Bitumen Market

Bitumen Market Overview

The global Bitumen market size was valued at USD 61.61 billion in 2024 and is predicted to reach USD 76.41 billion by 2030 with a CAGR of 3.7% from 2025-2030.

The growing trends of industrialization and increasing demand for waterproofing of buildings along with increased road construction projects spur the growth of the market. However, a high development, deployment, and maintenance cost of the bitumen system hinders the market expansion. 

On the other hand, introduction of the recycled bitumen creates the future opportunities to enhance the market. Furthermore, key players of the market such as Indian Oil Corporation Limited, Exxon Mobil Corporation are highlighting the adoption strategy in terms of business expansion, and tie-up while increasing their prominence to expand their presence in this category of business. 

Also, such changes expected to encourage demand for bitumen and innovation further towards more rewarding product offerings from the sector. As the mature market is getting placed, growing demand for bitumen is foreseen to instigate more growth.

Rising Road Construction Projects Boost the Bitumen Market Growth

Emerging road construction projects are driving the market growth. The developing nations' ever-growing highway networks is one prime cause for escalating the growth trajectory of the bitumen market as it is among the major raw materials used in road constructions. For instance, a report by Infrastructure Outlook estimated that all countries of the world invested a total of USD 943 billion in roads in the year 2024, that is likely to reach a value of USD 1.10 trillion per year by the end of 2030. Such infrastructure development across the world drives the demand for bitumen, boosting market growth.

Rising Demand for Energy Efficient Buildings Globally drives the Bitumen Market Demand

The increasing demand for energy-efficient buildings throughout the world is boosting the demand in the market, as it is needed in HVAC systems to provide insulation, waterproofing, and protection against corrosion in buildings. 

A report published by International Energy Agency in 2023 states that the annual investment in energy efficiency in the building sector was recorded at USD 243.80 billion and is expected to rise to a level of up to USD 573.70 billion by 2030. This rise in the energy efficient buildings drives the demand for bitumen, leading to the expansion of the market.

High Cost Hinders the Bitumen Market Expansion 

The development, deployment, and maintenance of bitumen system require high investment, creating a barrier for small and medium size organization to opt for this system, thereby, retraining the market growth.

Introduction of Recycled Bitumen Create Future Opportunities

Recycling bitumen from old roads and roofing materials is gaining popularity due to environmental benefits and is expected to create ample growth in the market in the future. Bitumen cannot be recycled in traditional sense but it can be reused. 

As per reports of TEC Container Solutions in July 2023, using recycled bitumen helps to promote sustainable developments and reduce greenhouse emissions, that makes a positive impact on the environment. The benefits of using recycled bitumen are numerous such as reducing waste, decreased costs and emission associated with transportation and logistics, and increased sustainability. Thereby, introduction of recycled bitumen creates a future opportunity for the growth of the bitumen industry.

Market Segmentation and Scope of Study

The global bitumen market report is segmented on the basis of type, application, end-user and region. Based on type, the market is classified into paving, oxidized, polymer modified, cutback and emulsion. Based on application, the market is segmented into road construction, waterproofing, industrial uses, adhesives, insulation, and others. On the basis of end-users, the market is categorized into government sector, private sector, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW. 

Geographical Analysis

Asia-Pacific dominates the bitumen market share and is the fastest growing position in the industry. This is due to the growing industrialization and increase in road infrastructure. As per India Brand Equity Foundation, India aims to accelerate the development of its national highways, including high-speed access-controlled routes, to establish a world-class road network by 2037. 

The plan involves expansion of national highways network to over 2,00,000 kilometres. Bitumen is primarily used in road construction in due to its several advantages and properties. So, as road infrastructure increases, it is thereby expected to drive the demand for raw materials such as bitumen.

Moreover, the rising in urban population and urbanization in Asia-Pacific region drives the demand for bitumen in the region. As rising urbanization requires expansion of cities and better infrastructure in urban areas. 

For instance, according to a recent report published by the World Bank Group, the urban population in the region is increasing continuously, around 63% population in the Asia-Pacific region resides in urban areas. So, the need of better infrastructure and expansion of cities the demand for bitumen is growing exponentially in the region. 

North America is considered fastest growing region in the bitumen industry. This is due to the presence of top players in the region such as Exxon Mobil Corporation, Chevron Corporation, Shell Global, NuStar Energy and others. 

These companies are driving market expansion in this region through a variety of methods, such as partnerships and acquisitions. For example, in February 2024, Pave America, LLC, a leading provider of asphalt and concrete solutions announced partnership with Magnum Paving. 

This partnership with Magnum strengthens Pave America’s presence in Atlanta as the company continues to look to partner with leading companies across the US. The President of Magnum, Tyler Dickinson, to maintain an active leadership role in the business going forward.

Moreover, the increasing government investment for smart city projects in the US drives the demand bitumen in North America as bitumen is a crucial component for any infrastructure development. For example, in March 2024 the US government announced investment of over USD 500 million in innovative smart city and community technology including transportation technology projects. Such huge investments on infrastructural development increases the demand for raw constructing products such as bitumen driving the market growth.

Competitive Landscape  

The Bitumen industry includes several market players such as ROSNEFT, Moeve, Exxon Mobil Corporation, MOL Group, NIS Group, Infinity Galaxy Corportation, SK Energy Co. Ltd, Indian Oil Corporation Ltd., SABIC, PetroNaft CO., LUKOIL, Chevron Corporation, NYNAS AB, Indian Bitumen Corporation, and Maruti Bitumen Pvt. Ltd. These market players are adopting various strategies such as acquisition and collaboration to maintain their dominance in the global market.

For instance, in Oct 2024, Indian Oil Corporation Ltd (IOCL). signed a B2B framework agreement with Nepal Oil Corporation (NOC). This partnership aims to increase petroleum infrastructure in Asia. It also allows IOCL and NOC to gain access to the company's Bitumen expertise and big client base. This acquisition will allow to extend their decentralized bitumen business globally. 

Also, in November 2024, Exxon Mobil Corporation announced to invest USD 200 million to add new units in Beaumont and Baytown sites. Additionally, they also announced to plan advanced recycling units for Europe and Asia. Such investment aims to drive the market growth for bitumen industry.  

Key Benefits

• The report provides quantitative analysis and estimations of the bitumen industry from 2025 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future bitumen market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders. 

Bitumen Market Key Segments

By Type 

• Paving

• Oxidized

• Polymer Modified

• Cutback

• Emulsion

By Application 

• Road Construction

• Waterproofing

• Industrial Uses

• Adhesives

• Insulation

• Others

By End-Users 

• Government Sector

• Private Sector

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• ROSNEFT

• Moeve

• Exxon Mobil Corporation

• MOL Group

• NIS Group

• Infinity Galaxy Corporation

• SK Energy Co., Ltd.

• Indian Oil Corporation Ltd

• SABIC

• PetroNaft Co.

• LUKOIL

• Chevron Corporation

• NYNAS AB

• INDIAN BITUMEN CORPORATION

• Maruti Bitumen Pvt Ltd.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2024	USD 61.61 Billion
Revenue Forecast in 2030	USD 76.41 Billion
Growth Rate	3.7% from 2025 to 2030
Analysis Period	2025–2030
Base Year Considered	2024
Forecast Period	2025–2030
Market Size Estimation	Billion (USD)
Growth Factors	The rising road construction projects boosts the market growth. Rising demand for energy efficient buildings globally drives the market growth.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.