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Eco-Friendly Bitumen Market Size, Share, and COVID Impact Analysis, By Source (Natural, Bio-Based, Recycled), By Grade (Hard Grade, Oxidized, Paving Grade, and Others), By Application (Construction, Paint & Coatings, Waterproofing, and Others) and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI106870 | Status : Ongoing

 

KEY INDUSTRY INSIGHTS

The global bitumen market has been facing environmental issues and sustainability challenges. Hence, end-user companies are adopting eco-friendly and sustainable ways to expand their product line. This has created a favorable demand for eco-friendly bitumen globally. Additionally, desirable properties of bitumen, such as adhesion, waterproof, strength, durability, and versatility, make it most suitable for end-users. Product manufacturers and developers are now aiming to produce sustainable bitumen to efficiently serve the end-user demands.


The rapid growth in construction industry is one of the key driver for the eco-friendly bitumen market. In comparison to traditional bitumen, eco-friendly bitumen releases less carbon dioxide, hence, it is more environmental friendly. Additionally, the product is cost-effective and can be recycled. The product has nitrogen functional group, which increases the viscosity, enhances oxidation resistance, and improves resistance to water. This makes it a good fit for road, building, and waterfront construction. Moreover, the rising demand for paint, ink, construction, and foundry is anticipated to surge the consumption of eco-friendly bitumen.

There are a few essential functions of eco-friendly bitumen:


  • It offers very strong anti-microbial erosion on the surface.

  • It has more durable surface to improve the speed of slowing down the aging and prolong road service.

  • The product is wax-free; high wax can damage the quality of asphalt.

  • It’s manufacturing process is simple.


Impact of COVID-19 on the Eco-friendly Bitumen Market


As the covid-19 has spread around the globe, concerns have shifted from supply-side issues to decreased business in the service sector. Hence, companies of all sizes have already stopped operations. On account of discontinued operations, industries such as construction were moderately impacted. Road construction was impacted by the shortage of raw materials, labor, and limited transportation activities. Therefore, the demand for bitumen decreased during 2020. But in the current scenario, the market is in the recovery phase as transportation and production operations are active. Factories are expected to continue to operate and deliver raw materials.

Key Insights


The report will cover the following key insights:


  • Key trends in the eco-friendly bitumen market

  • Regulatory scenario of eco-friendly bitumen

  • Key developments of eco-friendly bitumen

  • Impact of COVID-19 on eco-friendly bitumen market


Analysis by Grade


On the basis of grade, the market is segmented into natural, bio-based, and recycled.


  • Bio-based bitumen is expected to moderately replace fossil-based bitumen, which may be expected to boost the market.

  • Natural bitumen or gilsonite has multiple applications such as road construction, oil and gas, waterproofing, and insulation.


Regional Analysis


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The global eco-friendly bitumen market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a large share of the global eco-friendly bitumen market as consumers from the U.S. and Canada prefer sustainable products. Therefore, the demand is increasing in the entire region. The market in Asia Pacific is expected to grow at higher CAGR due to the rising investment in the construction industry of countries such as China and India. Europe holds significant share in the market owing to the increasing product adoption in paints & coatings and waterproofing applications. Latin America and the Middle East & Africa are developing regions witnessing high product demand due to surging preference for sustainable construction materials.

Key Players Covered


The report will include the profiles of key players such as American Gilsonite Company, ATDM CO. LTD, Agarwal Industrial Corporation Limited, Bharat Petroleum Corporation Ltd., Jalnidhi Bitumen Specialties Pvt. Ltd., Mamz Asphalt Technologies (Pvt) Ltd, Nikan West Gilsonite, Nuroil Trading, Shell, Ventraco, and Others.

Segmentation


















By Source


By Grade


By Application


By Geography



  • Natural

  • Bio-Based

  • Recycled




  • Hard Grade

  • Oxidized

  • Paving Grade

  • Others




  • Construction

  • Paint & Coatings

  • Waterproofing

  • Others




  • North America (U.S., and Canada)

  • Europe (Germany, France, Italy, U.K., and Rest of Europe)

  • Asia Pacific (China, India, Japan, ASEAN, and Rest of APAC)

  • Latin America (Brazil, Mexico, and Rest of LATAM)

  • Middle East & Africa (GCC, South Africa, and Rest of MEA)



Key Industry Developments



  • In January 2021, Ventraco innovated a new type of bitumen, RheoFalt, produced from natural hydrocarbon resin. The company addressed a novel recipe for bitumen that combines chemical extracts from naturally occurring asphalt with a product created from cashew nut shells.

  • In February 2022, English road authority National Highways set a trial on in-situ cold recycling of structural pavement layers with graphene to improve flexibility and longevity.





  • Ongoing
  • 2023
  • 2019-2022

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