Asia-Pacific Bitumen Market Market Size (2024 - 2029)

The Asia-Pacific bitumen market is experiencing growth, driven by expanding road construction projects in major economies such as China and India, and increased use in waterproofing applications. Despite challenges posed by environmental concerns and competition from concrete in road construction, the market's expansion is supported by the recovery from pandemic-related disruptions and ongoing research into high-performance bitumen products. China holds the largest share of the market, primarily due to its demand for expressway construction.

Home Market Analysis Chemicals & Materials Research Commodity Chemicals Research Asia-Pacific Bitumen Market Market Size

Market Size of Asia-Pacific Bitumen Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Asia-Pacific Bitumen Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.90 %
Market Concentration Low

Major Players

Asia-Pacific Bitumen Market Major Players

*Disclaimer: Major Players sorted in no particular order

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Asia-Pacific Bitumen Market Analysis

The Asia-Pacific bitumen market is estimated to reach 35.49 million tons currently and is projected to reach 45.17 million tons in the next five years, registering a CAGR of 4.9% during the forecast period.

The COVID-19 pandemic has affected several industries negatively. The lockdown in most Asian countries caused disruptions in production, as well as industrial activities, and restrictions on freight transportation, disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.

  • The growing road construction projects in major economies like China and India, and the increasing consumption of bitumen in waterproofing applications are likely to drive the growth of the market studied.
  • However, the environmental concerns associated with bitumen and the usage of concrete for road construction are likely to restrain the growth of the studied market.
  • Nevertheless, research on development of high-performance bitumen products will likely create lucrative growth opportunities for the studied market.

China represents the largest market over the forecast period due to the increasing consumption in expressway constructions.

Asia-Pacific Bitumen Industry Segmentation

Bitumen is a black or dark brown non-crystalline soil or viscous material having adhesive properties. It is derived from petroleum crude either naturally or through refinery processes. Bitumen is commonly used as a binder in the construction of roads, runways, and platforms, and for waterproofing and adhesive applications in residential and commercial construction.

The Asia-Pacific Bitumen Market is segmented by product type, application, and geography. By product type, the market is segmented into Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, and Other Product Types (Cutback Bitumen and Crystal Bitumen). By application type, the market is segmented into Road Construction, Waterproofing, Adhesives, and Other Applications (Coating and Canal Lining).

The report also covers the market size and forecasts for the Asia-Pacific Bitumen Market in 5 countries across the Asia-Pacific region. For each segment, the market sizes and forecasts are provided in terms of volume (tons).

Product Type
Paving Grade
Hard Grade
Oxidized Grade
Bitumen Emulsions
Polymer Modified Bitumen
Other Product Types (Cutback Bitumen and Crystal Bitumen)
Application
Road Construction
Waterproofing
Adhesives
Other Applications (Coating and Canal Lining)
Geography
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
Need A Different Region Or Segment?
Customize Now

Asia-Pacific Bitumen Market Size Summary

The Asia-Pacific bitumen market is poised for significant growth, driven by increasing road construction activities and the rising demand for bitumen in waterproofing applications. The market, which experienced disruptions due to the COVID-19 pandemic, has shown resilience and is on a recovery path. Key economies such as China and India are at the forefront of this growth, with substantial investments in infrastructure projects like expressways and highways. These developments are expected to bolster the demand for bitumen, primarily used in asphalt for road construction, which is crucial for economic growth and trade facilitation. However, environmental concerns and the shift towards concrete in road construction pose challenges to market expansion. Despite these challenges, advancements in high-performance bitumen products present promising opportunities for market players.

China stands out as the largest market within the region, with its government actively boosting investments in infrastructure to stimulate economic growth. The country's focus on expanding its expressway network and enhancing transportation infrastructure is expected to drive substantial demand for bitumen. The market is characterized by its fragmented nature, with major players like China Petroleum & Chemical Corporation, Shell Plc, BP PLC, Exxon Mobil Corporation, and JXTG Nippon Oil & Energy Corporation playing significant roles. Recent developments, such as the construction of new bitumen production plants in India and the establishment of advanced facilities in Australia, highlight the ongoing efforts to meet the growing demand for bitumen products in the region.

Explore More

Asia-Pacific Bitumen Market Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Roadways Network in China and India

      2. 1.1.2 Increasing Demand for Waterproofing Applications

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Environmental Concerns Regarding the Usage of Bitumen

      2. 1.2.2 Concrete as a Substitute for Bitumen in Road Construction

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Paving Grade

      2. 2.1.2 Hard Grade

      3. 2.1.3 Oxidized Grade

      4. 2.1.4 Bitumen Emulsions

      5. 2.1.5 Polymer Modified Bitumen

      6. 2.1.6 Other Product Types (Cutback Bitumen and Crystal Bitumen)

    2. 2.2 Application

      1. 2.2.1 Road Construction

      2. 2.2.2 Waterproofing

      3. 2.2.3 Adhesives

      4. 2.2.4 Other Applications (Coating and Canal Lining)

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 ASEAN Countries

      6. 2.3.6 Rest of Asia-Pacific

Asia-Pacific Bitumen Market Market Size FAQs

The Asia-Pacific Bitumen Market is projected to register a CAGR of 4.90% during the forecast period (2024-2029)

China Petroleum & Chemical Corporation, Shell Plc, BP PLC, Exxon Mobil Corporation and JXTG Nippon Oil & Energy Corporation are the major companies operating in the Asia-Pacific Bitumen Market .

Asia-Pacific Bitumen Market Report Snapshots

Asia-Pacific Bitumen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)