Bitumen Market, By Product Type (Paving Grade Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsions, Natural Bitumen, and Others), By Application, By Geography

Description

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

Product Code: CMI3308

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)
  - U.S.
  - Canada
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