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.
Increasing investments in the roadway development, infrastructural projects, and construction sector in the emerging economies are also likely to offer new growth opportunities. Bitumen has excellent viscosity, softening point, hardness waterproofing, and adhesive properties, making it suitable for the construction industry. Pavement is engineered, designed, and constructed for extreme weather conditions and heavy-duty traffic conditions. The bitumen market is gaining momentum owing to its huge applications in making more durable pavement.
The roadways segment accounted for the largest share is anticipated to grow at a CAGR of over 4.4% from 2021 to 2027. Moreover, bitumen is widely used in waterproofing applications such as building roofs. The segment is expected to grow at a CAGR of 4.6% during the forecast period.
Polymer-modified bitumen will be the second largest segment and will account for around 15% share through 2027. Polymer-modified bitumen has witnessed significant popularity in the past three decades for modification of bitumen used for road development as well as building and construction. Moreover, the paving bitumen segment dominated the global bitumen industry and is projected to reach around 62.7% of the market share by 2027
Mechanical and chemical modification of these polymers increases the tensile strength and elasticity multiple times. The use of polymer-modified bitumen in road development and paving increases deformation resistance at high temperatures, prevents low temperature cracking, improves water resistance properties, and ultimately saves the overall road and pavement life cost.
The adhesives segment will account for around 1.7% share in the global bitumen market in 2027. Modified bitumen adhesive is a cold applied polymer-modified asphalt adhesive that has a superior bonding strength, providing excellent adhesion & elongation properties along with resilience and robustness. It is used for various applications such as lap cement, SBS-modified bitumen sheets, and glass base ply, piping systems, and others due to corrosion and moisture resistance properties.
The bitumen adhesives are specifically useful as waterproofing layers in building roofs. Due to the presence of gilsonite, it increased the shear strength of bitumen adhesives at relatively high temperatures encountered in roofing applications. This contributes to the rise in the demand for bitumen-based adhesives over the forecast time period.
Europe bitumen market share is anticipated to grow at a CAGR of 3% in the coming years. The European bitumen market will be characterized by the superior quality of roads to accommodate the high-speed limits of the regularly plying vehicles on the expressways and motorways. The overall road network in the region was estimated at around 6.25 million kilometers. Investments in the sector of road development & maintenance in Western European countries after underinvestment in the past few years since the global economic slowdown in the latter half of the past decade will have a positive influence on the regional bitumen demand.
For instance, the German government has a transport infrastructure development investment plan of around USD 290 billion by 2030 as a part of the country’s new 15-year plan, which is significantly higher than the last investment plan of a little over USD 10 billion per year.