Growing Demand For Bitumen Waterproofing And Roofing Commercial And Residential Buildings To Drive Market Revenue Growth: Reports And Data

The increasing use of bitumen and related products in modern buildings to extend the life of the infrastructure, the increasing road maintenance and expansion of road networks, and the increasing use of bitumen in the chemical industry are key factors that should drive market growth

NEW YORK, November 8, 2021 / PRNewswire / – Reports and Data has released its latest report, titled “Bitumen Market By Product Type (Paver, Oxidized, Cut, Emulsion, Polymer Modified), By Application (Roads, Waterproofing, Adhesives, Insulation, Other), and Region Forecast” to 2028 . “

According to Reports and Data, the global bitumen market size was $ 85.03 billion in 2020 and is expected to be achieved $ 112.01 billion in 2028 and have a revenue CAGR of 4.7% over the forecast period 2021-2028.

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Drivers, Limitations, and Opportunities

Bitumen is an inferior crude oil that includes complex and heavy hydrocarbons and is generally made by removing lighter fractions from crude oil during the refining process. Refined bitumen is mainly used in the construction industry – also for paving and roofing applications. The increasing use of bitumen in road repair and maintenance activities, increasing awareness of various benefits of using bitumen, and increasing use of bitumen in soundproofing applications are some of the key factors that are expected to drive market sales growth over the forecast period.

Bitumen is widely used due to its robust adhesive properties and its high resistance to damage and wear from water, abrasion and chemicals. Bitumen is widely used as a binder for materials that are used, among other things, for the use of surfaces in parking lots and pavements. Different specifications of binders can be made – mainly depending on the end use, but it is mainly made by distilling crude oil. Bituminous materials are widely used in the construction industry because of their adhesive and waterproof properties and their ability to form a waterproof surface. In addition, various types of bitumen – such as direct distilled, cracked, oxidized, emulsions – for immobilizing radioactive waste are commercially available. Bitumen is a dark viscous liquid or semi-solid that is non-volatile at ambient temperature and gradually softens when heated. Bitumen is also known as asphalt cement or asphalt binder and bitumen products can be customized depending on the required physical properties. Over 80% of the materials are used in various forms of road construction and maintenance. Bitumen is also used in paving roads and airfields, hydraulic applications such as sea defenses, dams and water reservoirs, roofing and floors, and protecting metals against corrosion.

Bitumen roofing products can be applied cold, hot, or soft, and in recent years, cold-applied roofing has increased in countries in Europe and North America. In addition, bitumen is widely used in waterproofing, electrical insulation, soundproofing and pipe coatings, among others, and this is expected to continue to drive sales growth of the market in the future. However, the major negative impact of bitumen extraction on the environment, human health and wildlife due to emissions of sulfur dioxide, VOCs and hydrogen sulfide into the environment is a key factor that will curb market growth to some extent over the forecast period.

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COVID-19 impact analysis

  • Social distancing and restrictions have severely affected businesses and operations
  • Lockdowns caused disruptions in transport and logistics
  • Affected manufacturing activities and mining operations around the world
  • Has stressed the economies of various countries
  • Caused a sudden and drastic downturn in economic activity
  • Broken agriculture, fisheries, dairy and other sectors
  • Caused job losses and financial crisis
  • The supply impact was further compounded due to the lower disposable income
  • The occurrence of variations remains a concern and interferes with normal routines

Installation of the bitumen segment for the largest share of sales:

The largest share of sales in the bitumen segment is expected in the forecast period, which is due to the increasing use of bitumen in asphalt concrete for roads, airfields, parking lots and areas as well as sidewalks, among other things. In addition, the availability of low-cost paving bitumen, increasing construction activity around the world, and the growing need for more robust road networks are some other key factors that are expected to drive sales growth in this segment.

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Increasing use of bitumen in road construction and repair to increase sales growth:

The increasing need for higher quality roads and robust motorway networks, the increasing number of road and motorway maintenance and repair projects, and the increasing focus of the government on developing robust roads to facilitate easy traffic management during peak hours in large cities are key factors which is the growth in sales of the road segment.

North America to take into account a considerably large share of sales:

North America is expected to account for a significantly higher share of sales in the forecast period, due to the increasing construction and maintenance of highways and roads, the development of state-of-the-art infrastructure, the increasing number of road vehicles and the presence of the key player in the region.

Asia Pacific Sales To Grow With Robust Sales CAGR:

Asia Pacific The market is expected to expand between 2021 and 2028 due to the rapid development of roads and highways in countries like China and India, rapid urbanization, increasing automobile sales due to increasing disposable incomes of individuals and increasing investments by governments to accelerate the repair and maintenance of existing and new roads.

The main companies in the market include:

  • Indian oil company
  • Chevron Texaco Corporation
  • China Petroleum and Chemical Corporation
  • total
  • British petroleum
  • JX Nippon Oil & Energy Corporation
  • Villas Austria GmbH
  • Royal Dutch shell
  • Marathon Oil Corporation
  • Petroleos Mexicanos (Pemex)
  • NuStar energy
  • Nynas
  • Exxon Mobil
  • Bouygues
  • Imperial oil

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For this study, Reports and Data segmented the bitumen market by product type, application and region:

Product Outlook (Volume, Kilotons; Revenue, Billion USD; 2018-2028)

  • Road bitumen
  • Oxidized bitumen
  • Reduction of bitumen
  • Bitumen emulsion
  • Polymer modified bitumen (PMB)
  • Other

Application Outlook (Volume, Kilotons; Revenue, Billion USD; 2018-2028)

  • Roadways
  • seal
  • adhesive
  • insulation
  • Other

Regional Outlook (Volume, Kilotons; Revenue, Billion USD; 2018-2028)

  • North America
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • the rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • the rest of Asia Pacific
  • Latin America
  • middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • the rest of middle East & Africa

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Some points about the benefits of the report for the stakeholders:

  • The reports include historical (2018-2020) and forecast (2021-2028) data points, revenue and CAGR in table, figure and chart formats, with detailed and qualitative, supportive written information for each.
  • The revenue breakdown is done for each segment in these formats for global, regional and for each country in the respective region for each year between 2018 and 2028.
  • The report provides insights on growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other market-related aspects.
  • The report contains data and information on customers, competitors, vendors / dealers and other players and on the global market.
  • Market research analysis is critical to all critical business strategies and can be helpful in many ways, providing a clearer understanding of the strategies being used by competitors, product launches, competitive analysis, technological advances, and various other factors that increase a company’s sales or potentially provide insights to focus on mergers and acquisitions as a strategy or strategic agreements or joint ventures etc.
  • The report provides company profiles of the top companies operating in the market along with their respective sales and business segments, geographic reach, market presence, headquarters, growth rates, recent developments, products / services, expansion strategies, expansion investments and more.

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About reports and data

Reports and Data is a market research and advisory firm that provides syndicated research reports, bespoke research reports, and advisory services. Our solutions focus solely on their purpose of locating, deliberately analyzing and analyzing changes in consumer behavior in various demographics and industries, and helping customers make smarter business decisions. We offer market research studies that ensure relevant and fact-based research across multiple industries including healthcare, touch points, chemicals, products, and energy. We constantly update our research offerings to ensure that our customers are informed about the latest trends in the market. Reports and Data has a strong base of experienced analysts from various specialist areas. Our industry experience and the ability to develop a specific solution for all research problems offer our customers the opportunity to secure a lead over their respective competitors.

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