Bitumen - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)


Bitumen - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)
  2022-12-09    Anant-Premium Petro Products


Bitumen - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

The bitumen market is segmented by product type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Other Product Types), Application (Road Construction, Waterproofing, and Adhesives), and geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The study provides market size and volume forecasts (million tonnes) for each of the aforementioned segments.

 

Market Overview

The bitumen market is expected to grow at a CAGR of more than 4% during the forecast period. In 2020, the bitumen market was estimated to be worth more than 100 million metric tonnes (2022-2027).

In 2020, COVID-19 had a negative impact on the market, but by 2021, the market had a positive growth rate. According to the predictions of the International Monetary Fund (IMF), the global GDP growth in 2020 was anticipated to be -4.9%. However, in 2021, global growth is expected at 5.4%. In addition, the construction industry's performance is anticipated to be considerably impacted by the influence on the availability of money as a result of the affected income of a substantially bigger segment of the population, which is anticipated to impact the studied market. Declining investments in road and building construction led to a decline in the consumption of bitumen in applications such as road construction, waterproofing of building roofs and basements, sealer, filler, and adhesive, which in turn had a negative effect on the bitumen market.

Short-term development of the bitumen market is anticipated to be driven by increased road construction and repair operations, as well as rising demand for bitumen as a filler, adhesive, and sealant in the commercial and residential building construction sectors. Several big infrastructure construction investments are also observed in Middle Eastern nations. About 1,069 road projects were in progress as of February 2020, which is anticipated to increase the market demand for road building and maintenance activities.

Increasing environmental concerns about bitumen and difficult market conditions caused by COVID-19 are impeding the market's expansion.

In the next years, innovations in bitumen processing to improve road infrastructure and the development of high-performance bitumen products such as shell cariphalte, shell mexphalte, and others are projected to generate market opportunities.

The Asia-Pacific region is anticipated to have the largest market share and the greatest CAGR throughout the forecast period. During the forecast period, a robust rise in construction activities in the Asia-Pacific region is also anticipated to fuel market expansion.

 

The extent of the report

Bitumen is a viscous, dark brown to black liquid or solid composed of heavier hydrocarbons and their derivatives. Bitumen is mostly derived from petroleum refinery facilities, where the bottom products of the distillation columns are further refined using units such as the solvent de asphalter, oxidizer, and blender to generate fine-quality of bitumen. The market for bitumen is categorized based on product type, application, and region. The market is categorized by product type into paving grade, hard grade, oxidized grade, bitumen emulsions, polymer-modified bitumen, and other product categories. The market is categorized by application into road construction, waterproofing, adhesives, and other applications. In addition, the research provides market size and estimates for the bitumen market in 16 nations throughout the world's most important regions. Volume-based market sizing and forecasts have been developed for each market segment (million tons).

 

Key Market Trends

·         Due to an increase in road construction, demand is rising. The majority of consumed bitumen is converted into asphalt for road construction. The components of asphalt are rock aggregates and bitumen. Bitumen serves as a binder and is responsible for asphalt's stability.

·         Depending on the type of bitumen or mixture composition utilized, asphalt roads can be adapted to places with varying climatic conditions or operational demands. Additionally, asphalt is utilized for airport runways, parking decks, and port work areas.

·         In the growing economies of the Asia-Pacific region, infrastructure operations are anticipated to increase dramatically, particularly in the transportation sector, due to rising urbanization and a shift in emphasis toward the development of secondary sectors. In addition, rising economic success directs infrastructure funding towards consumer sectors, such as transportation and manufacturing, which generate and distribute the raw materials for consumer goods.

·         In India, 13,298 kilometers of the highway were developed in 2021. The Ministry of Road Transport and Highways will construct 2,284 kilometers of national highways in June 2021, compared to 1,684 kilometers in June 2020.

·         Under NIP, India has a USD 1400 billion investment budget for infrastructure, of which 19% is allocated to roads and highways. India's recently approved budget includes funding for the development of multiple industrial corridors, including the Delhi-Mumbai Industrial Corridor, Amritsar-Kolkata Industrial Corridor, Vizag-Chennai Industrial Corridor, Bengaluru-Chennai Industrial Corridor, and Bengaluru-Mumbai Industrial Corridor. The completion of these projects by March 2025 is anticipated to raise the demand for bitumen in the coming years.

·         Due to these factors, the global bitumen market is anticipated to expand throughout the forecast period.

 

 

It is anticipated that the Asia-Pacific region will dominate the market.

