The Bitumen Market projected to surpass $66.92 billion by 2027, Says Global Market Insights Inc.
Rapid urbanization and industrialization in several developing countries will spur bitumen market growth between 2021 and 2027. Additionally, the various applications of bitumen in roadways and waterproofing solutions due to its excellent properties and cost-effectiveness are expected to offer new growth opportunities to the industry in the coming years, says this report.
Selbyville, Delaware, June 30, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the global bitumen market was estimated at $49.74 billion in 2020 and is slated to exceed $66.92 billion by 2027, registering a CAGR of 4.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Expanding Bitumen Market Driven by Road Development and Construction Growth
Increasing investments in roadway development, infrastructure projects, and the construction sector in emerging economies create growth opportunities for the bitumen market. Bitumen’s viscosity, softening point, hardness, waterproofing, and adhesive properties make it ideal for construction. Engineers design pavement for extreme weather and heavy traffic, boosting bitumen’s role in durable pavement.
The roadways segment, accounting for the largest share, could grow at a CAGR of over 4.4% from 2021 to 2027. Bitumen also plays a vital role in waterproofing for building roofs, with that segment projected to grow at a CAGR of 4.6% during this period.
Polymer-Modified Bitumen Gains Popularity for Enhanced Road Durability
Polymer-modified bitumen, the second-largest segment, will account for about 15% of the market through 2027. Over the last 30 years, its popularity in road development and construction has soared. The paving bitumen segment leads the global bitumen industry, projected to reach around 62.7% of the market share by 2027.
Mechanical and chemical polymer modifications boost bitumen’s tensile strength and elasticity. Roads using polymer-modified bitumen resist high-temperature deformation, prevent low-temperature cracking, and improve water resistance, reducing long-term maintenance costs.
Europe’s Bitumen Demand Rises as Infrastructure Investments Surge
In Europe, the bitumen market could grow at a CAGR of 3% in the coming years. High-quality roads accommodate high-speed vehicles on expressways and motorways, contributing to steady demand. Europe’s road network spans about 6.25 million kilometers, with renewed investment in road development and maintenance. Germany, for instance, has allocated around USD 290 billion for transport infrastructure by 2030, signaling a significant rise over previous spending levels.