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
- Bitumen emulsions are anticipated to grow at a lucrative CAGR over the forecast period. Cold-applied binding, resurfacing, interplay, and sealing all require the bituminous adhesive. Roofing felts are adhered to asbestos and tiles, especially the roofs of trains and railroad cars, using cold-applied bonding. This is projected to increase demand for adhesives, which will in turn fuel market expansion.
- The paving segment accounted for a significant share which is accelerated by the rising construction sector across the globe. The government’s attempts to build rural roads as well as to upgrade, maintain, and repair existing country roads, national highways, and expressways are also anticipated to increase demand.
- North America is expected to hold the fastest CAGR over the forecast period. There has been an upsurge in demand for bio-asphalt as a result of growing awareness regarding the depletion of crude oil and petroleum supplies.
- The global market is highly competitive owing to the existence of large market players with a global presence including Asphalt & Bitumen West Corporation, BMI Group, China Petroleum & Chemical Corporation, KRATON CORPORATION, Marathon Petroleum Corporation, Royal Dutch Shell PLC, and Suncor Energy Inc.
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)
- Paving Grade
- Hard Grade
- Oxidized Grade
- Bitumen Emulsions
- Polymer Modified
- Other Product Types
Bitumen, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Road Construction
- Other Applications
Bitumen, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa