Global Bitumen Market by Application (Insulation, Roadways, Waterproofing, Adhesives) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global bitumen market was USD 66.10 million in 2015. It is expected to grow significantly over the next eight year due to increased use in many applications such as roads, waterproofing and insulation. Rising infrastructure activity has been a result of rapid urbanization in emerging markets. This has led to a growing demand for the product.

Because of its superior strength, durability, resilience, and resilience, asphalt (bitumen), binder is essential for various road applications. Concrete may contain a small amount of asphalt, which acts as a binder in order to increase its resistance properties. This will drive demand for concrete over the forecast period.

The forecast period will see bitumen market growth due to increasing demand for infrastructure and an increase in the standard of living. The increasing awareness of climate change and global warming will drive roofing needs, which will in turn drive product demand over eight years.

The decline in oil prices has caused tight raw material supply, which has led to price volatility and market fluctuations. This will limit industry growth over the forecast period. Because bitumen is a tough product to work with, the long supply chain is an important feature. As large contractors start selling directly to refineries, this feature is under threat.

Application Insights

In 2015, roads were the most popular application segment with a value of USD 39.29 trillion. Road connectivity is a key feature in any developed country. This has led to market expansion due to the increasing demand for roads in emerging countries. In the near future, product demand will be stimulated by the efficient transportation systems in different countries, including China, India, and the U.S.

Product growth will be encouraged by rising demand in different regions, especially the Asia Pacific and Middle East for paving applications. The forecast period will see a rise in demand for modern construction systems with waterproofed flat roofings.

Bituminous adhesives are used for cold-applied bonding. Cold-applied bonding can be used to attach roofing felts to asbestos or tiles, including rail carriages and roofs. This will likely drive the market for adhesives.

Due to the increasing demand for bitumen sealants and protection of electric cables, the insulation segment is expected to grow at 1.7% CAGR between 2016-2024. This segment's steady growth is directly linked to the future bitumen market growth.

Regional Insights

Asia Pacific was the dominant region in 2015, accounting for more than 33.0% global volume. It will continue to grow due to rising construction industry growth, in India, China and Thailand.

The presence of major market players such as Shell Bitumen and ExxonMobil in the region will boost bitumen industry growth over the next eight year. Asia Pacific's extensive road network will allow it to increase its bitumen intake.

North America's market was worth more than USD 19.00 billion in 2015. It is expected to experience significant growth due to the increasing need to rebuild existing assets like bridges, highways and buildings.

The MEA will see significant volume growth with a CAGR of 2.0% between 2016 and 2024 due to the expanding construction sector, mainly in Qatar and UAE, as well as rising infrastructure activity in the region. In the near future, bitumen industry growth will be accelerated by increasing government spending on building.

Global Bitumen Market Share Information

Integration is key to the global bitumen market. This includes raw material supply and manufacturing. Companies such as NuStar Energy Corporation, Suncor Energy and Valero Energy Corporation are involved in the production of crude bitumen from oil-sands. Sinopec and Indian Oil Corporation, Nippon Oil Corporations, ExxonMobil Shell Bitumen and Petroleos Mexicanos(PEMEX), Nynas AB, Marathon Oil Corporations, among others, consume crude bitumen in captivity, then refine it for various purposes.

Three stages of the value chain are shared by companies such as Imperial Oil Limited, Valero Energy Corporation and Petroleos Mexicanos Ex (PEMEX), Shell. To meet the growing demand for roofing and paving, Kraton Performance Polymers developed the Highly Modified Asphalt Technology. This technology offers a broad range of modification options including styrene-isoprene-styrene, styrene-butadiene-styrene for high performance, and superior quality.

British Petroleum and Kraton Performance Polymer are involved in various types of cost-effective waterproofing products that offer high water resistance and the ability to withstand extreme temperature. Due to falling oil prices, Cenovus Energy Inc. as Suncor Energy Inc. have seen their capital expenditures decrease. Due to the large number of processing units, refineries and other facilities in Canada, the U.S. has a high demand for Canadian bitumen.

Bitumen Market Report Scope

These are the most frequently asked questions about this report

b. Global bitumen market was valued at USD 70.24 Billion in 2019, and is projected to grow to USD 71.78 Billion by 2020.

b. Global bitumen markets are expected to expand at a compound annual rate of 2.3% between 2016 and 2024, reaching USD 79.91 billion in 2024.

b. Asia Pacific was the dominant market for bitumen in 2019, with a 34.0% share. This can be attributed to the rising construction industry in India, China and Thailand.

b. b.

b. Market growth is driven by increasing demand in various applications, including roads, waterproofing, insulation and adhesives, as well as rising infrastructure activity.

Up Market Research published a new report titled “Bitumen Market research report which is segmented by Application (Insulation, Roadways, Waterproofing, Adhesives), By Players/Companies Athabasca Oil Corporation, Valero Energy Corporation, Syncrude, NuStar Energy, Suncor Energy, Imperial Oil Limited”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Bitumen Market Report Segments:

The market is segmented by Application (Insulation, Roadways, Waterproofing, Adhesives).

Bitumen Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Bitumen Market

Overview of the regional outlook of the Bitumen Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Bitumen Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Bitumen Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Insulation

                2. Roadways

                3. Waterproofing

                4. Adhesives

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Bitumen Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Bitumen Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.