Bitumen Market Size, Share & Trends Analysis Report By Application (Roadways, Waterproofing, Adhesives, Insulation), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Bitumen Market Size & Trends

The global bitumen market size was valued at USD 77.6 billion in 2023 and is projected to grow at a CAGR of 1.8% from 2024 to 2030.The rise in demand for bio-asphalt in the construction industry is poised to create new opportunities for the bitumen industry. Bitumen is a petroleum-derived product mainly used for binding pavements, roadblocks, road maintenance, service, and repairs. Rapid urbanization and the emergence of SMART cities emphasize creating a better social infrastructure for cities. The rising number of bitumen suppliers offers potential growth to the market, based on the need for construction activities.

Bitumen is a byproduct of crude oil refining used for its adhesive qualities in the architectural and manufacturing industries. Furthermore, bitumen has gained significance in the past few years because of the increased government spending on infrastructure projects. The demand has grown manifold as they extensively contribute to maintaining public infrastructure. Moreover, the manufacturers are stressing recycling plans and initiatives, underscoring the importance of bitumen solutions in construction projects. Additionally, the manufacturers focus on supplying industrial-grade bitumen adhesives that include waterproof adhesives that are highly suitable for metals, concretes, timbers, and insulation sheets.

The demand for bitumen membranes is high and is projected to reach significant levels in the upcoming years. The purpose of bitumen membranes in construction activities is significant and caters to applications such as joint filling, waterproofing, binding, and crack forming. Bitumen membranes are prepared from viscous bitumen and are highly thick. These materials have significant properties such as durability, resistance to varying weather conditions, and ease of installation. Commercially, the ease of availability of raw materials and high demand are significant growth drivers. On the other hand, the price volatility of crude oil at international levels challenges market growth. However, government initiatives and development towards SMART cities boost industry growth in the forthcoming years.

Application Insights

Roadways dominated the market and accounted for a 59.8% share in 2023. This is attributed to the significant contribution of road transport to the national economy. Bitumen’s versatile characteristics are ideal for road construction. It provides binding properties, durability, and water resistance. On a larger scale, urbanization and emerging economies have fueled the segment growth. Technical advancements in bitumen production and their applications contribute to sustainable solutions. In the U.S., roughly 90% of roads use asphalt for regular maintenance and resurfacing. Therefore, cost-effectiveness, ease of maintenance, and versatility are the major growth factors, especially in the roadways.

The waterproofing segment is expected to witness the fastest CAGR in the forecast period. Bitumen waterproofing materials are widely used across several applications. The segment witnessed incremental growth in the past few years attributed to their dominance in masonry and construction activities. The positive outlook for using durable materials for construction applications has encouraged waterproofing bitumen in the past. Therefore, with the rise in construction scenarios at the global level driven by stringent regulations, the demand for waterproofing bitumen is expected to witness positive growth in the foreseeable future.

Regional Insights

North America Bitumen market accounted for a 29.1% share in 2023 and is expected to witness rapid urbanization in the forthcoming years owing to the focus on expanding road networks. Canada has been the fastest-growing export market in 2023. Besides, the reconstruction of old highways encourages road development initiatives. Road paving projects dominate North America enabling a high demand for paving bitumen. For instance, the demand for cycle tracks, runways, and railway beds triggers the need for paving bitumen.

Asia Pacific Bitumen Market Trends

Asia Pacific bitumen market dominated the global market with a revenue share of 35.01% in 2023 attributed to favorable government initiatives to grow their infrastructure leading to the adoption of bitumen and bitumen-modified products across various sectors especially in the infrastructure sector. The regional governments in the Asia Pacific are investing in bitumen research and development due to its favorable characteristics. Heavy urbanization and increasing construction activities have resulted in the growing demand for bitumen in this region.

India bitumen market is expected to flourish rapidly due to infrastructure projects, and the participation of public-private companies to accomplish SMART city projects. Infrastructure development and road construction activities emphasize better connectivity between urban and rural areas. The rural road development programs initiated by the government create new opportunities for rural suppliers.

China bitumen market is expected to foresee rapid growth in the Asia Pacific based on massive infrastructure developments. China’s Belt and Road Initiatives have led to extensive construction and road projects at a higher scale. China is a huge importer and exporter of Bitumen for neighboring countries. In 2023, Vietnam, Malaysia, and the Philippines were the fastest-growing export markets. On the other hand, Singapore, South Korea, and the UAE accounted for the fastest-growing import markets.

Europe Bitumen Market Trends

The Europe Bitumen market growth is expected to be positive in the forecast period due to the advancements in usage of Bitumen for regional infrastructure, and sustaining growth. The focus on civil engineering projects in roadways and railways has highlighted the importance of bitumen in these sectors. The European market largely emphasizes efficiency, sustainability, and longevity for infrastructure projects. The stringent regulations and norms drive the demand for high-quality bitumen solutions.

Key Bitumen Company Insights

Some key players in the market include Shell, Indian Oil Corporation, NuStar Energy, and Exxon Mobil. Organizations emphasize increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Shell bitumen is an energy company that provides a wide range of bitumen-based solutions for road construction, roofing, and industrial applications. The company’s product portfolio includes conventional bitumen, polymer-modified bitumen (PMB), emulsions, and specialty products designed for specific performance.

• Indian Oil Corporation, India’s largest commercial enterprise and a government-owned oil and gas company, plays an important role in the country’s energy consumption and economic development. It operates across the entire hydrocarbon value chain, including refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil and gas, and petrochemicals manufacturing.

Recent Developments

• In June 2024, Nynas developed Nypol RE, a polymer-modified bitumen binder with biogenic elements to minimize the environmental impact while augmenting the technical lifespan of Asphalt.

• In March 2024, Indian Oil Corporation and Panasonic Energy Co. Ltd. mutually signed a binding pact that strategizes the framework for cylindrical Lithium-ion cells to meet the expanding needs of batteries for two and three-wheelers in India.

Bitumen Market Report Scope

Global Bitumen Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global bitumen market report based on application, and region:

• Application Outlook (Volume, Kilo Tons; Revenue, USD Million 2018 - 2030)

  • Roadways

  • Waterproofing

  • Adhesives

  • Insulation

  • Others

• Regional Outlook (Volume, Kilo Tons; Revenue USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Russia

    • Turkey

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Taiwan

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia