Global Market Study on Bitumen: Growth of Infrastructure Projects - Key Influencer

Bitumen  Market
  • Published On : Sep-2019 |
  • Pages : 233 Pages |
  • Format : Bitumen  Market Bitumen  Market Bitumen  Market Bitumen  Market

Bitumen is composed of highly condensed polycyclic aromatic hydrocarbon and is soluble in carbon disulfide. It is a mixture of organic liquids, which are viscous, black, and highly sticky. Natural bitumen is a tar-lie form of petroleum, which is so thick, dense, and heavy that it must be heated or diluted before it will flow. Bitumen consists of sulfur and other heavy metals such as nickel, vanadium, lead, mercury, chromium, and various other toxic elements. Generally, bitumen finds its application in road surfacing, waterproofing, insulating, sealing, and others.

This global report offers our perspective on how the development of the bitumen market will unfold. The global bitumen market is projected to grow with a CAGR of ~4% by value during the forecast period and it is anticipated to grow from ~US$ 60 Bn in 2019 to ~US$ 86 Bn in 2029. The global volume demand for the bitumen market was pegged at ~107,700  KT in 2018, which is estimated to indicate a CAGR of ~3% to reach ~153,613 ‘000 units by the end of 2029. The rapid growth in road construction activities with significant use of bitumen for paving and surfacing purposes is likely to stimulate the global bitumen market growth during the period of 2019-2029.

Growing Use of Bitumen in Waterproofing Application

Due to the highly sticky and viscous nature of bitumen, it is widely used as a waterproofing agent on the roofs of residential and commercial buildings. Bituminous waterproofing is done to protect the roof from water leakage and seepage. Bitumen is used to protect roof decks from rain before installation or roofing. It also provides an extra barrier in case of blow-offs or water penetration through roofing, ceilings or flashings. Bitumen, particularly used in waterproofing of buildings and roofs, is also called as roofing felt or tar paper, which is a sheet or a membrane made of bitumen, and is deployed to separate roof deck from the roof covering thus, providing secondary weather protection.

Increasing Use of Bitumen as a Chemical Additive

Bitumen is widely used as a chemical additive in several applications such as solvents and black paints. As a chemical additive, bitumen helps in improving the efficiency of paints & coatings, and also improves the viscosity of waterproofing agents. Use of chemically-modified bitumen in road construction and waterproofing as well as a chemical additive in emulsions are some other factors driving the adoption of bitumen across several industries worldwide. When mixed with organic amines and amides, bitumen helps provide better adhesion properties and when mixed with lime and fly ash, it provides excellent and smooth road surfaces. In the paints industry, bitumen is used in the manufacturing of anti-corrosive paints and black paints. Thus, these factors are projected to boost the bitumen market during the forecast period.

Development of Special Product Grades for Targeted End-use Applications

Manufacturers of bitumen are developing special product grades targeted at specific end-use applications in specific conditions to provide the most suitable option for end users.

For example, different viscosity grades are preferred for road surfacing in different regions with different climatic conditions. Average road surface temperature, expected traffic loads, type of whether (hot, cold or humid), type of vehicles to be used frequently, and many such factors are being considered to design specific product grades geared towards such targeted applications. Such product offerings are helping bitumen manufacturers carve out a niche for themselves in the market and gain supplier of choice status among end users.

 Opportunity Analysis for the Global Bitumen Market (by Region)

  • The bitumen market in the North America region is estimated to represent an incremental $ opportunity of ~US$ 17 Bn between 2019 and 2029, accounting for prominent share in the global absolute dollar opportunity, which is projected to grow between 2019 and 2029.
  • The East Asia region is a prominent region in the global market, in terms of bitumen sales followed by North America and Europe.
  • Europe and North America bitumen markets are expected to register steady growth owing to the increasing investment in construction activities in these regions.

Road Surfacing Segment of the Bitumen Market Driving Growth in East Asia

The uplift in the East Asia bitumen market is backed by the rising demand for road construction activities and waterproofing applications. For instance, approximately 15% of the total bitumen used in the world was deployed for water proofing of buildings and the demand is expected to increase at healthy pace over the upcoming years. Paving grade and oxidized/blown grade bitumen are estimated to be the most desired products in the bitumen market. The sales paving grade and oxidized/blown grade bitumen are likely to be high as compared to other products by the end of 2029. Moreover, major market participants have started entering into strategic collaborations with local or small companies to seize their market presence. Thus, contributing towards the growth by mergers and acquisitions in the bitumen market.

