Bitumen Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Bitumen is a dark, sticky, and highly viscous petroleum-based hydrocarbon formed during the distillation of crude oil. It is composed of complex hydrocarbon molecules such as asphaltenes and hydrocarbon resins as well as metal and non-metal elements such as vanadium, nickel, calcium, sulfur, iron, nitrogen, oxygen, etc. Bitumen is primarily used in paving roads as it is easy to produce, non-toxic, and reusable. It has a low melting point of 240 degrees Fahrenheit, making it more convenient to heat and melt the asphalt during the recycling process. It is also used in waterproofing applications, roof shingles, stucco boards, wallboards, etc.
MARKET DYNAMICS
Construction of roadways and pavements continuous to remain the most significant application of bitumen. Bitumen is increasingly consumed by the civil engineering sector to create asphalt concrete. It is the chief construction material used in the construction of roadways, airport runways, taxiways, paved crossings, freight yards, bridge decks, driveways, etc. Expansion of road networks, construction of new motorways, as well as repair works of the existing roads are anticipated to drive the demand for bitumen in the forecast period. The growing demand for modified bitumen with altered properties such as higher fatigue life and better elastic and tensile strength is expected to support the growth of the bitumen market. The use of bitumen in waterproofing applications, caulking compounds, acoustic blocks, and as adhesives in the furniture and wood industry will further propel the sales of bitumen. The growing concerns over climate change and global warming has led to significant demand for non-petroleum based bitumen substitutes based on renewable raw materials such as lignin and oil plants.
MARKET SCOPE
The "Global Bitumen Market Analysis to 2031" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the bitumen market with detailed market segmentation by type, end-use industry, and geography. The global bitumen market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading bitumen market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global bitumen market is segmented on the basis of type and end-use industry. On the basis of type, the bitumen market is segmented into, paving grade bitumen, hard grade bitumen, oxidized grade bitumen, polymer modified bitumen, and bitumen emulsions. On the basis of end-use industry, the market is bifurcated into, road construction, waterproofing, paints and coatings, inks and dyes, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global bitumen market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The bitumen market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the bitumen market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the bitumen market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global bitumen market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The bitumen market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the bitumen market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the bitumen market in these regions.
MARKET PLAYERS
The reports cover key developments in the bitumen market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from bitumen market are anticipated to lucrative growth opportunities in the future with the rising demand for bitumen in the global market. Below mentioned is the list of few companies engaged in the bitumen market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the bitumen market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BRITISH PETROLEUM
- EXXON MOBIL CORPORATION
- INDIAN OIL CORPORATION
- MARATHON OIL CORPORATION
- NIPPON OIL CORPORATION
- NYNAS AB
- PETROLEOS MEXICANOS
- ROYAL DUTCH SHELL PLC
- SINOPEC
- VILLAS AUSTRIA GMBH
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Bitumen Market - By Type
1.3.2 Bitumen Market - By End-use Industry
1.3.3 Bitumen Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BITUMEN MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. BITUMEN MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BITUMEN MARKET - GLOBAL MARKET ANALYSIS
6.1. BITUMEN - GLOBAL MARKET OVERVIEW
6.2. BITUMEN - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BITUMEN MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. PAVING GRADE BITUMEN
7.3.1. Overview
7.3.2. Paving Grade Bitumen Market Forecast and Analysis
7.4. HARD GRADE BITUMEN
7.4.1. Overview
7.4.2. Hard Grade Bitumen Market Forecast and Analysis
7.5. OXIDIZED GRADE BITUMEN
7.5.1. Overview
7.5.2. Oxidized Grade Bitumen Market Forecast and Analysis
7.6. POLYMER MODIFIED BITUMEN
7.6.1. Overview
7.6.2. Polymer Modified Bitumen Market Forecast and Analysis
7.7. BITUMEN EMULSIONS
7.7.1. Overview
7.7.2. Bitumen Emulsions Market Forecast and Analysis
8. BITUMEN MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
8.1. OVERVIEW
8.2. END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. ROAD CONSTRUCTION
8.3.1. Overview
8.3.2. Road Construction Market Forecast and Analysis
8.4. WATERPROOFING
8.4.1. Overview
8.4.2. Waterproofing Market Forecast and Analysis
8.5. PAINTS AND COATINGS
8.5.1. Overview
8.5.2. Paints and Coatings Market Forecast and Analysis
8.6. INKS AND DYES
8.6.1. Overview
8.6.2. Inks and Dyes Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. BITUMEN MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Bitumen Market Overview
9.1.2 North America Bitumen Market Forecasts and Analysis
9.1.3 North America Bitumen Market Forecasts and Analysis - By Type
