Product Code: CMI3308
The bitumen market is estimated to be valued at USD 65.34 Bn in 2024 and is expected to reach USD 71.23 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 1.2% from 2024 to 2031.
Report Coverage |
Report Details |
Base Year: |
2023 |
Market Size in 2024: |
65.34 Bn |
Historical Data for: |
2019 to 2023 |
Forecast Period: |
2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: |
1.20% |
2031 Value Projection: |
71.23 Bn |
Figure. Bitumen Market Share (%), By Region, 2024
Bitumen is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It is a thick, dark brown to black tar-like material obtained from the distillation of crude oil or from oil deposits. Bitumen is often used as a binder in roads and as a waterproofing agent for flat roofs, bridge decks, etc. It is composed mainly of hydrocarbons and is highly adhesive and waterproof. Bitumen is an important raw material used in infrastructure development for various purposes like road construction, water proofing, and other applications. Rising infrastructure development across the globe coupled with increasing investments towards roads, highways, and airports has been a key driver of the rising bitumen demand.
Market Dynamics:
The global bitumen market is driven by rising road construction activities in emerging economies of Asia Pacific and Latin America. Growing urbanization and infrastructure development spending by governments worldwide are fueling new road projects. Various government initiatives, such as fmw gov. ong. towards the development of smart cities and infrastructure upgrade, have also boosted bitumen's consumption. However, factors such as volatility in crude oil prices which is a key raw material for bitumen production and growing environmental concerns regarding emissions from bitumen production and usage pose challenges for market players. Development of bio-based and recycled bitumen presents new opportunities for participants to develop green alternatives and sustainable products. Volatility in crude oil prices directly impacts bitumen pricing and supply. But growing usage of recycled bitumen or reclaimed asphalt provides new opportunities in this market.
Key Features of the Study:
This report provides in-depth analysis of the global bitumen market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global bitumen market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Shell Bitumen, NuStar Energy, Exxon Mobil, Marathon Oil Corporation, Valero Energy Corporation, Nynas AB, Petroleos Mexicanos (PEMEX), Indian Oil Corporation, Chevron Texaco Corporation, and Villas Austria GmbH
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
Global bitumen market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global bitumen market
Market Segmentation
- By Product Type Insights (Revenue, USD Bn, 2019 - 2031)
- Paving Grade Bitumen
- Oxidized Bitumen
- Cutback Bitumen
- Bitumen Emulsions
- Natural Bitumen (Gilsonite)
- Others
- By Application Insights (Revenue, USD Bn, 2019 - 2031)
- Roadways
- Waterproofing
- Adhesives
- Insulation
- Others
- By Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- Key Players Insights
- Shell Bitumen
- NuStar Energy
- Exxon Mobil
- Marathon Oil Corporation
- Valero Energy Corporation
- Nynas AB
- Petroleos Mexicanos (PEMEX)
- Indian Oil Corporation
- Chevron Texaco Corporation
- Villas Austria GmbH
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER's Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend
4. Global Bitumen Market - Impact of Coronavirus (COVID-19) Pandemic
- Overview
- Factors Affecting the Global Bitumen Market - COVID-19
- Impact Analysis
5. Global Bitumen Market, By Product Type, 2019-2031, (USD Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Paving Grade Bitumen
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Oxidized Bitumen
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Cutback Bitumen
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Bitumen Emulsions
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Natural Bitumen (Gilsonite)
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Others
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
6. Global Bitumen Market, By Application, 2019-2031, (USD Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Roadways
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Waterproofing
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Adhesives
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Insulation
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Others
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
7. Global Bitumen Market, By Region, 2019-2031, (USD Bn)
- Introduction
- Market Share Analysis, By Region, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- North America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Application, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
- Latin America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Application, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Application, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Application, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Application, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Application, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country/Region, 2019- 2031, (USD Bn)
- South Africa
- North Africa
- Central Africa
8. Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Shell Bitumen
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- NuStar Energy
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Exxon Mobil
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Marathon Oil Corporation
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Valero Energy Corporation
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Nynas AB
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Petroleos Mexicanos (PEMEX)
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Indian Oil Corporation
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Chevron Texaco Corporation
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
- Villas Austria GmbH
- Company Overview
- Product Type Portfolio
- Recent Developments/Updates
9. Analyst Recommendation
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. Section
- References
- Research Methodology
- About Us and Sales Contact