According to Bis Research, the size of ECO-FRIENDLY BITUMEN MARKET in 2019 was at $109,784.64 and is expected to reach $126,743.58 by the end of 2025 with a CAGR of 4.21% during the forecast period of 2020-2025.
Bitumen, also known as asphalt in the United States, is a substance produced through the distillation of crude oil that is known for its waterproofing and adhesive properties. Bitumen production through distillation removes lighter crude oil components, such as gasoline and diesel, leaving the “heavier” bitumen behind. The producer often refines it several times to improve its grade.
But due to rising environmental concerns, the global bitumen industry is witnessing huge changes on account of changing demand-supply patterns. The world is now moving toward sustainable environment goals, and hence every industry is making a move toward the emerging wave of sustainability.
Although the growth of eco-friendly bitumen is expected to follow an upward growth trend, there are certain challenges behind the growth of the market. The product is yet not very commercialized in the global bitumen industry, and hence very few players are investing in emerging technology like eco-friendly bitumen. Also, the reliability of eco-friendly or bio-based roads is still an ongoing research topic. Few countries have been constructing test roads made from bio-asphalt, such as the Netherlands, where the government has made bio-asphalt roads from lignin. However, the current consumption of bio asphalt or other eco-friendly bitumen types is less in the industry.
Companies operating in eco-friendly bitumen are keen to expand their market bases by focusing on new and innovative product launches, mergers and acquisitions, and other growth strategies. For instance, in March 2017, American Gil Sonite Company entered into a partnership with Adventus Material Strategies, LLC so that both the companies could work together to increase asphalt sales among businesses and government customers. Key players operating in the market include Royal Dutch Shell, Bharat Petroleum Corporation, and American Gil Sonite Company, among others.
Eco-friendly bitumen is used in multiple applications across the globe, including waterproofing, construction, and paints, and coatings, among others. The other application industries include insulation, sealing, etc. Increasing sustainable building construction is the primary factor in uplifting the demand for eco-friendly bitumen in waterproofing applications. However, the construction industry dominated the demand for the product in 2019.
Asia-Pacific and Japan (AP&J) region dominated the global eco-friendly bitumen market in 2019 and is anticipated to hold its dominance throughout the forecast period.
The competitive landscape of the eco-friendly bitumen market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by eco-friendly bitumen manufacturers are new product launches, business expansions, and partnerships and collaborations.
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