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Bitumen Market to Reach US$ 145.3 Bn by 2031: TMR Study

Wednesday, September 21, 2022 10:03 AM

WILMINGTON, DE / ACCESSWIRE / September 21, 2022 / Transparency Market Research Inc. - An evaluation of bitumen market demand analysis underscores that bitumen is gaining widespread adoption on the back of the demand for recyclable road surfacing and resurfacing materials. Widespread use of bitumen in wide range of pavements has helped augment the bitumen market size over the years. The market is projected to advance at a CAGR of 4.1% from 2021 to 2031 (forecast period).

Transparency Market Research inc., Wednesday, September 21, 2022, Press release picture

The authors of the bitumen market study estimated that road constructions account for a sizable bitumen market share by the end of 2031. The demand for bitumen for waterproofing applications is expected to rise in the coming years, and will generate massive revenue streams. Rise in spending on road constructions in developing world has boosted the prospects, indicate an analysis of recent bitumen market trends. Furthermore, companies are witnessing incremental opportunities in bituminous adhesives.

Focus on boosting the production of bituminous macadam (BM) will open up new revenue streams in the bitumen market. Need for construction pavements that are of high fatigue performance and provides resistance to deformation has spurred the growth prospects.

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Key Findings of Bitumen Market Study

  • Rising Adoption Resurfacing Projects Generating Sizable Revenues: Lucrative demand for bitumen for road resurfacing projects especially those with low road traffic has kept the bitumen market in good stead. They are cost-effective and recyclable, and hence can be used multiple times. Sustainability of the products has unlocked an incredible avenue for the expansion of the bitumen market.
  • Need to Meet Road Safety Regulations and Government Norms Expanding Avenues: Firms are producing bitumen that complies with latest road safety regulations and government norms. The trend is creating demand for advanced solutions in the bitumen market. Of note, several players are leaning on developing bio-bitumen to boost their sustainability credentials. To this end, they are also adopting propriety technologies that help them produce bio-bitumen based on lignin.

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Bitumen Market: Key Drivers

  • Rise in spending on infrastructural developments by governments and private players in emerging economies is a key driver of the bitumen market. Road constructions accounts for a bulk of demand for bitumen. Rise in use of bitumen used in modern asphalts will spur profitable demand.
  • Evolution of bitumen 4.0 has spurred the demand for bituminous adhesives for both building and construction industries
  • Need for increasing the service life, versatility, and flexibility of next generation of roads underpins a vast avenue for stakeholders in the bitumen market. Of note, this has invigorated the commercialization of polymer modified bitumen (PMB).

Bitumen Market: Regional Growth Dynamics

  • North America held a major share of the global market in 2020. Rise in repair and redevelopment of existing roads has spurred the consumption of products. Of note, use in road constructions in the U.S. has generated substantial revenue streams in North America bitumen market.
  • The bitumen market in Asia Pacific, the study finds, is poised to expand at most lucrative growth rate over the next few years. Abundant demand for products in road constructions and other infrastructure development projects especially in emerging economies will create enormous profitable streams for firms in the regional market.

Bitumen Market: Competition Landscape

The bitumen market is characterized by high degree of fragmentation, with the leading eight players collectively accounting for a relatively low share of 39.0% in 2020.

Some of the key players in the market are Total France, United Refining Company, Royal Dutch Shell, Valero Energy Corporation, Nynas AB, Marathon Oil Company, ExxonMobil, NuStar Energy, and Shell Bitumen.

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Bitumen Market Segmentation

Product

  • Paving Grade Bitumen
  • Oxidized Bitumen
  • Cutback Bitumen
  • Bitumen Emulsion
  • Polymer Modified Bitumen (PMB)
  • Others (including Bitumen Formed Due to Addition of Zinc, Copper, etc.)

Application

  • Roadways
    • Hard Grade
    • Soft Grade
    • Polymer Modified Bitumen (PMB)
  • Waterproofing (Roofing)
    • Hard Grade
    • Soft Grade
    • Polymer Modified Bitumen (PMB)
  • Adhesive
  • Insulation
  • Others (including Decorative and Industrial)

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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SOURCE: Transparency Market Research inc.

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