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Global Bitumen Market Insight February 15, 2022 Comments

The bitumen is forecast to grow gradually over the next few years. According to the WK-chem Research “Global Bitumen Professional Survey Report 2022, Forecast to 2027”, Growing demand for infrastructure on account of growing the population, improving the standard of living is projected to bolster bitumen market growth over the forecast period. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.49% base on WK-chem Research regression analysis model.
Analysts’ Viewpoint:
The competitive landscape of the global asphalt market includes numerous players operating on a global and regional scale, and product development is one of the major strategic prospects for the entire industry, said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. Global bitumen industry players should focus on developing their product portfolio to enhance their business capabilities. Thereby increasing the product range and presence in emerging markets to meet the growing demand for bitumen. Strategic partnerships and enhanced product landscape are key initiatives in the global market.
Market insight:
Globally, the infrastructure sector is experiencing steady growth due to increased government spending to promote local infrastructure construction. In order to keep up with growing economic activity and changing demographic trends, compared with advanced economies, spending on infrastructure activities is mainly driven by developing economies. In the developing economies of the Asia-Pacific region, infrastructure activities are expected to increase significantly, especially in the transportation sector, as the urbanization process in these countries continues to accelerate and the focus shifts to the development of secondary industries. In addition, due to population growth, the demand for infrastructure is also increasing, and it is expected that the increasing demand for infrastructure construction will promote the growth of the asphalt market.
Competition Landscape:
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Bitumen companies that include China National Petroleum Corporation, Exxon Mobil Corporation, Sinopec, BP PLC, Suncor Energy Inc., Royal Dutch Shell PLC, Chevron Texaco Corporation, TotalEnergies, Valero Energy Corporation, Bouygues, PJSC Rosneft Oil Company, Marathon Petroleum Corporation, Nynas AB, CNOOC Limited, ENEOS Corporation, Indian Oil Corporation Ltd, KRATON CORPORATION, Gazprom-Neft, ATDM CO. LTD, BMI Group, Nustar energy.
Segmentation of Bitumen Market:
By product type, the Bitumen industry can be divided into paving bitumen, oxidized bitumen, cutback bitumen, emulsion bitumen and polymer modified bitumen. Paving bitumen will hold the largest market share, close to 50% by value. Due to its robustness and ability to repair quickly, the manufactured asphalt is used as a binder for asphalt concrete for roads, parking lots, airport runways and sidewalks. Bitumen with a permeability rating of 60/70 is extracted from specially selected crude oil through a carefully controlled refining process and used as paving grade bitumen.
Bitumen can be widely used in road construction, waterproofing, adhesives and others. Roads are the largest application area. Rising demand for quality roads, growth in global traffic, increasing demand for quality roads and highway networks, rapid urbanization, and increasing construction of roads and sidewalks are some of the key factors driving revenue growth in the road segment. Increasing government initiatives to develop sound roads and highways to facilitate easy and convenient traffic management during peak hours have increased the demand for asphalt for the manufacture of asphalt concrete, which is expected to further boost future revenue growth.
Bitumen Market: Regional Analysis
In terms of geography, the global Bitumen market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Europe is expected to dominate the bitumen industry in the coming years due to the demand for road construction and other infrastructural activities such as waterproofing, insulation, etc. The European bitumen market is characterized by excellent road quality to accommodate the high-speed limits of motorways and vehicles that are frequently driven on the highway. Investments in the road development and maintenance sector in Western European countries will have a positive impact on regional asphalt demand.
Cagr: 4.49%
Largest share area:Europe
Largest share country:Germany
Product Type:Paving Bitumen, Oxidized Bitumen, Cutback Bitumen, Emulsion Bitumen and Polymer Modified Bitumen
Application:Road Construction, Waterproofing, Adhesives and Others
Leading Company:China National Petroleum Corporation, Exxon Mobil Corporation, Sinopec, BP PLC, Suncor Energy Inc., Royal Dutch Shell PLC