About Bitumen
Bitumen, also known as asphalt, is a substance that forms through the distillation of crude oil. Bitumen has adhesive and waterproofing properties. Its production through distillation removes lighter crude oil components such as gasoline and diesel, leaving the heavier bitumen behind. The producer frequently refines it several times to improve its grade. Bitumen can also occur in nature such as deposits of naturally occurring bitumen form at the bottom of ancient lakes, where prehistoric organisms have meanwhile decayed and have been subjected to heat and pressure.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Bitumen market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
British Petroleum (United Kingdom), Shell Global (Netherlands), China Petroleum and Chemical Corporation (China), Indian Oil Corporation (India), Bouygues S.A. (France), Exxon Mobil Corporation (United States), Icopal Group (United Kingdom), JX Nippon Oil & Energy Corporation (Japan), Marathon Oil Company (United States) and NuStar Energy (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Kraton Corporation (United States), Petroleos Mexicanos (Mexico), Suncor Energy Inc. (Canada) and Nynas AB (Sweden).
Segmentation Overview
AMA Research has segmented the market of Global Bitumen market by Type (Paving Grade, Oxidized, Cutback, Bitumen Emulsion and Polymer Modified Bitumen (PMB)), Application (Roadways, Waterproofing, Adhesives, Insulation and Others) and Region.
On the basis of geography, the market of Bitumen has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Form, the sub-segment i.e. Solid will boost the Bitumen market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growth in Demand for Adhesives
Market Growth Drivers:
Growing Road Construction and Repair Activities and Increasing Demand from Commercial and Domestic Building Constructions
Challenges:
Availability of Substitute and Low Tensile Strength
Restraints:
Rising Environmental Concerns
Opportunities:
Rapid Growth in Construction Industry of Developing Countries and Developments in Technology of Bitumen Production
Market Leaders and their expansionary development strategies
On March 7, 2019 - Pemex and JBIC signed a Memorandum of Understanding with the purpose of exchanging experiences and promote strategic windows of opportunity that will contribute to the development of the energy sector.
In November 2023, Omnipotent Industries Ltd commenced commercial operations at a new bitumen processing plant in Kandla. The plant, located in Gujarat, ensures access to raw materials and distribution. This placement is expected to strengthen Omnipotent’s supply chain, enhancing market responsiveness in line with the company’s broader sustainability vision.
EPA is promulgating national emissions standards for the control of emissions of hazardous air pollutants (HAP) from the asphalt processing and asphalt roofing manufacturing area source category. These final emissions standards for new and existing sources are based upon EPA’s final determination as to what constitutes the generally available control technology or management practices (GACT) for the source category.
Key Target Audience
Bitumen Provider, Suppliers of Bitumen, Construction Industry, Governmental Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.