The bitumen market is estimated to observe substantial growth by 2027 primarily driven by the soaring product demand in the construction sector. Additionally, favorable government policies and housing market boom across leading regions are projected to further propel market growth through the forecast period.
Bitumen, also referred to as tar or pitch, is a petroleum-based hydrocarbon occurring naturally as a concentrated substance in pitch lakes and oil sands. It can either be in liquid state or take a semi-solid form. At higher temperatures, bitumen acts like a viscous liquid that can be combined with other components whereas, when it is cooled, it becomes an inert solid that is hydrophobic and durable.
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Bitumen is majorly utilized in the construction sector as a key constituent in products that are used for roofing and paving. It offers excellent waterproofing and thermoplastic characteristics that are crucial in a wide range of applications.
With ongoing vaccination drives across the world, countries have shifted their focus towards post-pandemic recovery. To that effect, industries that were adversely impacted by the COVID-19 pandemic have resumed operations.
The construction sector has also seen a rise in activities, particularly with the resumption of projects that were halted for months during the pandemic. Moreover, increased spending, declining unemployment, and rising consumer sentiment are facilitating the expansion of the construction sector.
This upsurge in construction activities is indicative of a robust recovery for builders in the following years. Consequently, the growing construction industry is positively influencing product demand across the globe.
The bitumen market has been categorized on the basis of product, application, and region. With respect to product, the market has further been categorized into oxidized bitumen, paving bitumen, bitumen emulsion, cutback bitumen, polymer modified bitumen, and others.
In 2020, the cutback bitumen sub-segment accounted for around 4.6% of the bitumen market and is estimated to garner a sizable revenue by the end of the forecast period. The bitumen emulsion sub-segment is projected to grow at a CAGR of over 4.6% through the assessment timeframe. The bitumen market from the others sub-segment is also calculated to expand at a significant pace over the following years.
From the application perspective, the bitumen market has further been bifurcated into roadways, insulation, adhesives, waterproofing, and others. In 2020, the insulation sub-segment accounted for around 1.3% of the bitumen market and is estimated to see profitable growth over 2021-2027. The bitumen market from the others application segment is projected to grow at a CAGR of around 3.1% through the projected period.
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In the regional landscape, the Latin America held over 4.1% share in the global bitumen market in 2020 and is anticipated to grow at a CAGR of about 4.3% over the assessment period. Meanwhile, the Middle East & Africa bitumen market is also expected to showcase significant growth by 2027 owing to the surging application of the product in roadways across the region.