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Global Bitumen Market: Overview

A mixture of highly sticky, viscous, and black organic liquids which is soluble in carbon disulfide and primarily composed of condensed polycyclic aromatic hydrocarbons is known as bitumen. The compound is known as ‘asphalt’ in the US.

The bitumen is increasingly used during the construction activities owing to its properties such as higher strength, durability, and resilience. The increasing construction of government and private buildings such as roadways, government, and commercial buildings in order to fulfill the demand for infrastructural development. This factor is driving the growth of the global bitumen market. Additionally, increasing awareness about the advantages of the bitumen when mixed with the concrete coupled with effects of climate change and global warming on the concrete used for roofing is bolstering growth of the global bitumen market over the forecast period. 

According to the report by TMR, the global bitumen market is expected to expand with a CAGR of 3.90% over the forecast period to attain the value of US$93.38 bn by the end of 2020. The consumption of the bitumen stood at 116,338.7 kilo tons and is expected to reach up to 129,673.2 kilo tons by the end of the forecast period.

Growing Infrastructural Development to be Beneficial for Growth

On the basis of product type, the bitumen market is segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, polymer modified bitumen, and bitumen formed due to the addition of zinc and copper. Of these, paving bitumen dominated in the year 2016, in terms of demand of more than 80,000 kilo tons. This growth is attributable to the growing initiatives for infrastructural development in the developing countries such as India and China.

On the basis of application, the bitumen market is segmented into roadways, waterproofing, adhesives, insulation, decorative, and industrial. Of these, road construction is anticipated to dominate the market with accounting for a larger share of 80.0% by the end of 2020. This growth is attributable to the high viscosity and stickiness of the bitumen. The waterproofing segment is predicted to grow at a sharp pace while riding on infrastructure development activities in emerging nations such as India and China.

Rising Repair and Redevelopment Activities in the US to Influence Growth of Bitumen Market

On the basis of region, the global potassium chloride market is segmented into North America, Europe, Asia Pacific excluding China, China, and Rest of the World. Of these, North America is dominating the global market for bitumen with consuming over 38,000 kilo tons. This growth is attributable to the higher consumption of bitumen in the US for repair and redevelopment of the existing roads. However, the market in Asia Pacific is expected to witness lucrative growth owing to increasing initiatives for infrastructural development.

The global bitumen market has highly fragmented competitive landscape. In 2013, the top eight players operating in the global market for bitumen collectively accounted for 39.0% shares. Some of the companies operating in the bitumen market are NuStar Energy, Marathon Oil Company, Shell Bitumen, ExxonMobil, and Valero Energy Corporation. These companies are increasingly investing in the research and development (R&D) activities for development of the cost-effective waterproofing material which can withstand high temperatures.

Global Bitumen Market: Overview

Bitumen is a dark, highly viscous and sticky substance derived from crude oil through fractional distillation. It is primarily used as a binder in road construction. Bitumen is also known as “asphalt” in North America. It is also used in other applications such as electronics, roofing and adhesives due to its resistance to water, insulation properties and high durability. Properties of bitumen can be altered by adding polymers to it, thus increasing its application scope. There are several types of bitumen available in the global market such as cutback bitumen, oxidized bitumen, polymer modified bitumen (PMB) and bitumen emulsion. Additionally, bitumen is available as hard or soft grades depending on the viscosity. Furthermore, warm mix bitumen, hot mix bitumen and cold mix bitumen are the different types of bitumen available in the market. They are named mix bitumen, hot mix bitumen and cold mix bitumen depending upon the different temperatures required to melt bitumen for applications. 
The report on bitumen market has been segmented into various chapters. Under each chapter, we have tackled the different aspects of the market and provided an analysis on various parameters. Preface provides a brief diagrammatic representation on the segmentation of the bitumen market. Additionally, the chapter provides a detailed description of the methodology used for research along with the scope and assumptions used in estimating as well as analyzing the future market growth.
We have included an executive summary that includes a brief summary regarding the trends of the market. We have also included a snapshot of the market; it provides the current scenario as well as growth opportunities for the market at the end of the forecast period.
Industry analysis provides an insight on the drivers and restraints of the bitumen market and their impact on the growth of the market during the mentioned forecast period. Additionally, the study includes opportunities available for the market on a regional and global level and its effect during the forecast period. We have provided a detailed analysis of the value chain for better understanding of the bitumen market. Moreover, a detailed analysis of the Porters five forces model has been provided for better understanding of the intensity of competition in the market. Furthermore, the study comprises a market attractiveness analysis, where applications are benchmarked based on their market scope, growth rate and general attractiveness. A detailed analysis of key players’ market share in the industry has been included to represent the nature of the market.
Product segment analysis provides forecast for the bitumen market on the global level for various product types of bitumen. The market has been estimated in terms of volume (kilo tons) and forecast for the period from 2014 to 2020. Furthermore, application segments have been analyzed and forecast on current trends on the global and regional level from 2014 to 2020. Geographically, the market has been segmented into North America, Europe, China, Asia Pacific (excluding China) and Rest of the World. Analysis and forecast is based on current trends and ranges over a period from 2014 to 2020. 
Detailed profiles of certain leading companies are provided in the report along with a detailed analysis of their market share. Leading companies in the market include Shell Bitumen, NuStar Energy, ExxonMobil, Marathon Oil Company, Valero Energy Corporation and Nynas AB. Company profiles include attributes such as company overview, financial overview, SWOT analysis, business strategies and recent developments. 
The market has been segmented as below:
Bitumen Market – Product Segment Analysis
  • Paving grade bitumen
  • Oxidized bitumen
  • Cutback bitumen
  • Bitumen emulsion
  • Polymer Modified Bitumen (PMB)
  • Others (including bitumen formed due to addition of zinc, copper, etc.)
Bitumen Market – Application Analysis
  • 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 applications)
Bitumen Market – Regional Analysis
  • North America
  • Europe
  • China
  • Asia Pacific (Excluding China)
  • Rest of World (RoW)

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Bitumen Market

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