PUBLISHER: The Business Research Company | PRODUCT CODE: 1925713
PUBLISHER: The Business Research Company | PRODUCT CODE: 1925713
Bitumen, also known as asphalt or asphalt binder, is a dark, adhesive, and highly viscous petroleum-derived material. It serves as a crucial binder in asphalt concrete, playing a key role in the construction of roads, highways, and various transportation infrastructure projects.
The primary products derived from bitumen include paving grade, hard grade, oxidized grade, bitumen emulsions, polymer-modified bitumen, and others. Paving grade, a specific type of bitumen or asphalt, is commonly utilized in road construction and paving projects. Its applications extend to roadways, waterproofing, adhesives, insulation, and various other uses across non-residential, residential, and other end-user sectors.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs are influencing the bitumen market by increasing costs of imported crude-derived feedstocks, refining equipment, polymer additives, and transportation logistics. Infrastructure projects in North America and Europe are most affected due to reliance on imported bitumen products, while Asia-Pacific faces pricing pressure on export-oriented supply. These tariffs are raising construction costs and affecting project timelines. However, they are also encouraging local refining capacity expansion, regional sourcing strategies, and innovation in alternative and recycled bitumen materials.
The bitumen market research report is one of a series of new reports from The Business Research Company that provides bitumen market statistics, including bitumen industry global market size, regional shares, competitors with a bitumen market share, detailed bitumen market segments, market trends and opportunities, and any further data you may need to thrive in the bitumen industry. This bitumen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The bitumen market size has grown steadily in recent years. It will grow from $57.31 billion in 2025 to $60.02 billion in 2026 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to expansion of road and highway construction, growth of urban infrastructure projects, increasing use of asphalt pavements, availability of petroleum refining outputs, rising investments in transportation infrastructure.
The bitumen market size is expected to see steady growth in the next few years. It will grow to $72.74 billion in 2030 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to increasing infrastructure modernization initiatives, rising adoption of sustainable road construction materials, expansion of smart city projects, growing demand for high-performance asphalt solutions, increasing focus on long-life pavement technologies. Major trends in the forecast period include increasing adoption of polymer modified bitumen, rising demand for durable road infrastructure materials, growing use of bitumen emulsions in construction, expansion of climate-resilient road surfaces, enhanced focus on recyclable asphalt solutions.
The anticipated rapid pace of industrialization is poised to be a significant catalyst propelling the growth of the bitumen market moving forward. Industrialization denotes the transition of an economy or society from primarily agrarian and craft-based activities towards a more industrial and manufacturing-oriented structure. Bitumen, revered for its versatile and durable properties, assumes a critical role across various applications in industrialization, including road construction, waterproofing, and industrial processes. This usage contributes substantially to infrastructure development while ensuring the endurance and dependability of essential industrial assets. For instance, in August 2023, Eurostat reported a 0.5% increase in industrial production in the euro area and a 0.4% rise in the EU, comparing June 2023 to May 2023. Consequently, the projected rapid industrialization is expected to drive the growth trajectory of the bitumen market.
Leading companies in the bitumen market are innovating products such as high-tech bitumen binders to boost the production of advanced bitumen products and gain a competitive edge. High-tech bitumen binders consist of advanced formulations of bituminous materials that offer enhanced performance characteristics, including improved durability. For instance, in May 2024, Tarmac launched a new modern and sustainable asphalt plant in Trowse, Norwich, representing a significant step forward in eco-friendly construction practices. This plant has a production capacity of up to 100,000 tons per year.
In November 2025, Sika AG, a Switzerland-based specialty chemicals and construction materials company, acquired Awazil Al Khaleej Industrial Co. for an undisclosed amount. This acquisition enables Sika to expand its presence in the rapidly growing construction markets of Saudi Arabia and the wider GCC by integrating Gulf Seal's bituminous waterproofing membranes into its global product portfolio. It also allows Sika to leverage its extensive distribution network to support large-scale building and infrastructure projects. Awazil Al Khaleej Industrial Co. is a Saudi Arabia-based manufacturer of bituminous waterproofing membranes, supplying solutions widely used in major construction and infrastructure developments across the region.
Major companies operating in the bitumen market are Shell plc, BP p.l.c., Exxon Mobil Corporation, TotalEnergies SE, Chevron Corporation, Valero Energy Corporation, Marathon Petroleum Corporation, Phillips 66 Company, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Rosneft Oil Company PJSC, Gazprom Neft PJSC, PJSC Lukoil, Eni S.p.A., Repsol, S.A., OMV Aktiengesellschaft, Neste Oyj, Petroliam Nasional Berhad, China Petroleum And Chemical Corporation
Asia-Pacific was the largest region in the bitumen market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bitumen market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the bitumen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The bitumen market consists of sales of bitumen paints and coatings, polymer-modified bitumen, cutback bitumen, bitumen emulsions and others. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bitumen Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses bitumen market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bitumen ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The bitumen market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Added Benefits available all on all list-price licence purchases, to be claimed at time of purchase. Customisations within report scope and limited to 20% of content and consultant support time limited to 8 hours.