The global market for bitumen is expected to reach USD 95.77 billion by 2020, according to a new study by Grand View Research, Inc. Bitumen is primarily used in road construction activities and increased road development in high growth markets of India, China and Brazil is expected to be a key driver for the growth of the market.
Roadway constructions were the major consumers of bitumen in 2013, accounting for over 80 million tons of global consumption. Other key applications include waterproofing, insulation and adhesives. Water proofing is expected to be the fastest growing application market for bitumen, at an estimated CAGR of 2.9% on volume basis, primarily on account of improved Polymer Modified Bitumen (PMB) quality in water resistance. Environmental issues associated with the extraction of bitumen from oil sands are expected to remain a key challenge for the growth of the market in the near future.
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Further key findings from the study suggest:
- Global bitumen consumption is expected to reach 135.07 million tons by 2020, growing at a CAGR of 2.7% from 2014 to 2020.
- The improvement in technology with regards to transportation war mix asphalt from Canada is expected to present market participants with growth opportunities over the next six years.
- North America was the largest regional market for bitumen; with demand estimated at over USD 21.0 billion in 2013 and is expected to remain the leader over the next six years. The region is expected to be a key market, owing to the vast network of roads in the regions coupled with the implementation of MAP – 21 (Moving Ahead for Progress in 21st Century Act) which funds road development program for the U.S. over the next two years.
- China and Asia Pacific are expected to outpace North America in terms of growth on account of the rapid infrastructure development in India, South Korea and China. The governments of these countries have special focus on road construction activities in their current five year plans, with the Chinese construction spending expected to grow at a CAGR of nearly 4.0% from 2014 to 2020.
- The global bitumen market is fragmented with the top four companies accounting for less than 25% of the global market share. This is largely due to the logistic issues associated with bitumen making the presence of large number of domestic manufacturers inevitable.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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