The Global Bitumen Market was valued at over $44.7 billion in 2018 and is poised to grow at CAGR of over 6% during forecast period. The market can be segmented based on product grade, application and region.
Growth of the market is led by increasing investments by the governments of different economies for the maintenance & repair and construction of roads. Roads made with bitumen have high viscosity, stickiness and water resistance, which is stimulating its adoption for road construction.
Additionally, hydrocarbon mixture due to its water proofing properties, also finds application in water tank manufacturing, tennis courts, runways and barn floors, among others. However, release of toxic gases due to the heating of bitumen and cement as an alternative for bitumen for the construction, is impeding the growth of the market.
In terms of product grade, the market can be segmented into paving, industrial and polymer modified. Of all, paving product grade dominates the Global Bitumen Market and the trend is likely to maintain its dominance during forecast period as well. However, polymer modified segment is anticipated to witness the fastest CAGR during forecast period due to its growing usage in industrial applications and road surfacing. Addition of polymers to the bitumen enhances the resistance to deformation of the mixture, which is further anticipated to promote the growth of this segment over the coming years.
Regionally, the market for bitumen is gaining traction and expanding to various regions including Asia-Pacific, Europe, North America, South America and Middle East & Africa. Among these regions, Asia-Pacific dominates the market on account of rising demand for expanding land connectivity in economies such as China, India, Japan, among others. Moreover, increasing population, high standard of living and high vehicle ownership in the region, which is resulting in surge in traffic, is leading to the construction of new flyovers and roads, thereby further driving the demand for bitumen in the region.
Major players operating in the Global Bitumen Market include China National Petroleum Corporation (CNPC), Indian Oil Corporation Limited (IOCL), Total, ExxonMobil Corporation, Royal Dutch Shell, Sinopec, Valero Energy Corporation, Bouygues, NuStar Energy, Villas Austria, Marathon Oil Corporation, Nynas, Kraton Corporation, etc., are some of the leading players operating in the Global Bitumen Market.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study
To analyze and forecast the market size of the Global Bitumen Market.
To classify and forecast the Global Bitumen Market based on product grade, application and regional distribution.
To identify drivers and challenges for the Global Bitumen Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Bitumen Market.
To conduct pricing analysis for the Global Bitumen Market.
To identify and analyze the profile of leading players operating in the Global Bitumen Market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer 4.1. Factors to Be Considered for Product Selection 4.2. Factors Influencing Purchase Decision 4.3. Challenges/Issues Faced Post Purchase 4.4. Unmet Needs
5. Global Bitumen Industry Overview
6. Global Bitumen Market Outlook 6.1. Market Size and Forecast 6.1.1. By Value 6.1.2. By Volume 6.2. Market Share and Forecast 6.2.1. By Product Grade (Paving, Industrial, Polymer Modified Binders) 6.2.2. By Application (Paving, Roofing, Others) 6.2.3. By Company 6.2.4. By Region 6.3. Market Attractive Index
15. Competitive Landscape 15.1. Competition Benchmarking 15.2. Company Profiles (Leading companies) 15.2.1. CNPC 15.2.2. IOCL 15.2.3. Total S.A. 15.2.4. ExxonMobil 15.2.5. Valero Energy Corporation 15.2.6. Royal Dutch Shell PLC 15.2.7. JX Nippon Oil & Energy Corporation 15.2.8. Petroleos Mexicanos 15.2.9. Bouygues S.A. 15.2.10. NuStar Energy L.P (Note: The companies list can be customized based on the client requirements)
