The global bitumen market is experiencing a significant surge, reaching a valuation of US$ 76.2 billion in 2024. According to Fact.MR, this market is poised to achieve a revenue of US$ 116 billion by the end of 2034, driven by the escalating number of construction projects globally. Bitumen, a vital component in infrastructure construction, is essential for building roads, highways, roofing, and waterproofing applications. Its crucial role as a foundation sealant, waterproofing compound, and roof membrane in the construction sector underscores its growing significance, particularly in the face of rising demand for residential, commercial, and industrial buildings.
The beneficial properties of bitumen, which acts as an excellent barrier against water intrusion, make it a vital material for ensuring the durability and strength of structures. Whether it is used to seal the foundation of a commercial building or to protect a home’s roof from inclement weather, bitumen-based materials are integral to modern construction.
The global bitumen market is anticipated to expand at a compound annual growth rate (CAGR) of 3% from 2024 to 2034. China is projected to be a major contributor to this growth, generating an estimated US$ 18.1 billion in revenue by 2034. The road surfacing segment, a key end use, is projected to reach a value of US$ 24.2 billion by the end of 2034. The North American market is also expected to witness steady growth, expanding at a CAGR of 2% from 2024 to 2034. The waterproofing segment is expected to hold 8% of the market share in 2024. Mexico is projected to reach a market value of US$ 1.1 billion by 2034, while South Korea’s bitumen sales are forecast to increase at a CAGR of 9.1% from 2024 to 2034.
“Bio-bitumen offers significant benefits for use in asphalt due to its binding and viscoelastic properties. The adoption of Bitumen 4.0 and the focus on creating pavements with extended service lives are key drivers of market growth,” says a Fact.MR analyst.
Leading players in the bitumen market, including Hindustan Petroleum Corporation Limited, Sinopec, Royal Dutch Shell PLC, Total Oil India Pvt. Ltd., China National Petroleum Corporation, CNOOC Limited, Rhine Middle East LLC, Indian Oil Corporation Ltd., Wellbank Global PTE Ltd., Kimya Refinery Group, Regional Petroleum Products Corporation, The Bahrain Petroleum Company B.S.C., Muscat International Bitumen LLC, and BNB Bitumen Private Limited, are driving innovation in the industry.
One key innovation driving market growth is the development of polymer-modified bitumen (PMB), which enhances fatigue performance and deformation resistance. This focus on producing PMB allows for the creation of long-lasting pavements, a critical factor for road networks funded by government budgets. The safety goals of road authorities and governments are aligned with the advancements in bitumen solutions, with these treatments being mixed with asphalt to increase skid resistance and create textured, multi-colored asphalt. This demand for advanced bitumen solutions is further fueled by the installation of bike lanes, bus stops, and bus lanes, highlighting the growing importance of sustainable and durable infrastructure.
Recent developments in the bitumen industry demonstrate its ongoing growth and innovation. In November 2023, Omnipotent Industries Ltd. began commercial operations at its new bitumen processing plant in Kandla, India. The Gujarat-based factory provides access to raw materials and delivery, reinforcing Omnipotent’s supply chain and commitment to sustainability. In September 2023, GOIL PLC entered the West African bitumen market by offering innovative products like polymer-modified bitumen (PMB) and bitumen emulsion, part of its diversification strategy. This US$ 45 million project is a joint venture between GOIL PLC and Côte d’Ivoire’s Société Multinationale de Bitumes (SMB). In July 2020, Total SA, a French energy giant, and Indian Oil Corp (IOC), India’s top oil corporation, established a 50:50 joint venture to manufacture and distribute high-quality bitumen derivatives and specialized goods for India’s booming road-building sector.
Regionally, the North American and European markets for bitumen are projected to witness steady growth during the forecast period, driven by increasing construction and redevelopment activities. East Asia is a prominent player in the global bitumen market, holding 22.4% of the market share in 2024. China’s bitumen sales are increasing due to its economic expansion and extensive infrastructure development initiatives, including the construction of highways, airports, and roads. The nation’s vast territory and population necessitate a robust transportation infrastructure, leading to the widespread use of bitumen in road construction and maintenance. Furthermore, the Chinese government’s ambitious initiatives, such as the Belt and Road Initiative (BRI), which accelerate infrastructure development, have boosted demand for bitumen.
Fact.MR’s comprehensive analysis provides insights into the bitumen market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034. The study delves into essential aspects of the market based on grade (paving grade, hard grade, oxidized/blown grade, bitumen emulsion, polymer modified binder) and end use (road surfacing, waterproofing, others), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
