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Bitumen Industry Survey, Trends, Outlook, Overview and 2024 Forecast

Rise in infrastructure development in emerging economies including China, India and Brazil has resulted in propelling demand for bitumen in the last few years. Road connectivity is among the most important features of any developed economy. This factor has resulted in product market growth on account of growing need for roads in emerging economies.

The Global Bitumen Market is expected to reach USD 79.91 billion by 2024, according to a new report by Grand View Research, Inc.


Road widening and rebuilding existing assets including buildings and roads are some key areas where product need is expected to increase constantly. Rising demand from the construction sector has been influencing growth of the product.

Changing government requirements owing to environment regulations coupled with low cost roofing solutions are major factors propelling demand for polymer modified bitumen (PMB) in roofing applications. Excellent durability, water resistance and ability to withstand extreme temperatures have resulted in increasing demand for PMB.

Europe bitumen market is expected to grow at a CAGR of 1.8% from 2016 to 2024 in terms of volume. Turkey is projected to be a key market for the product on account of increasing infrastructure spending by the government over the past few years.

To Know More About Bitumen Market Please Visit Us @ https://www.grandviewresearch.com/industry-analysis/bitumen-market

Asia Pacific is expected to be the fastest growing market and is expected to witness gains at a CAGR of 3.0% from 2016 to 2024 in terms of volume. Government initiatives to construct roads to access rural areas is projected to propel demand for bitumen over the forecast period.

Top Players of Bitumen Market:

Key industry players including Marathon Oil Corporation, Nynas AB, ExxonMobil, Nippon Oil Corporation, Indian Oil Corporation, Sinopec, Petróleos Mexicanos, Shell Bitumen. Companies including Syncrude, Imperial Oil Limited, Athabasca Oil Corporation, Suncor Energy, NuStar Energy and Valero Energy Corporation produce crude bitumen from oil sands.

Market Segmentation of Bitumen Market:

The Global Bitumen Market segmented on the basis of Application and Region.

By Application:

    Roadways
    Waterproofing
    Adhesives
    Insulation

By Region:

    North America
    Europe
    Asia Pacific
    Latin America
    MEA

Inquire about Bitumen Market with Our Experts @ https://www.grandviewresearch.com/inquiry/329
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