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According to Goldstein Research, global bitumen market is expected to reach USD 110 billion by 2024, growing at a CAGR of 2.7% over the forecast period 2016-2024. Significant expansion in the need for rebuilding existing assets such as bridges, highways, and buildings, increasing modern construction systems having waterproofed flat roofs, long supply chain, rapid urbanization in emerging markets, increase in traffic require wider roads and characteristics like water insolubility, superior water resistance, high stickiness, and viscosity are some of the factors that tend to drive the global bitumen market. Global bitumen market is largely dominated by Asia-Pacific region by taking over the market share of North America in recent past years. Over the forecast period, APAC is anticipated to maintain its dominating position in the industry, with China & India being major countries in the bitumen market.
Additionally, Bitumen is produced by the partial distillation of crude petroleum oil, also known as mineral tar and is present in asphalt and asphalt has always been and continues to be the pavement of choice across the globe. Developing countries such as China, India and Brazil have invested huge amounts in developing the paved road networks in their countries, which has significantly triggered asphalt paving industry.
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Market Segmentation
Global Bitumen Market can be segmented as follows:
By Grades
• Hard Grade
• Soft Grade
• Polymer Modified Bitumen (PMB)
By Product
• Paving grade bitumen
• Oxidized bitumen
• Cutback bitumen
• Bitumen emulsion
• Polymer Modified Bitumen (PMB)
• Others (including bitumen formed due to addition of zinc, copper, etc.)
By Application
• Roadways
• Waterproofing
• Adhesives
• Insulation
• Others
By Region
• North America Bitumen Market Analysis, 2016-2024
• Europe Bitumen Market Analysis, 2016-2024
• The Middle East And Africa Bitumen Market Analysis, 2016-2024
• Latin America Bitumen Market Analysis, 2016-2024
• Asia Pacific Bitumen Market Analysis, 2016-2024
• Rest Of The World Bitumen Market Analysis, 2016-2024

Geographically, APAC bitumen market has overtaken North America bitumen market as the largest regional market for asphalt and will continue to record the swift advances through 2024, primarily due to the strong growth of bitumen market in India. Western Europe asphalt demand tend to recover slowly due to the factors like increased expenditures on road maintenance and repair applications after years of very low spending on infrastructure improvements.
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“Global Bitumen Market Outlook 2024” highlights a comprehensive overview of the global bitumen market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by grades, product, application, and geography.
The Global Bitumen Market Report highlights the competitive outlook of major global players that includes the business strategies, product portfolio, revenue distribution, financial analysis, R&D activities and investments. The in-depth analysis of bitumen market report will help the clients to assess their business strategies as per the competitive environment in the market space.
Major players of the global bitumen market discussed in the report are: British Petroleum, Total S.A., Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Indian Oil Corporation, Royal Dutch Shell Plc., JX Nippon Oil & Energy Corporation, Petroleos Mexicanos, Bouygues S.A., NuStar Energy, Villas Austria GmbH, Marathon Oil Corporation, Exxon Mobil Corporation, Nynas AB, PetróleosMexicanos (PEMEX), Valero Energy Corporation, Shell, etc.
Further, Global Bitumen Market Report encompasses the major trends & growth opportunities, market dynamics, and other growth factors. The Bitumen Market outlook also comprises of key challenges for the market players, risk analysis, SWOT Analysis, USP Analysis, BPS analysis, and Market Attractiveness. The report also contains the expert analysis related to complete overview of the market post analysis of the economic, political, environmental & social factors of each region and country.