The market report by Persistence Market Research (PMR) on the bitumen market includes global industry analysis 2014-2018 and forecast 2019-2029. The prime purpose of this report is to give a detailed breakdown and insights pertinent to the bitumen market. This bitumen market report provides an in-depth analysis of the global bitumen market, in terms of market value (US$ Mn) & volume (‘000 Units), and year-wise (Y-o-Y) growth on the basis of grade, end use, and region. The report also highlights the dynamics prevalent to the bitumen market and provides crucial information prevailing to the mentioned segments in the global bitumen market. To convey improved understanding and assist stakeholders in taking decisions and market breakdown, the report comes with the integrated study of drivers, restraints, opportunities, and trends, which influence the present market scenario and are likely to impact the future market scenario of the global bitumen market. The study offers the data for 2018, along with the comprehensive market forecast for the period of 2019-2029.

Market Segmentation

By Grade

By End Use

By Region

  • Paving Grade
  • Hard Grade
  • Oxidized/Blown Grade
  • Bitumen Emulsion
  • Polymer Modified Binders (PMBs)
  • Road Surfacing
  • Waterproofing
  • Others (Insulating, Sealing, Paint, etc.)
  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

Report Description

To comprehend and describe market opportunities and trends, the global bitumen market report has been categorically split into different sections based on grade, end use, and region. The report initiates with the market overview and delivers market definition and taxonomy, along with the value chain, drivers, and pricing analysis pertaining to the market. Following this, the bitumen market background has been enclosed, which includes the factors affecting the bitumen market such as macro-economic factors. Macro-economic factors includes global construction industry snapshot, automotive sales by target countries, and global economic outlook, among others. The market background also comprises of market dynamics that affect the bitumen market. The market dynamics included in the report are drivers, restraints, opportunities, and trends. The market background also includes value chain analysis, where the flow of bitumen from raw material suppliers to bitumen manufacturers, and to the end users through several distributors and retailers involved has been covered. The final part in the market background includes the forecast factors, which include factors that are expected to have an impact on the global bitumen market such as new infrastructure projects forecast.

The subsequent section comprises of the global bitumen market analysis by grade, end use, and region/country. All the above sections help in the assessment of the market on the basis of several factors affecting the market. Every section reflects the qualitative and quantitative aspects of the global bitumen market. To provide a brief idea about the revenue opportunities from end use, grade, and region/country-wise segments, the report on bitumen market also provides the market value (US$ Mn) data, growth rates, market shares, and total incremental $ opportunity indices for each segment over the forecast period (2019-2029).

In the last section of the bitumen market report, we have incorporated a comprehensive competition landscape with the company’s market share and performance to provide report audiences with a dashboard view of the key players operating in the global bitumen market, along with their business strategies. This would enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.

Research Methodology

PMR has followed a systematic approach for analyzing the global bitumen market. The data regarding production, consumption, pricing, company developments, macro-economic factors, and economic envelope has been collected from valid and trusted sources. Existing pool of information and various other paid data sources have been thoroughly referred to collect pertinent and relevant information. Examples of such sources are company press releases, annual presentations, research papers, industry magazines, industry associations, government websites, and publications of global economic and banking organizations.

The collected data is thoroughly checked for inconsistencies and outlier data points are identified and rectified. Information regarding market dynamics, industry opinion and perspective, challenges, trends, and growth scenario is collected from market participants and our panel of subject matter experts. The information thus obtained is carefully analyzed to deduce base year number and segment level splits.

The market analysis is validated and triangulated from the company and end-user side.

The validated market volume information for base year is projected for next ten years based on macro-economic, industry, and regulatory factors impacting the market performance by utilizing our proprietary statistical forecast model. The market size or value information is arrived using pricing information at regional levels.

Companies covered in Bitumen Market Report

Company Profiles:

  • Royal Dutch Shell PLC 
  • Sinopec
  • CNOOC Limited 
  • China National Petroleum Corporation 
  • TOTAL S.A 
  • PJSC Rosneft Oil Company 
  • Hindustan Petroleum Corporation Limited 
  • Indian Oil Corporation Ltd 
  • Petro Tar Co.
  • Kimya Refinery Group
  • Wellbank Global PTE Ltd
  • The Bahrain Petroleum Company B.S.C.
  • Isfahan Bitumen Production Co.
  • Muscat International Bitumen LLC
  • Saudi Bitumen Industries Co. Ltd.
  • BNB Bitumen Private Limited
  • Rhine Middle East LLC
  • Regional Petroleum Products Corporation
  • Iran Bitumen Co.
  • Total Oil India Pvt Ltd
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