Introduction
Bitumen, often known as asphalt, is a black sticky mixture of hydrocarbons obtained naturally or as a by-product of petroleum distillation. It has a range of applications, including road construction, where it acts as a binder and is mixed with aggregate particles to develop asphalt concrete.
Bitumen is also used in the manufacturing of waterproofing materials, such as roofing felt, adhesives, and insulation. Due to its high viscosity, stickiness, and water-resistance qualities, bitumen is a key raw material in the construction and industrial sectors for constructing water tanks, dams, and bridges.
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COVID-19 Impact
Many industries are working on game-changing measures to protect their workforce and clients as a response of COVID-19's economic impact. Leaders are embracing new methods to manage and stay afloat in this competitive market while focusing on recurring issues.
Due to rising demand from Asia-Pacific and the Middle East, the global bitumen industry is expected to grow rapidly in the future years.
Chinese bitumen output soared to a three-year high of 32.8 million tons in 2020, up 16% from 2019 production volumes of 28.2 million tons, according to local market sources.
Key Developments
Bitumen industry growth is anticipated to be driven in the future by increased government expenditure and policies of road and infrastructure development enabling Public Private Partnership models in both established and emerging countries.
In emerging markets, rising infrastructure development and the construction of new industrial plants encourage product demand. Bitumen industry demand is constantly soaring owing to its properties such as water resistance and viscosity, utility in paints and coatings, inks and dyes, and other uses.
With the increasing number of automobiles on the road globally, particularly in developing economies, such as Latin America and Asia Pacific, the need for road development will surge in the coming years.
Global vehicle sales reached 77.62 million units in 2020, and are predicted to reach 125.43 million units by the end of 2027, necessitating the construction of new roads with a wider range of features and higher quality.
Competitive Landscape
To meet the increased demand for bitumen, major manufacturers are expanding their product lines and expanding their presence in emerging markets. In the global market, strategic collaborations and the enhancement of the product landscape are crucial goals. Players in the bitumen industry are also concentrating their efforts on expanding their product portfolios in order to improve their commercial capabilities.
Some prominent players of the market include:
- NuStar Energy
- Total SA
- JX Nippon Oil & Energy Corporation
- Baker Hughes
- Exxon Mobil
- China National Petroleum Corporation
- Indian Oil Corporation Limited
- Chevron Texaco Corporation
- Villas Austria
- Bouygues
- Nynas
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