The global bitumen market size was valued at USD 71.3 billion in 2021. The market is projected to grow from USD 71.3 billion in 2021 to USD 80.8 billion by 2028, exhibiting a CAGR of 2.10% during the forecast period.
Bitumen is a dense material that can take on a liquid or semi-solid state. It is dark brown, almost black. Bitumen frequently contains petroleum composites like asphaltene resin. The primary use of bitumen continues to be in constructing roads and pavements. The civil engineering industry uses bitumen more and more to make asphalt concrete. Roadways, airport runways, paved crossings, taxiways, freight yards, driveways, bridge decks, etc., are all built primarily with this material.
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The demand for bitumen is expected to increase during the forecast period due to expanding road networks, building new motorways, and repairing existing roads. Additionally, the bitumen market is anticipated to grow due to the rising demand for modified bitumen with new properties like improved elastic and tensile strength and fatigue life. Furthermore, using bitumen as adhesives in the furniture and wood industry, waterproofing applications, caulking compounds, acoustic blocks, and other construction materials will further boost bitumen sales.
COVID-19 IMPACT
The COVID-19 pandemic had a particularly negative impact on the building industry. The pandemic's initial effects included the immediate suspension of all corporate operations, including supply and output. The business was severely disrupted as a result of travel restrictions and adhering to regulations set forth by the government. Contractors could not organize the labor force during the early stages of the pandemic, while suppliers could not locate raw materials. The construction industry has been in flux for the past few months, but recovery is anticipated. Thereby limiting the expansion of the bitumen market.
DRIVING FACTORS
Growing Use of Bio-asphalt Will Influence Market Development
Bitumen is a petroleum-based substance typically used in construction as a pavement binder. Petroleum-derived products, however, are not sustainable and cannot be renewed. There has been extensive research towards developing a sustainable substitute for asphalt due to consumers' growing awareness of the detrimental effects of petroleum products on the environment and human health. Bio-asphalt is a non-petroleum-based binder made from biomass, such as molasses, starch, trees, cellulose, natural latex, and other sustainable sources. The market demand for bio-asphalt is driven by its similar behavior and improved features.
RESTRAINING FACTORS
Increased Usage of Bitumen Alternative in Variety of Applications to Restrict Market Growth
Several processes used to produce bitumen are hazardous to the environment, wildlife, and people's health. During its extraction and processing, sulfur dioxide, volatile organic compounds, and hydrogen sulfide are emitted into the atmosphere, harming the ecosystem. It also oxidizes quickly, making asphalt brittle and perhaps causing pavement or road breaking. As time passes, the availability of petroleum asphalt resources decreases, reducing the amount of asphalt binder. Furthermore, introducing environmental rules on drilling for new resources reduces the quantity of asphalt binder and pavement. These factors combine to reduce the number of asphalt binders produced, raising the material's price.
LIST OF KEY COMPANIES PROFILED:
- Asphalt & Bitumen West Co. (Tehran, Iran)
- Raha Bitumen (Esfahan, Iran)
- Asia Bitumen (Tehran, Iran)
- Exxon Mobil (Texas, U.S.)
- Royal Dutch Shell (Hague, Netherlands)
- Sinopec (Beijing, China)
- Nynas (Stockholm, Sweden)
- GOIL Ltd (Accra, Ghana)
- Total Energies (Courbevoie, France)
- Gazprom Neft (St. Petersburg, Russia)
- Indian Oil Corporation (New Delhi, India)
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San Francisco, 28 May 2020 — “Bitumen Market Analysis By Regions (North America, Europe, Asia-Pacific, Latin America and Africa), Product, By Application And Segment Forecasts To 2025” Global Bitumen Market is estimated to develop at a substantial CAGR for the duration of the prediction due to growing usage in Adhesives, Waterproofing, Insulation, and Roadways.
Speedy expansion in developing marketplaces has contributed to growth in substructure actions.
It has glue possessions and is largely utilized in waterproofing and construction of roads.
This directed the producers to come up with innovative products.
Growing usage particularly in the construction of road in a number of emerging markets throughout the world is making vibrant openings for the market.
The Bitumen Market Report Provides Growth History, Sales Channel, Manufacturers Profiled in Bitumen Business, Market Share of Product, Application and Regional Scope of Bitumen which makes the research report a helpful resource for marketing people, forecasters, industry executives & consultants, sales, product managers, Strategy Advisor, potential investors to understand the present as well as future market size, situations in terms of growth rate and revenue.
The Global Bitumen Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.Bitumen is a residual product from the fractional distillation of crude oil in petroleum refining.
It is an organic compound, which is used as an engineering material.
These compounds are very complex combinations of molecules that contain high proportions of hydrocarbons.
It is a dark, highly viscous and sticky material in nature.Bitumen is produced according to grade specification tailored to the needs of the consuming industries either by refining or by blending.
It is often confused with coal-tar pitches / petroleum pitches or natural / lake asphalt.Geographically, bitumen market is spread worldwide in the regions of North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
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