Bitumen Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
Bitumen Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030

Bitumen Market Share, Size, Trends, Industry Analysis Report, By Product Type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Others); By Application; By Region; Segment Forecast, 2022 - 2030

  • Published Date:Aug-2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM1264
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Outlook

The global bitumen market was valued at USD 51.74 billion in 2021 and is expected to grow at a CAGR of 3.9% during the forecast period. It is frequently employed as an ingredient in many different chemical applications, including solvents and black paints. It functions as a chemical additive that increases the effectiveness of paints and coatings and the viscosity of waterproofing substances.

Bitumen Market Size
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Other factors influencing the use of bitumen across numerous industries include using chemically modified asphalt in road building and waterproofing as well as a sweets chemical component in emulsification. Carbon disulfide is accessible in bitumen, which is made up of highly condensed polycyclic aromatic hydrocarbon. It is a mixture of thick, dark, and extremely sticky organic liquids.

The tar-like type of petroleum requires heating or diluting to flow since it is so thick, heavy, and dense. Sulfur, along with heavy metals including nickel, chromium, and several other dangerous chemicals, are found in bitumen. Typically, it is widely used for sealing, waterproofing, and road paving.

The safety objectives of the government and road authority are being met by advanced bitumen solutions. For improved skid resistance and the creation of colorful and textured asphalt, these solutions are blended with asphalt. The market demand for cutting-edge bitumen solutions is being fueled by bus lanes, bus stops, and bicycle pathways.

The COVID-19 pandemic had a particularly negative impact on the building market. 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 were unable to organize the labor force during the early stages of the epidemic, while suppliers were unable to locate basic materials. The building industry has been in a state of turmoil for the past few months, but recovery is anticipated. Positive market recovery indicators, such as declining unemployment, are emerging in the post-COVID environment. Despite the resumption of projects, the rising costs of goods and raw materials point to a robust economic recovery.

Bitumen Market
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Industry Dynamics

Growth Drivers
The demand for road building will significantly increase in the next years due to the increasing number of automobiles in the world, particularly in the expanding economies of Latin America and the Asia Pacific. Only 2.5% of all new automobiles delivered in 2019 were electric vehicles, or 2.2 million units.

Although the global auto market shrank in 2020, sales of electric vehicles defied the trend, increasing to 3 million units and accounting for 4.1 percent of all vehicle sales. Sales of electric vehicles increased by twice to 6.6 million in 2021, accounting for nearly 9% of the global auto market. Electric vehicles accounted for the whole net increase in worldwide auto sales in 2021.

To improve wayside accommodations on national highways, the administration announced its intention in October 2021 to install charging stations once each 40 to 60 kilometers. According to this, 700 e-vehicle charging points are expected to be implemented by 2023, covering 35,000 to 40,000 km of major highways.

Hence, the rising sale of electric cars, along with the rising development of chargings stations for vehicles, has led to an increase in the demand for the market to rapid growth in the construction of roads.

Report Segmentation

The market is primarily segmented based on product type, application, and region.

By Product Type

By Application

By Region

  • Paving Grade
  • Hard Grade
  • Oxidized Grade
  • Bitumen Emulsions
  • Polymer Modified Bitumen
  • Other Product Types
  • Road Construction
  • Waterproofing
  • Adhesives
  • Other Applications
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Road Construction is expected to witness the fastest growth

Due to its excellent qualities and benefits over other materials used to make pavement, bitumen is a material that is frequently utilized in paving and road construction. They can be utilized as the primary component of roads and pavements because of their special and inherent qualities.

Current road construction initiatives, like the Bharatmala Pariyojana project just launched by the Indian government, would promote bitumen market expansion. The Ministry of Road Transport and Highways has authorized the construction of 34800 km of national highways as part of this project during the next five years. This program calls for the construction of 22 Greenfield developments.

Also, the central road fund had a total allocation of US$38.86 million as of the Union Budget 2022–23, which included a 19% increase. The government started a conversion project for 15 key roads in the smart city of Agartala in October 2021. The government unveiled regulations to increase traffic safety in October 2021, including a requirement for commercial truck drivers to keep to set driving hours and a need for the installation of sleep detection sensors in commercial vehicles.

