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North America Bitumen Market Size By Application (Roadways, Waterproofing, Adhesives, Insulation), By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified), Research Report, Country Outlook (U.S., Canada), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
Published Date: April 2021 | Publisher: Graphical Research Report ID: GR1766 | Delivery : PDF  Request Free Sample

North America Bitumen Market size crossed USD 19 billion in 2020 and is anticipated to witness over 3.3% CAGR between 2021 and 2027.

The North America market demand is due to rapid growth in the road construction and infrastructural sector. Rising automotive traffic and the increasing demand for extension of road network with multiple lanes to accommodate all vehicles during peak hours will boost the consumption of bitumen.

North America Market, By Product

North America Bitumen Market By Product

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The paving bitumen segment dominated the market share in 2020 owing to its huge acceptance in road maintenance and construction activities across the region. Paving bitumen is widely considered in infrastructure and road development. The product also has extended applications in the construction of greenhouse floors, running tracks, bicycle paths, runways, and railway beds.
 

Furthermore, paving asphalt is divided into two major categories: asphalt cement and liquid asphalt. Cement paving grades are semi-solid asphalts that must be heated to achieve a fluid state that allows the material to be mixed or sprayed. Increased use of oxidized bitumen for industrial purposes, such as flooring, pipe coating, paints, industrial mastics, and roof insulation, will support the industry growth. It exhibits excellent properties such as water resistance, flexibility, and chemical stability.

North America Market, By Application

North America Bitumen Market By Application

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The roadways application segment will dominate the North America bitumen market, accounting for 90% revenue share by 2027. The construction of new roads and expansion of the existing roads are due to rising vehicle traffic. Heavy & bulky good transportation is generally carried out through roads, creating a need for durable & heavy-duty roads. The development of roads and the use of superior materials to build durable roads will further surge the market to new heights.

North America Market, By Country

The U.S. bitumen market will register a substantial demand on account of requirements in the development and maintenance of massive road networks. The country has the longest span of road network in the world with the overall road length being 6.5 million kilometers in 2016, almost two-thirds of which are paved roads.

Additionally, the U.S. government has made some notable investments in the road development sector by launching a few multimillion-dollar projects in the past few years. Some examples of such infrastructural development projects are the 21-mile six-lane interstate I-4 Ultimate in Central Florida worth USD 2.3 billion; Four-lane interstate freeway I-11 near Boulder City, Nevada worth USD 83 million; and Project Neon in Las Vegas to widen 3.7 miles of I-15 to accommodate the increasing traffic, which is currently at 300 thousand average daily traffic and is estimated to double by 2035.

Competitive Industry Landscape

Prominent companies operating in the market include Chevron Corporation, Valero Energy Corporation, Exxon Mobil Corporation, Suncor Energy Inc., Athabasca Oil Corporation, NuStar Energy, and Marathon Oil Company, among others.

These industry players are majorly focusing on strategic alliances and product expansion to hold the largest market share. For instance, in January 2018, Suncor along with its partners, Total SA and Teck Resources Ltd., had decided to develop the Fort Hills project, which has approximately 3.3 billion barrels of bitumen with a design capacity of 180,000 barrels.

Frequently Asked Question(FAQ) :

The industry for bitumen in North America generated USD 19 billion in 2020 and will expand at a 3.3% CAGR through 2027 with wide consumption in road construction and infrastructure applications.
Paving bitumen will continue to witness robust demand in North America through 2027 with wide application in road maintenance and construction.
Roadways application is likely to dominate North America industry with more than 90% revenue share by 2027.
The need for development for development and maintenance of extensive road infrastructure in the U.S. indicates that the country could dominate North America industry trends in the future.

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