The updated report on the global bitumen market published by PMR provides a comprehensive analysis of the global bitumen market. The global bitumen market is expected to grow at a CAGR of ~4% in terms of value during the forecast period of 2019-2029, and is estimated to be US$ ~60 Bn in 2019. Moreover, in terms of consumption, the bitumen market is expected to register 1.4X growth, and the consumption volume of bitumen is expected to reach ~153,000 KT by the end of 2029. A positive growth in the demand for road infrastructure development is expected in the upcoming years. The global bitumen market is expected to witness significant growth in sales during the forecast period (2019 to 2029).
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East Asia to Remain a Prominent Region in terms of Bitumen Sales
As a result of stable demand for bitumen in waterproofing applications, the East Asia region is estimated to hold a noticeable share of the global bitumen market, in terms of value and volume. Furthermore, the Europe market is estimated to remain steady during the forecast period, followed by North America and South Asia regions, where the bitumen market is expected to grow at a significant rate.
Paving Grade Segment Estimated to Grow in the Bitumen Market
Among several grades of bitumen, the paving grade bitumen segment is expected to hold nearly half of the global bitumen market share by grade throughout the forecast period. This segment is likely to be prominent in the global bitumen market across all regions owing to the increase in road construction activities. However, the oxidized/blown grade of bitumen is expected to project profitable growth over the forecast period owing to its applications in waterproofing and sealing purposes.
Bitumen Application to Remain Resilient in Road Construction
The market is being primarily driven by high volume adoption of bitumen in the road surfacing segment. Increasing road construction activities in developed as well as developing regions is expected to drive the bitumen market growth. In terms of the revenue growth, the road surfacing segment is projected to expand at a significantly higher rate than that of the waterproofing segment over the forecast period. Increasing use of bitumen in road construction due to the growing demand for smooth highways across the globe is a key factor driving the bitumen market.
Moreover, use of bitumen in the construction of runways at airports and racing tracks for various motorsports such as Formula 1 and others, are some other major factors fueling the demand for bitumen worldwide.
Bitumen Market: Competition Landscape
Some of the major market participants of the global bitumen market operating at international or domestic levels are as follows:
- Royal Dutch Shell PLC
- AVIC Lutong Co., Ltd.
- CNOOC Limited
- China National Petroleum Corporation
- TOTAL S.A
- PJSC Rosneft Oil Company
- Hindustan Petroleum Corporation Limited
- Petro Tar Co
- Sinab Co.
- Indian Oil Corporation Ltd
- Bharat Petroleum Corporation Limited
- Kimya Refinery Group
- Isfahan Bitumen Production Co.
- Saudi Bitumen Industries Co. Ltd.
- BNB Bitumen Private Limited
- Regional Petroleum Products Corporation
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With the significant number of market participants in the global bitumen market, the competition among these players is intense. Some of the players such as Sinab Co., AVIC Lutong Co., Ltd, and Saudi Arabian Oil Co., among others, are categorized under tier 1 players of the global bitumen market. Rest of the small players are classified under tier 2 & 3 of the global bitumen market structure. Some of the key development strategies in the global bitumen market consist of the development of special product grades for targeted end-use applications to meet the growing demand for bitumen.
To expand the product offerings, market leaders are targeting market players dealing with other product segments related to the bitumen manufacturing industry. Also, global market leaders in the bitumen market are more into mergers and acquisitions of competitors to increase their market footprint across the globe.