Asia Pacific Bitumen Market size was over USD 45 billion in 2020 and is poised to expand at a CAGR of more than 4.6% between 2021 and 2027.

Paving bitumen has witnessed a strong demand historically and will continue to maintain its domination in near future. The paving bitumen demand in Asia Pacific is primarily driven by rising road construction in emerging economies such as India, China, Indonesia, etc. The transportation industry has witnessed monumental growth in the region owing to ever-increasing domestic markets and huge infrastructure investments. Most of the countries in the region are developing economies and governments understand the importance of good road infrastructure. Due to the above-mentioned factors, many countries are building an intense roadway network to boost their economic growth.

The China road & highway construction industry has been growing rapidly due to increasing urbanization and rising automobile ownership in the region. The rising manufacturing activities in the country followed by freight and passenger road transportation will further propel the road development & construction industry. The Government of China is increasing its investments to develop road networks in the country. The presence of major market players in Asia Pacific including British Petroleum, Shell Bitumen, and ExxonMobil will augment the industry expansion.

Asia Pacific Market, By Product

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The polymer modified bitumen segment revenue is expected to grow at a CAGR of 5.6% through 2027. Polymer-modified bitumen has polymers added to the traditional bitumen. PMB exhibits excellent properties such as high cohesiveness, extra strength, resistance to fatigue, stripping, and deformations, making it a material of choice for end-use applications. PMB possesses low-temperature sensitivity compared to traditional products, thus making it preferable for pavement applications.

Asia Pacific Market, By Application

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Asia Pacific is witnessing strong investments in the infrastructure and building & construction sectors. The region has some of the largest geographic markets, such as India, Indonesia, and China, with a rapidly expanding population. Furthermore, the region has a robustly growing construction industry, which will drive product demand in the coming years.

Competitive Industry Landscape

Some of the key players involved in the Asia Pacific bitumen market are Royal Dutch Shell, Total S.A., Exxon Mobil Corporation, and Valero Energy Corporation.

These players are investing in new product development to gain a competitive advantage. For instance, in March 2017, Indian Oil Corporation Limited launched DURAPAVE, a high-performance bitumen product. The DURAPAVE brand covers various bitumen products such as Crumb Rubber Modified Bitumen (CRMB), Polymer Modified Bitumen (PMB), bitumen of various viscosity-grades, and bitumen emulsions, catering to the increasing regional demand.