Bitumen Market Among Emerging Economies Opening New Opportunities

 Market Overview

Bitumen is also referred to as asphalt compound that is obtained through distillation of crude oil that removes the lighter crude oil components such as diesel and gasoline, the heavier bitumen is left behind. Bitumen is consist of complex hydrocarbons and other compounds such as sulfur, calcium, iron, and oxygen. It is widely used as building materials and find application across construction and other industries. This material is mostly used in the road paving application as most of the roads are made up of bitumen or a mixture of bitumen and aggregates, this includes concrete.

The global bitumen market is estimated to account for approximately US$ 121 Billion in terms of revenue volume by the end of 2027, growing at a CAGR of 5.2% during the forecast period (2019-2027)

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Market Dynamics

On the basis of region, Asia-Pacific has witness a surge in demand for bitumen products for producing asphalt, which is then utilized for road construction & maintenance, owing to the expansion in infrastructure activities, rapid urbanization, emerging consumer goods industry in the region and rising demand for efficient transportation facilities.

Manufacturers are now focused on various developments in production technology of innovative bitumen products. Different materials such as rubber polymers, thermosetting and thermoplastic polymers are being added to bitumen, mechanically or chemically, to enhance its elasticity and strength. These innovations are expected to propel the bitumen market in forthcoming years.

Detailed Segmentation:

  • Global Bitumen market, By Product type :

    • Paving Grade

      Hard Grade

      Oxidized Grade

      Bitumen Emulsion

      Polymer Modified


  • Global Bitumen market, By End User:

    • Road Construction

      Waterproofing

      Others

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Key companies covered as a part of this study includes are Exxon Mobil Corporation, Total S.A., Indian Oil Corporation Ltd., Royal Dutch Shell Plc., Marathon Oil Corporation, Calumet Specialty Product Partners Ltd L.P, Chevron Texaco Corporation, and Nynas AB

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