Bitumen Market Size, Share & Industry Analysis

Source: https://www.fortunebusinessinsights.com/bitumen-market-104300

The global bitumen market size was valued at USD 73.35 billion in 2024. The market is projected to grow from USD 75.60 billion in 2025 to USD 98.62 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period. Asia Pacific dominated the bitumen market with a market share of 30.36% in 2024. China Petroleum and Chemical Corporation, Exxon Mobil Corporation, Shell plc, Gazprom Neft, and NYNAS are the key players operating in the industry.

Bitumen is a substance derived from the distilling crude oil, recognized for its waterproof and adhesive characteristics. It is frequently utilized in the construction sector, particularly for roads and highways, roofing, and other industrial applications. The production process involves distillation, which eliminates lighter fractions of crude oils such as gasoline and diesel, leaving behind the heavier product. Additionally, deposits can form naturally at the bottoms of ancient lakes, where prehistoric organisms have decomposed under heat and pressure.