• Sat. Aug 20th, 2022

Bitumen Market 2022 Analysis, Key Industry Growth Rate and Forecasts

ByKing's Research

Jan 31, 2022

Bitumen is manufactured through the crude oil distillation process or found in deposits such as pitch lakes and oil sands. The application of bitumen is rapidly increasing in various applications such as roadways and waterproofing and others. The region is also dominated by a large number of small & medium scale bitumen manufacturers, especially in China.

Increasing number of construction projects in developing countries including China, India, and Brazil are expected to spur the demand for bitumen. There is a shift in the market for bitumen, as the polymer modified bitumen market has grown hugely over the past five years. Roads in the Middle East are being developed at a rapid pace owing to the increasing road connectivity, construction of multi-lane, dual-carriageway, and need for alternate highway facilities to cope with the high demand for road transportation.

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Crude oil prices have seen major fluctuations in the past several years influenced by the OPEC. Production costs, natural disasters & calamities, demand & supply gaps, political instabilities, and wars are some of the major reasons resulting in oil price fluctuations. Price volatility in crude oil affects the manufacturing costs and supply of petrochemicals, causing constant price shifts in bitumen, resins, and others. These resins and other petrochemicals are further used as raw materials for varied purposes such as in the manufacturing processes of polymer modified bitumen. The constant shifting prices of these raw materials results in volatile production costs, leading to price variations in finished goods.

Bitumen Market Size, Share and Industry Analysis Report By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), By Application (Roadways, Waterproofing, Adhesives, Insulation), Regional Outlook, Application Potential, Competitive Market Share & Forecast

Growing Use of Bitumen in Waterproofing Application

Due to the highly sticky and viscous nature of bitumen, it is widely used as a waterproofing agent on the roofs of residential and commercial buildings. Bituminous waterproofing is done to protect the roof from water leakage and seepage. Bitumen is used to protect roof decks from rain before installation or roofing.

It also provides an extra barrier in case of blow-offs or water penetration through roofing, ceilings or flashings. Bitumen, particularly used in waterproofing of buildings and roofs, is also called as roofing felt or tar paper, which is a sheet or a membrane made of bitumen, and is deployed to separate roof deck from the roof covering thus, providing secondary weather protection.

Increasing Use of Bitumen as a Chemical Additive

Bitumen is widely used as a chemical additive in several applications such as solvents and black paints. As a chemical additive, bitumen helps in improving the efficiency of paints & coatings, and also improves the viscosity of waterproofing agents. Use of chemically-modified bitumen in road construction and waterproofing as well as a candy coated chemical additive in emulsions are some other factors driving the adoption of bitumen across several industries worldwide.

When mixed with organic amines and amides, bitumen helps provide better adhesion properties and when mixed with lime and fly ash, it provides excellent and smooth road surfaces. In the paints industry, bitumen is used in the manufacturing of anti-corrosive paints and black paints. Thus, these factors are projected to boost the bitumen market during the forecast period.

Road Surfacing Segment of the Bitumen Market Driving Growth in East Asia

The growth in the East Asia bitumen market is backed by the rising demand for road construction activities and waterproofing applications. For instance, approximately 15% of the total bitumen used in the world was deployed for water proofing of buildings and the demand is expected to increase at healthy pace over the upcoming years. Paving grade and oxidized/blown grade bitumen are estimated to be the most desired products in the bitumen market.

The sales paving grade and oxidized/blown grade bitumen are likely to be high as compared to other products by the end of 2029. Moreover, major market participants have started entering into strategic collaborations with local or small companies to seize their market presence. Thus, contributing towards the growth by mergers and acquisitions in the bitumen market.

Product development is one of the major strategic outlooks of the overall industry

Global bitumen industry players majorly focus on development of their product portfolio to enhance their business capabilities. Major players are increasing their product range and presence in the emerging market to cater to the growing demand for bitumen. Strategic partnerships and enhancement of the product landscape are key initiatives in the global market.

Some of the key manufacturers include ExxonMobil, Athabasca Oil Corporation, Royal Dutch Shell, TotalEnergies, Nynas, Valero Energy Corporation, Chevron Texaco Corporation, Indian Oil Corporation, Suncor Energy, China Petroleum and Chemical Corporation, Nustar energy, Bouygues, Villas Austria GmbH, Gazprom-Neft, and Marathon Oil Corporation, among others. 

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