The global bitumen market size is expected to exhibit strong growth by reaching USD 71.3 billion by 2028. As per the report titled “Bitumen Market Size, Share & COVID-19 Impact Analysis, By Type (Paving, Oxidized, Cutback, Emulsion and Polymer Modified), By Application (Roadways, Waterproofing and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 71.3 billion and USD 80.8 billion in 2028. The market is expected to exhibit a CAGR of 2.10% during the forecast period.
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BASF Developed B2Last to Create More Resilient and Environmentally Friendly Roadways
In June 2021, B2Last was developed by BASF to create more durable and environmentally friendly roads. The new addition functions in a different way from other bitumen modifiers. Truck tires do not cause rutting as quickly during hot spells because it combines bitumen components to create a polymer grid that is both stretchy and durable, making roads more durable.
Growing Roads and Highways Construction Activities to Drive the Market Growth
The need for high-quality roads and highways to improve connectivity between major cities has significantly increased construction and maintenance activities worldwide. Bitumen, which is frequently used by companies that produce roofing materials, is the most commonly used for paving roads. In addition to its adhesive and waterproofing qualities, its ability to be recycled in later road construction is crucial. The need for sturdy and easily repairable roads and pavements has increased demand for this sealant in the building and construction industry.
Additionally, it is frequently used to waterproof residential and commercial structures, fueling market revenue growth.
Pollutants Released During Bitumen Processing and Extraction May Hamper Market Growth
Bitumen is produced using various techniques that severely negatively affect the environment, animals, and public health. This is a significant issue expected to reduce market revenue and profit significantly. During the extraction and processing of bitumen, volatile organic compounds, sulfur dioxide, and hydrogen sulfide are released into the atmosphere, harming the environment. Whether bitumen irreversibly deforms under heavily loaded conditions depends on the composition of the asphalt mix, the ambient temperature, and the intensity of the stress.
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Additionally, bitumen quickly oxidizes, making asphalt more brittle and possibly causing surface or road breaking. These significant factors are expected to restrict growth throughout the projection timeframe.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the bitumen market plan acquisitions to improve their brand recognition globally. For instance, in March 2021, Puma Bitumen, a division of Puma Energy, announced its latest bitumen terminal in India. The new terminal will manufacture up to 40KT of asphalt annually to support India's infrastructure boom. It will be an ideal strategic location for the region's first bitumen import terminal.
Notable Industry Development
- May 2021: Bitumen production has resumed at ExxonMobil's Singapore facility. A total of 100,000–120,000 tonnes of bitumen can be produced monthly at the factory.
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List of Key Players Profiled in the Report
- Asphalt & Bitumen West Co. (Tehran, Iran)
- Raha Bitumen (Esfahan, Iran)
- Asia Bitumen (Tehran, Iran)
- Exxon Mobil (Texas, U.S.)
- Royal Dutch Shell (Hague, Netherlands)
- Sinopec (Beijing, China)
- Nynas (Stockholm, Sweden)
- GOIL Ltd (Accra, Ghana)
- Total Energies (Courbevoie, France)
- Gazprom Neft (St. Petersburg, Russia)
- Indian Oil Corporation (New Delhi, India)
Further Report Findings
- The market in Asia Pacific is expected to gain a huge portion of the global bitumen market share in the coming years. The market is expanding due to the growing use of bitumen products in numerous applications.
- The road and highway construction industry is rapidly growing in APAC nations like China, India, and Australia due to the region's rising urbanization and automobile ownership rates.
- In North America, the growth in this region is primarily driven by the growing number of property restoration initiatives and new construction methods with waterproof flat roofs.
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