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Conditioned/Packaged Bitumen Market by Type (Paving, Oxidized, Cutback, Emulsion, Polymer Modified Bitumen, Others) by Application (Roadways, Waterproofing, Adhesives, Insulation, Others) by Packaging (Steel Drums, Jumbo Bags): Growth, Future Prospects, and Competitive Analysis, 2015 - 2027

Conditioned/Packaged Bitumen is bitumen that comes in a packaged form, unlike bulk bitumen. Conditioned/Packaged Bitumen is usually available in packaging types such as steel drums, jumbo bags, etc. Conditioned/Packaged Bitumen is growing in demand across various applications such as road construction, waterproofing, insulation, etc. Paving, Oxidized, Cutback, Emulsion, Polymer Modified Bitumen, and Others are some of the major types of Conditioned/Packaged Bitumen. While, Roadways, Waterproofing, Adhesives, Insulation, and Others are some of the prominent applications of Conditioned/Packaged Bitumen. Global Conditioned/Packaged Bitumen demand reached around 38,437-kilo tons in 2020 and is expected to grow in annual demand to reach over 45,690 kilo tons in 2027. While the CAGR of the global Conditioned/Packaged Bitumen industry during the forecast period is likely to be 3.71%.

Global Conditioned/Packaged Bitumen Market

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Interesting Facts of Conditioned/Packaged Bitumen

  • Increasing Demand for Bitumen in Waterproofing and Insulation Applications
  • Environmental issues associated with bitumen extraction anticipated to hamper the market growth.
  • Bricks, pavers, cobblestone, concrete, and cement are some of the substitutes that are being increasingly used in place of bitumen.
  • The Asia Pacific is a major force behind the steady growth of Conditioned/Packaged Bitumen.
  • Low cost as compared to other alternatives and availability in abundance
  • U.S. Conditioned/Packaged Bitumen Market is projected to grow at a steady pace over the forecast period
  • Conditioned/Packaged Bitumen demand is likely to spur in China owing to substantial expenditure by Government on road construction activity.

Due to stringent environmental regulations, Europe is expected to witness sluggish growth in demand for Conditioned/Packaged Bitumen.

Strong Road Construction Activity Across the World

The U.S. accounted for the largest road network with over 20% share globally in 2020. The country’s road network totaled over 7 million kilometers in 2020. The road network in the U.S. is extensive due to the country's large population and vast geography. Additionally, the infrastructure in the U.S. is highly developed and has been at par with the region's growing industrialization and economic conditions. Municipal bodies are involved in highway and road maintenance and reconstruction activities. This is expected to drive the growth of bitumen in the region in the near future.

China is one of the fastest-growing countries in terms of industrialization and economic growth. Several infrastructure road projects, such as The Wuhan Tianxingzhou Yangtze River Bridge, a combination of road and rail bridge across the Yangtze River, Wuhan, were completed in 2009. Furthermore, the Government of China signed a contract to re-construct the ancient “Silk Route” connecting China and India with Europe. These factors are anticipated to boost demand for bitumen in the region. Also, the country plans to construct over 100,000 kilometers of expressways; 11 provinces would have expressways measuring more than 6,000 kilometers, thereby connecting various significant provinces. Moreover, the development of a superior transportation system is one of the primary aims of the Chinese Government.

The road network has significantly expanded in India over the past few years. The development of rural roads has been one of the primary aims of the Government of India. This would help connect small villages and towns to large cities. As a result, expansion and new construction activities are highly prevalent in the country. The national Government is constantly involved in expanding highways to accommodate the increasing road traffic. Additionally, the country sanctioned over USD 19 billion in 2012 to construct a highway around the India-China border to expand its road network. Furthermore, mega projects such as the North-South Corridor, East-West Corridor, various expressways, etc., will likely increase bitumen consumption in the region over the next few years.

Stringent Environmental Regulations to Confine the Growth Rate

Bitumen is mined from oil sands and crude oil reserves. Furthermore, the extracted bitumen has to be refined, separated, and upgraded to obtain usable bitumen. The majority of bitumen produced is used in the construction of roadways. Other applications include the usage of bitumen in roofing, paints, enamels, adhesives, and automotive. However, there are several environmental issues associated with the extraction of bitumen. The land gets affected due to mining activities, while water usage in large quantities for the separation of bitumen from the extracted material leads to increased water pollution. In addition, the air gets polluted due to the release of carbon dioxide and other emissions during the extraction and refinement process. Several environmental groups, including Greenpeace and the Climate Reality Project, have criticized the extraction process for bitumen.

Fluctuations in Prices of Conditioned/Packaged Bitumen

Conditioned/Packaged Bitumen is a by-product of the petroleum industry; hence, prices are bound to deviate in line with the ups and down in crude oil prices. The report covers a comprehensive price trend analysis and factors influencing deviation in the prices of Conditioned/Packaged Bitumen across the world.

Stiff Competition Among Major Players for Market Share Consolidation

There are a large number of players operating in the global Conditioned/Packaged Bitumen market. Some of the prominent companies involved in the manufacturing of Conditioned/Packaged Bitumen include Indian Oil Corporation, Suncor Energy, ExxonMobil, Athabasca Oil Corporation, Royal Dutch Shell, TotalEnergies, China Petroleum and Chemical Corporation, Nustar energy, Bouygues, Villas Austria GmbH, Nynas, Valero Energy Corporation, Chevron Texaco Corporation, Gazprom-Neft, and Marathon Oil Corporation. Key players are focusing on developing a strong distribution network to reach a maximum number of end-users. In addition, conditioned/Packaged Bitumen manufacturers are also working to minimize the impact of fluctuating prices on their margins.

Frequently asked questions about global Conditioned/Packaged Bitumen industry

Rising road construction activity and growing demand for waterproofing and insulation materials is major driving force for the global Conditioned/Packaged Bitumen industry

Steel Drums and Jumbo bags are major types of packaging used in global Conditioned/Packaged Bitumen industry

Waterproofing and insulations is the fastest growing segment in the global Conditioned/Packaged Bitumen industry

Asia Pacific has the largest share of the market due to huge demand from India, China, Japan and South Korea

The CAGR for this market is likely to reach over 3.71% during the forecast period

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Published Date:  Oct 2021
Category:  Chemicals
Report ID:   60431
Report Format:   PDF
Pages:   120
Rating:    4.2 (60)
Delivery Time: 24 Hours to 48 Hours   
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