·         The Asia-Pacific region held the lion's share of the global market. China has the largest economy in Asia-Pacific, and its growth rate remains high despite the fact that the country's population is aging and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.

·         While the residential sector is seeing a robust recovery, the office, retail, and logistics sectors have shown mixed outcomes. The need for office space in Tier 1 cities (including Beijing, Shanghai, and Shenzhen) continues to be fueled by the information technology (IT) and finance industries.

·         India has the second-largest road network in the world, with 5.89 million kilometers of roadways (km). This road network transports 64.5% of the country's commodities and 90% of the country's passenger traffic. The gradual expansion in road transportation throughout the years has stimulated the demand for bitumen.

·         India's overall length of national highways was approximately 1,34,400 kilometers in 2020. The goal is to build another 60,000 kilometers by 2025, which is projected to drive demand in the country's bitumen market.

·         The Delhi-Mumbai Industrial Corridor, Bharatmala Project, Gujarat International Finance Tec-City (GIFT), Smart City Kochi, and Navi Mumbai International Airport are projected to enhance the demand for bitumen in the country.

·         Under Phase-I of the Bharatmala Pariyojana, the Ministry has sanctioned the construction of 34,800 kilometers of national highways over the next five years at the cost of Rs. 5,35,000 crore (US$ 76.55 billion). Under this program, 22 greenfield projects totaling 8,000 kilometers in length are being built at the expense of Rs. 3.26 lakh crore (US$ 43.94 billion). It is anticipated that these projects will increase the demand for bitumen.

·         Due to these factors, the region's bitumen market is anticipated to expand rapidly throughout the forecast period.

 

Competitive Environment

The bitumen market is fragmented, with no significant market share held by a single company. The market's key participants are Exxon Mobil Corporation, Royal Dutch Shell PLC, BP PLC, Nynas AB, and China Petroleum & Chemical Corporation.

 




FAQs

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Q.

Do you import Bitumen or Purchase Domestic?

We import Viscosity Grade bitumen directly from top refineries of Middle east countries packed & bulk both forms& provide to clients at reasonable price. Refineries specially produce bitumen with our label too.

Q.

Are You PWD Empanelled?

Yes, we are authorized by PWD govt. of Raj. & Uttarakhand for quality bitumen.

Q.

Where do you supply Bitumen?

We supply Bitumen from Kandla, Mumbai, Mundra, Jaipur, Jodhpur, Pipavav, Vadodara, Hazira & so on.

Q.

Do you Export Bitumen?

Yes, we export Bitumen& we are no. 1 Bitumen Exporter in India in December 2021 and Jan 2022. We are the 3rd Largest Importer in packed bitumen category in India. We have pack drums available in 156kg & 180 kg. We export bitumen packed & bulk both forms. We export bitumen in Nepal Birgunj, Biratnagar, Bhairahawa, Nepalgunj, Kakarvitta and Still Going!

Q.

Where is your Head Office?

We are located in Jaipur (Raj.) since 2017 Near PWD Office.

Q.

What Grade or viscosity Bitumen do you supply?

We supply VG10, Vg30, VG40 in Bulk & drum both forms PAN India.

Q.

How long does it take to process the order?

After getting confirmation of an order, we proceed the order further & upto24hours-48hourswe dispatch the order.

Q.

Does the Prices are inclusive transportation Charges?

We quote Bitumen price only, but we can arrange transport for buyer separately.

Q.

What is the mode of payment?

We accept Payment Through Bank Transfer, BG (Bank Guarantee), LC (letter of credit) by government approved Financer/ Bank.

Q.

What is Bitumen Terms of Delivery?

We can Provide FOB shipments/Ex Port, CFR (Cost Freight Rate), CIF (cost Insurance & freight)

Q.

What are the benefits / advantages of VG Bitumen over Penetration Grade?

VG bitumen is globally preferred to penetration grades (30/40, 60/70, 80/100, and soon), mainly because it is tested and classified more accurately.

Q.

Do we have a ready-made chart to use various Bitumen Grades as per the temperature zones?

Yes, we have chart or test reports of every shipment as per viscosity, Penetration, Grade temperature & require product details.

Q.

How would you assure about the quality of Bitumen?

Our Bitumen is certified by Refineries & NABL& IIT Roorki laboratory also. We have in house Laboratory also & we do test of every shipment.

PREMIUM PETRO PRODUCTS. Our firm is manufacturing all types of Emulsion and Modified Bitumen and importing Bitumen (both Bulk and Packed) from Middle East countries.

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