9.1.4 North America Bitumen Market Forecasts and Analysis - By End-use Industry
9.1.5 North America Bitumen Market Forecasts and Analysis - By Countries
9.1.5.1 United States Bitumen Market
9.1.5.1.1 United States Bitumen Market by Type
9.1.5.1.2 United States Bitumen Market by End-use Industry
9.1.5.2 Canada Bitumen Market
9.1.5.2.1 Canada Bitumen Market by Type
9.1.5.2.2 Canada Bitumen Market by End-use Industry
9.1.5.3 Mexico Bitumen Market
9.1.5.3.1 Mexico Bitumen Market by Type
9.1.5.3.2 Mexico Bitumen Market by End-use Industry
9.2. EUROPE
9.2.1 Europe Bitumen Market Overview
9.2.2 Europe Bitumen Market Forecasts and Analysis
9.2.3 Europe Bitumen Market Forecasts and Analysis - By Type
9.2.4 Europe Bitumen Market Forecasts and Analysis - By End-use Industry
9.2.5 Europe Bitumen Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Bitumen Market
9.2.5.1.1 Germany Bitumen Market by Type
9.2.5.1.2 Germany Bitumen Market by End-use Industry
9.2.5.2 France Bitumen Market
9.2.5.2.1 France Bitumen Market by Type
9.2.5.2.2 France Bitumen Market by End-use Industry
9.2.5.3 Italy Bitumen Market
9.2.5.3.1 Italy Bitumen Market by Type
9.2.5.3.2 Italy Bitumen Market by End-use Industry
9.2.5.4 United Kingdom Bitumen Market
9.2.5.4.1 United Kingdom Bitumen Market by Type
9.2.5.4.2 United Kingdom Bitumen Market by End-use Industry
9.2.5.5 Russia Bitumen Market
9.2.5.5.1 Russia Bitumen Market by Type
9.2.5.5.2 Russia Bitumen Market by End-use Industry
9.2.5.6 Rest of Europe Bitumen Market
9.2.5.6.1 Rest of Europe Bitumen Market by Type
9.2.5.6.2 Rest of Europe Bitumen Market by End-use Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Bitumen Market Overview
9.3.2 Asia-Pacific Bitumen Market Forecasts and Analysis
9.3.3 Asia-Pacific Bitumen Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Bitumen Market Forecasts and Analysis - By End-use Industry
9.3.5 Asia-Pacific Bitumen Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Bitumen Market
9.3.5.1.1 Australia Bitumen Market by Type
9.3.5.1.2 Australia Bitumen Market by End-use Industry
9.3.5.2 China Bitumen Market
9.3.5.2.1 China Bitumen Market by Type
9.3.5.2.2 China Bitumen Market by End-use Industry
9.3.5.3 India Bitumen Market
9.3.5.3.1 India Bitumen Market by Type
9.3.5.3.2 India Bitumen Market by End-use Industry
9.3.5.4 Japan Bitumen Market
9.3.5.4.1 Japan Bitumen Market by Type
9.3.5.4.2 Japan Bitumen Market by End-use Industry
9.3.5.5 South Korea Bitumen Market
9.3.5.5.1 South Korea Bitumen Market by Type
9.3.5.5.2 South Korea Bitumen Market by End-use Industry
9.3.5.6 Rest of Asia-Pacific Bitumen Market
9.3.5.6.1 Rest of Asia-Pacific Bitumen Market by Type
9.3.5.6.2 Rest of Asia-Pacific Bitumen Market by End-use Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Bitumen Market Overview
9.4.2 Middle East and Africa Bitumen Market Forecasts and Analysis
9.4.3 Middle East and Africa Bitumen Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Bitumen Market Forecasts and Analysis - By End-use Industry
9.4.5 Middle East and Africa Bitumen Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Bitumen Market
9.4.5.1.1 South Africa Bitumen Market by Type
9.4.5.1.2 South Africa Bitumen Market by End-use Industry
9.4.5.2 Saudi Arabia Bitumen Market
9.4.5.2.1 Saudi Arabia Bitumen Market by Type
9.4.5.2.2 Saudi Arabia Bitumen Market by End-use Industry
9.4.5.3 U.A.E Bitumen Market
9.4.5.3.1 U.A.E Bitumen Market by Type
9.4.5.3.2 U.A.E Bitumen Market by End-use Industry
9.4.5.4 Rest of Middle East and Africa Bitumen Market
9.4.5.4.1 Rest of Middle East and Africa Bitumen Market by Type
9.4.5.4.2 Rest of Middle East and Africa Bitumen Market by End-use Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Bitumen Market Overview
9.5.2 South and Central America Bitumen Market Forecasts and Analysis
9.5.3 South and Central America Bitumen Market Forecasts and Analysis - By Type
9.5.4 South and Central America Bitumen Market Forecasts and Analysis - By End-use Industry
9.5.5 South and Central America Bitumen Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Bitumen Market
9.5.5.1.1 Brazil Bitumen Market by Type
9.5.5.1.2 Brazil Bitumen Market by End-use Industry
9.5.5.2 Argentina Bitumen Market
9.5.5.2.1 Argentina Bitumen Market by Type
9.5.5.2.2 Argentina Bitumen Market by End-use Industry
9.5.5.3 Rest of South and Central America Bitumen Market
9.5.5.3.1 Rest of South and Central America Bitumen Market by Type
9.5.5.3.2 Rest of South and Central America Bitumen Market by End-use Industry
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BITUMEN MARKET, KEY COMPANY PROFILES
11.1. BRITISH PETROLEUM
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. EXXON MOBIL CORPORATION
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. INDIAN OIL CORPORATION
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. MARATHON OIL CORPORATION
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NIPPON OIL CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NYNAS AB,
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PETROLEOS MEXICANOS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. ROYAL DUTCH SHELL PLC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SINOPEC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. VILLAS AUSTRIA GMBH
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. British Petroleum
2. Exxon Mobil Corporation
3. Indian Oil Corporation
4. Marathon Oil Corporation
5. Nippon Oil Corporation
6. Nynas AB,
7. Petroleos Mexicanos
8. Royal Dutch Shell PLC
9. Sinopec
10. Villas Austria GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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