Increasing application of bitumen and related products in modern buildings to increase life-cycle of infrastructure, increasing road repair and expansion of road networks, and increasing use of bitumen in chemical industry are key factors expected to drive market growth
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Bitumen Market by Product Type (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation, Others), and Region Forecast to 2028."
According to Reports and Data, the global bitumen market size was USD 85.03 billion in 2020 and is expected to reach USD 112.01 billion in 2028 and register a revenue CAGR of 4.7% during the forecast period, 2021-2028.
Bitumen is a low-grade crude oil comprising complex and heavy hydrocarbons and is generally produced by removing lighter fractions from crude oil during refining process. Refined bitumen is majorly used in the construction industry – including for paving and roofing applications. Increasing use of bitumen in road repair and maintenance activities, rising awareness regarding various advantages of bitumen uses, and increasing use of bitumen in soundproofing applications are among some key factors expected to drive market revenue growth over the forecast period.
Bitumen is widely used owing to robust adhesive property and high resistance to damage and wear and tear caused by water, abrasion, and chemicals. Bitumen is widely used as binder for materials used to deploy surfaces in parking lots and road topping, among numerous others. Different specifications of binders can be produced – majorly depending on the end-use, but it is primarily produced by distilling crude oil. Bituminous materials are extensively used in the building industry owing to adhesive and waterproofing properties and ability to create a waterproofing surface. In addition, several bitumen types – such as direct distilled, cracked, oxidized, emulsions – are available commercially for immobilization of radioactive wastes. Bitumen is a dark viscous liquid or semi-solid that is non-volatile at ambient temperatures and soften gradually on heating. Bitumen is also known as asphalt cement or asphalt binder and bitumen products can be tailored to needs depending on required physical properties. Over 80% of the materials are used in different forms of road construction and maintenance. Bitumen is also used for paving roads and airfields, hydraulic uses such as sea defense works, dams, and water reservoirs, roofing and flooring, and for providing protection to metals against corrosion.
Bitumen roofing products can be cold-applied, hot-applied, or soft-applied, and over the last few years, cold-applied roofing has largely replaced hot-applied roofing in countries in Europe and North America. In addition, bitumen is widely used in waterproofing, electrical insulation, sound insulation, and pipe coatings, among others and this is expected to further drive revenue growth of the market going ahead. However, major negative impacts of bitumen extraction on the environment, human health, and wildlife owing to emissions of sulfur dioxide, VOCs, and hydrogen sulfide in the environment is a key factor expected to restrain market growth to a certain extent over the forecast period.
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Paving Bitumen Segment to Account for Largest Revenue Share:
Paving bitumen segment is expected to account for largest revenue share over the forecast period, which is attributable to increasing application of bitumen in asphalt concrete for roads, airfields, parking spaces and areas, and sidewalks, among others. In addition, availability of cost-effective paving grade bitumen, increasing construction activities across the globe, and growing need for deployment of more robust road networks are some other key factors expected to drive revenue growth of this segment.
Rising use of Bitumen in Road Construction and Repair to Drive Revenue Growth:
Increasing need better quality roads and robust highway networks, increasing number of roadways and highways maintenance and repair projects, and rising government focus on development of robust roadways to facilitate easy traffic management during busy hours in major cities are key factors expected to fuel revenue growth of the roadways segment.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly larger revenue share over the forecast period, attributable to increasing construction and maintenance of highways and roadways, development of state-of-the-art infrastructure, rising number of on-road vehicles, and presence of key market players in the region.
Asia Pacific Market Revenue to Expand at Robust Revenue CAGR:
Asia Pacific market is expected to register robust revenue CAGR between 2021 and 2028 owing to fast-paced development of roads and highways in countries such as China and India, rapid urbanization, increasing sales of automobiles due to rising disposable income among individuals, and increasing investment by governments to accelerate repair and maintenance of existing and new roadways.
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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