The global Bitumen market size is expected to reach USD 73.64 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapidly rising demand from the construction sector is driving industry growth globally. It is a petroleum-based product that is made by distilling crude oils and is also known as asphalt. The lighter components of crude oil are removed during the distillation process, leaving the heavier ones, like asphalt, at the bottom.
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Additionally, it naturally occurs in tar pits, which are essentially pools of asphalt. Complex hydrocarbons and inorganic substances like iron, sulfur, calcium, and others make up asphalt. It is used in paving and building roads, waterproofing, adhesives, and other purposes.
Furthermore, it is anticipated that the rising nations' growing urbanization will increase investment in crucial infrastructure sectors, including power, building, and transportation. According to the World Bank, 46% of Indians and 60% of the world's population will live in urban areas by 2025.
Further, a non-petroleum-based binder known as "bio-asphalt" is made from biomass, which includes molasses, starch, trees, lignin, and natural latex. The industry demand for bio-asphalt is being driven by its similar behavior and improved features. However, Various petroleum solvents are employed in the production of goods like asphalt emulsions.
Some of these solvents, like kerosene, are poisonous to humans and dangerous. Additionally, the possibility of receiving severe and acute burns when working with hot asphalt makes it risky. The market's expansion is predicted to be constrained by these dangerous factors.
Bitumen Market Report Highlights
Polaris Market Research has segmented the bitumen market report based on product type, application, and region:
Bitumen, Product Type Outlook (Revenue - USD Billion, 2018 - 2030)
Bitumen, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Bitumen, Regional Outlook (Revenue - USD Billion, 2018 - 2030)