Bitumen Market Projected To Be Worth $79.91 Billion By 2024

May 2016 | Report Format: Electronic (PDF)

The global bitumen market is expected to reach USD 79.91 billion by 2024, according to a new report by Grand View Research, Inc. Rise in infrastructure development in emerging economies including China, India and Brazil has resulted in propelling demand for bitumen in the last few years. Road connectivity is among the most important features of any developed economy. This factor has resulted in product market growth on account of growing need for roads in emerging economies. 

Road widening and rebuilding existing assets including buildings and roads are some key areas where product need is expected to increase constantly. Rising demand from the construction sector has been influencing growth of the product. 

Changing government requirements owing to environment regulations coupled with low cost roofing solutions are major factors propelling demand for polymer modified bitumen (PMB) in roofing applications. Excellent durability, water resistance and ability to withstand extreme temperatures have resulted in increasing demand for PMB.

 To request a sample copy or view summary of this report, click the link below:

Further key findings from the report suggest:

  • Europe bitumen market is expected to grow at a CAGR of 1.8% from 2016 to 2024 in terms of volume. Turkey is projected to be a key market for the product on account of increasing infrastructure spending by the government over the past few years.

  • Asia Pacific is expected to be the fastest growing market and is expected to witness gains at a CAGR of 3.0% from 2016 to 2024 in terms of volume. Government initiatives to construct roads to access rural areas is projected to propel demand for bitumen over the forecast period.

  • Bitumen demand in roadways was 62,716.8 kilo tons in 2015. The intervention of various government policies such as FDI is expected to drive the Indian construction industry. The increasing trend of using paving techniques including micro-surfacing on heavy traffic roads is contributing towards PMB demand. This trend is supposed to continue over the forecast period.

  • The increasing need to provide cost effective solutions for roofing applications is expected to influence the growth of bitumen over the forecast period. Increasing need for waterproofing solutions across the globe is projected to propel growth. Demand for the product in roofing solutions is likely to account for 21.4% of the overall volume by 2024.

  • Key industry players including Marathon Oil Corporation, Nynas AB, ExxonMobil, Nippon Oil Corporation, Indian Oil Corporation, Sinopec, Petróleos Mexicanos, Shell Bitumen. Companies including Syncrude, Imperial Oil Limited, Athabasca Oil Corporation, Suncor Energy, NuStar Energy and Valero Energy Corporation produce crude bitumen from oil sands. 

Grand View Research has segmented the global bitumen market on the basis of application and region:

Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

  • Roadways

  • Waterproofing

  • Adhesives

  • Insulation

  • Others

Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

  • North America

    • U.S.

  • Europe

    • Russia

    • Germany

    • France

    • Turkey

  • Asia Pacific

    • China

    • India

  • Latin America

    • Brazil

  • MEA

    • Saudi Arabia

Request TOC
Request for Customization

Choose License Type

Single User - $4,450
Multi User (2-5) - $6,450
BI Library Access - $8,450

Buy Chapters or Sections

Avail customized purchase options to meet your research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert. Request for a free product review before report purchase.

  • Custom research service

    Custom research service

    Speak to the report author to design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service excellence represented in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • BOA