofing applications is expected to influence the growth of bitumen industry over the forecast period. Increasing need for waterproofing solutions across the globe is projected to propel growth. Demand for the product in roofing solutions is likely to account for 21.4% of the overall volume by 2024.
  • Key industry players including Marathon Oil Corporation, Nynas AB, ExxonMobil, Nippon Oil Corporation, Indian Oil Corporation, Sinopec, Petróleos Mexicanos, Shell Bitumen. Companies including Syncrude, Imperial Oil Limited, Athabasca Oil Corporation, Suncor Energy, NuStar Energy and Valero Energy Corporation produce crude bitumen from oil sands. 
The asphalt (bitumen) binder is an essential element in various roadways applications on account of its higher strength, durability, and resilience. Concrete contains a small percentage of asphalt which is acting as a binder to enhance its resistance characteristics, which is expected to boost demand over the forecast period
Growing demand for infrastructure on account of growing the population, improving the standard of living is projected to bolster bitumen market growth over the forecast period. Increasing awareness about climate changes, along with global warming will drive roofing requirements which in turn is supposed to drive product demand over the next eight years.
Declining oil prices has resulted in tight raw material supply and caused price fluctuation and volatility in the market, which will restrain industry expansion over the forecast period. The long supply chain is a key feature owing to bitumen being a strong product to handle. This feature is being challenged as large contractors have begun directly selling to the refineries.
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https://www.grandviewresearch.com/press-release/global-bitumen-market
Roadways were the largest application segment in 2015, estimated at USD 39.29 billion. Road connectivity is the most crucial feature of any developed economy. This factor has resulted in market expansion on account of growing need for roads in emerging economies. The efficient transportation system in various countries including India, China, and the U.S. will stimulate product demand in the near future.
Grand View Research has segmented the global bitumen market on the basis of application:
Bitumen Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
  • Roadways
  • Waterproofing
  • Adhesives
  • Insulation
  • Others
Rising demand for paving applications across different regions of the world especially in Asia Pacific and the Middle East will promote product growth over the next eight years. Growing modern construction systems having waterproofed flat roofs will stimulate the product demand over the forecast period.
Bituminous adhesive is used in cold-applied bonding, surfacing, interplay, and sealing. Cold-applied bonding is used to stick roofing felts on asbestos and tiles including railway carriages and roofs on trains. This is likely to propel the demand for adhesives, which in turn is expected to boost the market growth.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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