Global Bitumen Market
As stated in our extensive report; the Global Bitumen Market accounted for USD 103.1 Billion in the year 2021.
Increasing Bitumen use in road construction due to its ease of production, non-toxicity, and reusability, as well as the rapid expansion of road building operations with considerable Bitumen usage for surface and paving reasons, are some of the main drivers driving market revenue development.
Additionally, the market’s revenue growth is fueled by the expansion of global industrialization, increased construction of homes and companies, and a requirement for waterproof petroleum products and additives. Bitumen is a dense, dark-brown-to-black material made primarily of crude oils with high molecular weights of hydrocarbons. These are semi-solid hydrocarbon benzene byproducts of crude oil distillation, produced when lighter portions of crude oil are separated during the refining process of petroleum-like liquid petroleum gas, gasoline, natural gas, and diesel.
Bitumen comes in two different basic types: natural and refined. While the natural type is obtained from bituminous naturally occurring oil sands and rocks, the refined type is made by distilling synthetic crude oil. These are mainly used as glue or binder in concrete production and in constructing roads and buildings (sealing products). In addition, due to qualities including high viscosity and water resistance, it is rapidly being employed as a raw material in the construction of water tanks, dams, and bridges, boosting market revenue growth.
Factors Influencing Global Bitumen Market Growth
The growth of the global Bitumen market can be attributable to the following:
- Bitumen is widely used in road construction and paving because of its superior qualities and advantages over other substances used to make pavement. Moreover, due to their unique and innate properties, they can be used as the main component of roads and pavements, driving market growth.
- The demand for Bitumen as filler, adhesive, and sealant from the commercial and residential building construction sectors is anticipated to increase over the short term and fuel the growth of the Bitumen market.
- The Bitumen market share will be driven in the future by rising government spending and policies toward roads and infrastructure construction employing Public Private Partnership models across developed and emerging nations. They contribute to the greater use of bituminous materials in constructing and maintaining roads.
- Growing industrial plant construction and infrastructural developments in emerging regions favor product demand. One of the things boosting the growth of the Bitumen market is that it is utilized in paints & coatings, inks & dyes, and other applications because of its features like water resistance and viscosity.
- APAC’s developing economies are likely to see a significant increase in infrastructure operations, particularly in the transportation sector, due to rising urbanization and a shift in priority toward the growth of ancillary industries.
- In the upcoming years, the market is projected to have opportunities due to R&D on Bitumen processing to enhance road infrastructure and the development of high-performance Bitumen products such as shell cariphalte, shell mexphalte, and others.
Asia Pacific region Dominates the Global Market
During the projection period, the market was dominated by Asia Pacific. The market is expanding due to the growing use of Bitumen products in several applications. The road and highway construction industry is rapidly growing in APAC nations like India, China, and Australia due to the region’s increased urbanization and automobile ownership rates. Further accelerating road development and expansion would be the rise in the nation’s freight and passenger road transportation, followed by manufacturing activity. The country’s income from the Bitumen market has also been significantly impacted by rising investment in industrial sectors.
The overall Bitumen market has benefited from rising road construction activity and the expanding construction sector.
The well-known players of the Global Bitumen Market include Baker Hughes (US), AMT Techno (India), Athabasca Oil Corporation (Canada), Bouygues Groups (France), BP PLC (UK), CEMEX S.A.B. de C.V. (Mexico), Chevron Corporation (US), China Petroleum & Chemical Corporation (China), JX Nippon Oil & Energy Corporation (Japan), LN Petrochem (India), ENEOS Corporation (Japan), ExxonMobil Corporation (US), Gazprom- Neft (Russia), Gulf Petrochem (UAE), IKA Group (Germany), Imperial Oil Limited (Canada), Indian Oil Corporation Ltd (India), Marathon Oil Company (US), Maruti Group (India), MBD Industries (India), Nippon Oil Corporation (Japan) and others.