The Ministry of Road Transport and Roadways built national highways that extended 3,824 km in September 2021 as opposed to 3,335 km in August 2021. The Indian government has planned to build highways reaching 313 km for Rs. US$ 1.48 billion to revamp the road infrastructure in Punjab, Haryana, and Rajasthan. Thus, the government's continued focus on the development of roads is boosting bitumen market growth.

Waterproofing applications accounted for a significant market share in 2021

It is frequently employed as a waterproofing material on the roofs of residential and commercial structures because of its extremely sticky and vicious character. To prevent water leaks and seepage through the roof, bituminous waterproofing is applied.

Additionally, it acts as an additional barrier in the event of blow-offs or water infiltration through flashings, roofing, or ceilings. Roofing felt or tar paper, which is a sheet or membrane formed of bitumen and then used to divide roof decks from roof coverings to provide secondary weather protection, are other names for bitumen, which is used mostly in waterproofing constructions and roofs.

In waterproofing applications, asphalt waterproofing sheets are employed. Bituminous membranes and films are extensively used to waterproof underground constructions, bridges, basements, and other infrastructure.

The paving segment is expected to hold the largest market share

A paving grade bitumen with a penetration grade of 60/70 is made from carefully monitored refining procedures using precisely chosen crude oils. To create asphalt concrete, fine and coarse aggregates, such as gravel or crushed stone, must be combined with asphalt, which serves as the binding agent.

Due to the significant market demand from the road construction sector, the paving grade segment is expected to hold the largest market share. The oxidized and cutback segment is anticipated to exhibit considerable growth. Due to its remarkable qualities and advantages over cutback and oxidized asphalt, polymer-modified asphalt is predicted to expand significantly. 

The demand in Asia-Pacific is expected to witness significant market growth

The regional growth is accelerated by the rising government initiatives, rising investment in road development, and increasing construction sector. Due to the numerous initiatives and programs put in place by governments to develop public infrastructure, the Asia Pacific region dominated the market and is predicted to maintain its dominance going forward.

For instance, the Indian government announced road projects in September 2021 to build Jammu & Kashmir's road infrastructure, costing USD 13.8 billion. The main factors fueling market growth are the expanding socio-economic conditions and the burgeoning building industry.

Further, the government approved the spending of US$ 13 million in August 2021 to repair Konkan and Western Maharashtra roads damaged by heavy rains. There are two parts to this: an interim restoration budget of US$ 7.0 million and a permanent restoration budget of US$ 6 million.

For the development of 42 highways and bridges in Uttarakhand, the central government authorized US$ 81 million from the Central Road and Infrastructure Fund (CRIF) in August 2021. Economic Importance and Inter State Connectivity Scheme (EIC&ISC) funding totaling US$ 22 million was given by the Ministry of Road Transport & Highways in July 2021 for FY22. Thus, these factors are assisting the development of the region.

Europe's budget cuts and high demand for an emulsion are predicted to increase market demand. The market is projected to increase as a result of rising building activities and the use of asphalt films and sheets in waterproofing solutions. The development of roads and highways in the area is rapidly growing, with factors including rising urbanization and a rise in the number of car owners playing significant roles. As a result, bitumen is in great market demand in the area.

The bitumen market in North America is anticipated to increase steadily. Because the area has boosted its investment in construction activities. The market for products in the areas will increase due to the rising number of property rehabilitation projects and new construction projects with waterproofed roofs, particularly in North America.

Competitive Insight

Some of the major players operating in the global market include Asphalt & Bitumen West Corporation, ATDM CO. LTD, BMI Group, China Petroleum & Chemical Corporation, ENEOS Incorporation, Exxon Mobil Inc., GOIL Ltd., Indian Oil Corporation Ltd., KRATON CORPORATION, Marathon Petroleum Inc., Nynas AB, Raha Bitumen Inc., Royal Dutch Shell, and Suncor Energy Incorporation.

Recent Developments                                                                                                   

In March 2021, Puma Bitumen has announced the launch of its newest bitumen terminal in India. Up to 40KT of asphalt will be produced annually by the new facility to help the nation's infrastructure expansion.

Bitumen Market Report Scope

Report Attributes


Market size value in 2021

USD 51.74 billion

Revenue forecast in 2030

USD 73.64 billion


3.9% from 2022 - 2030

Base year


Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Product Type, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Asphalt & Bitumen West Corporation, ATDM CO. LTD, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, GOIL Ltd., Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Raha Bitumen Inc., Royal Dutch Shell PLC, and Suncor Energy Inc.