North American Bitumen Market size is projected to reach USD 24.85 billion by 2027, according to a latest forecast report by Graphical Research.
The North America market growth is owing to the growing road construction activities across the U.S. In the construction sector, bitumen is one of the key raw materials used to manufacture dams, water tanks, and bridges as it offers stickiness, high viscosity, and water resistance to the structure. The rising number of renovation projects and modern construction systems, especially in the U.S., with waterproof flat roofs will further stimulate the market demand.
Furthermore, an upsurge in bitumen consumption, especially in roadways, waterproofing, insulation, etc., will reinforce the market in the construction & infrastructure industry. For instance, the U.S. road network exceeds 6.58 million kilometers in total length, making it the world's longest road network. Increasing road construction & maintenance activities to create a superior quality transportation medium will drive the market size.
In 2020, paving bitumen held a substantial share in the overall market. Paving bitumen is a penetration-graded bitumen that is made from specially selected crude oils via controlled refining processes. Furthermore, PMB is also a largely used bitumen due to its excellent cohesive & waterproofing properties, making it a suitable material in roofing for waterproofing purposes. Polymer-modified roof membranes are made of reinforced fabrics and act as a carrier for hot PMBs, which are manufactured as roll material. Additionally, polymer-modified bitumen has witnessed significant popularity in the past three decades as modified bitumen is used for road development, building, and construction.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
The waterproofing segment is expected to expand at over 2.3% CAGR till 2027. Bituminous waterproofing systems are designed to protect residential & commercial buildings. With the expanding population in the U.S., the demand for new houses will rise in major cities and towns. Moreover, growing uncertainties of weather & untimely rains will create a rising demand for roof waterproofing & wall insulation in new & old constructed buildings. Bitumen-based waterproofing membranes are also used for the waterproofing of underground concrete surfaces, wet floors, concrete roofs, supporting walls, terraces, and highway viaducts. High-quality bitumen is modified with plastomeric and elastomeric polymer additives to produce a bitumen-based waterproofing membrane.
The U.S. bitumen market is estimated to witness substantial demand through 2027 on account of the requirement for development & maintenance of the massive road network. The increasing number of high-performance vehicles plying on roads & expressways of the country demands superior quality roads with all-season reliability. Furthermore, the rising number of vehicles in North America is likely to increase the demand for better-quality roads and expressways.
There are several multinational and regional companies operating in the industry. Some of the major players operating in the market are Chevron Corporation, Valero Energy Corporation, Exxon Mobil Corporation, Suncor Energy Inc., Athabasca Oil Corporation, NuStar Energy, and Marathon Oil Company, among others.
The North American bitumen market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Product
- Oxidized Bitumen
- Cutback Bitumen
- Bitumen Emulsion
North America Market, By Application
The above information has been provided for the following countries: