Paving bitumen will gain robust traction in the ensuing years, having held about 70 percent of the bitumen market share in 2017, due to the product’s hefty deployment in road construction and maintenance. By the end of forecast period however, oxidized bitumen market size will be pegged at approx. $11 billion due to the product’s rising deployment in the piling industry, for manufacturing roofing felts utilized in sound dampening felts, electric cable joint protection, waterproofing and roofing industries, sealant compound, joint filling compound, under carriage sealant among others.
The global bitumen market share is anticipated to grow at a commendable pace, pertaining to the fact that bitumen is one of the most pivotal raw materials used in the construction sector. The product is deployed for manufacturing bridges, dams and water tanks due to its high viscosity, water resistance and stickiness properties. The increasing number of modern construction systems and property renovation projects will thus prove to majorly drive bitumen market.
As per estimates, by the end of 2025, bitumen market from adhesive applications is expected to be pegged at $1.7 billion, pertaining to the policies of the government aimed at increasing private sector participation and rapid urbanization. The recovery of the construction sector also lends an advantage to the infrastructure industry, mainly in developing nations like Thailand, India among others, that will also help propel bitumen industry from adhesive applications.
Speaking of the application landscape though, roadway applications are expected to emerge dominant in the bitumen market, with a projection of accumulating over 80 percent of the industry share by the end of 2025.
Developing regions like Latin America and Asia Pacific have lately been witnessing rapid urbanization that paves the way for mammoth road construction and infrastructure development projects. Surging land connectivity in Brazil, Japan, Vietnam, India, China and several other countries would also serve to boost the bitumen market growth further, since connectivity is hugely dependent on roads which act as a catalyst in a nation’s economic growth.
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North America, primarily driven by U.S., is expected to emerge as a pivotal regional ground for the expansion of the global bitumen market. Estimates claim that North America bitumen market size will register a CAGR of 2.5 percent over 2018-2025.
The competitive landscape of the global bitumen market is quite competitive as well as consolidated owing to the presence of several industry players. Some of the key participants in this business space are Imperial Oil, Exxon Mobil, Nynas, Bouygues, Villas Austria, NuStar Energy, Marathon Oil Corporation, Petroleos Mexicanos, Royal Dutch Shell, British Petroleum, JX Nippon Oil & Energy Corporation, Total, China Petroleum and Chemical Corporation, Indian Oil Corporation and Chevron Texaco Corporation.
The introduction of a few feasible alternatives to bitumen such as concrete, as well as stringent regulatory compliances related to the extraction of bitumen is predicted to curtail the growth of bitumen market in the upcoming timeframe. Furthermore, development of green products such as bio-asphalt, an alternative produced from non-petroleum based renewable resources, may also slow down the bitumen market growth.
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