The bitumen market is estimated to be valued at USD 66.26 Bn in 2025 and is expected to reach USD 73.08 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 1.4% from 2025 to 2032.
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The global bitumen market is primarily driven by infrastructure growth, especially in road construction, which accounts for over 80% of total demand. Expanding urbanization, industrialization, and government investments in transportation—particularly in emerging economies like India and China—are fueling market expansion. In developed countries, the need for road maintenance and upgrades continues to support demand.
Modified bitumen products, including polymer-modified and emulsified types, are gaining popularity due to their durability and performance in extreme conditions. Overall, the market is set for steady growth, supported by infrastructure investments and innovations in sustainable bitumen technologies.
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According to data from the World Integrated Trade Solution, India exported a total of 4,294 Bitumen shipments between October 2023 and September 2024. These exports were carried out by 79 Indian exporters and delivered to 295 international buyers. This represents a 13% decline in export volume compared to the previous twelve-month period.
Meanwhile, Coherent Market Insights reports that 170 Bitumen shipments were exported from India in September 2024 alone. This figure reflects no change compared to both September 2023 (YoY) and August 2024 (MoM), indicating stable monthly and annual performance.
India's primary export markets for Bitumen during this period were Nepal, Bhutan, and Bangladesh.
On a global scale, the top three Bitumen-exporting countries are Russia, India, and Iraq. Russia leads with 30,625 shipments, followed by India with 17,716 shipments, and Iraq with 13,906 shipments.
In terms of product type, paving grade bitumen segment is expected to contribute 28.9% share of the market in 2025, owing to its wide usage in road construction activities. Paving grade bitumen has optimal viscosity and softening point characteristics that make it ideally suited for usage in paving applications such as construction of highways, roads, and driveways. It serves as a primary binder in asphalt concrete, providing the flexibility, durability, and adhesion required for various climatic and traffic conditions. Governments across the globe, especially in fast-growing economies like India, China, Indonesia, and African nations are heavily investing in road networks to support trade, mobility, and urban expansion. Paving grade bitumen is the most widely used material for highways, expressways, and rural road development.
In December 2023, Bitumax, a leading bitumen supplier and exporter, expanded its product portfolio with the introduction of Bitumen 80/100, a versatile penetration-grade aimed at road construction, waterproofing, and industrial applications. The company emphasizes the product's optimal penetration grade, enhanced durability, and suitability for diverse construction projects.
In terms of application, roadways segment is expected to contribute 27% share of the market in 2025 due to its excellent binding properties, durability, and cost-effectiveness. Bitumen acts as a strong binder for aggregates, forming a cohesive and durable asphalt mix. Its water-resistant nature helps protect road surfaces from moisture-induced damage, improving longevity. It can withstand repeated traffic loads and thermal expansion without cracking. Its flexibility makes it ideal for both high-traffic highways and low-volume rural roads. The bitumen -based asphalt is relatively easy to produce, lay, and repair. This makes it a preferred choice for both new road construction and road resurfacing projects. Along with that, compared to concrete, bitumen roads are generally cheaper to build and maintain, especially in regions where oil refining (and bitumen as a byproduct) is locally available.
In December 2024, Union Minister Nitin Gadkari inaugurated India’s first national highway stretch constructed using lignin‑based bio‑bitumen on NH‑44 near Mansar, Nagpur. The 1 km test section employs up to 15% bio‑bitumen, developed by Praj Industries in partnership with CSIR‑CRRI, NHAI, and Oriental, using agricultural residue as a sustainable binder. Such innovations are proliferating the bitumen market share.
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Asia Pacific is expected to account for the greatest revenue share of 37.3% in 2025, driven by a combination of economic growth, rapid urbanization, and massive infrastructure investments. Governments in countries like India, China, Indonesia, and Vietnam are investing heavily in national highway expansions, rural road connectivity, and smart cities development. Bitumen is a core material for asphalt roads, rising the demand for road construction. With rapidly growing urban populations, cities across Asia Pacific require extensive development of transportation networks, housing, and commercial infrastructure, all of which involve bitumen-based applications, particularly for paving and waterproofing, further contributing to the bitumen market revenue.
In June 2025, Malaysia launched its largest-ever infrastructure development plan, allocating roughly RM 85 billion toward multi-sector projects—particularly in road networks such as the Pan Borneo Highway, Central Spine Road, and the Greater Kuala Lumpur Transportation Master Plan. This flurry of construction activity is expected to push national bitumen consumption from a previous range of 650,000–700,000 metric tonnes to 800,000–850,000 tonnes in 2025, a sharp increase of around 22% year-over-year.
North America exhibits the fastest growth and is emerging as an important market for bitumen globally. North America is driven by its extensive road network and continuous infrastructure maintenance needs. The U.S. alone has over 4 million miles of public roads, many of which require regular resurfacing, repair, and rehabilitation, creating a consistent demand for paving-grade bitumen. Another key driver is the aging infrastructure. Many highways, bridges, and urban roads built in the mid-20th century are now deteriorating and require substantial investment in restoration. Government programs like the U.S. Infrastructure Investment and Jobs Act (IIJA) are allocating billions toward road upgrades, directly boosting bitumen market share.
In addition to roads, roofing applications also contribute significantly to demand. Bitumen-based roofing products, such as modified bitumen membranes, are widely used in commercial and residential construction due to their waterproofing and thermal insulation properties. Overall, the combination of infrastructure renewal, harsh climate conditions requiring durable materials, and government spending continues to make North America a key market for bitumen.
The U.S. is a major consumer of bitumen due to its extensive 4M+ mile road network and aging infrastructure, much of which requires frequent resurfacing. The Infrastructure Investment and Jobs Act (IIJA) allocates over USD 110 billion for roads and highways, driving significant growth in bitumen market demand. The U.S. has a key focus on road resurfacing for continuous upgrades to deteriorating road, highway expansion by addition of new lanes and expressway projecs and roofing which uses bitumen-based membranes in commercial construction. Additionally, Federal funding and large-scale infrastructure needs ensure strong, sustained demand in the U.S. bitumen market.
India’s bitumen market demand is fueled by large-scale government infrastructure programs such as Bharatmala Pariyojana, Smart Cities Mission, and PMGSY. Bharatmala targets over 83,000 km of highway construction, while PMGSY focuses on rural road connectivity. These initiatives require significant volumes of bitumen for paving and maintenance. India’s sustained infrastructure push and real estate growth make it a key market for bitumen consumption.
Germany’s demand for bitumen market is driven by its aging highway network, especially the Autobahn, which requires durable resurfacing solutions. The country relies heavily on polymer-modified bitumen (PMB) for its superior resistance to heavy traffic, temperature extremes, and cracking. Key applications include Autobahn upgrades, airport runway rehabilitation (e.g., Frankfurt, Munich), and energy-efficient roofing systems. Germany’s emphasis on sustainability and infrastructure longevity continues to boost demand for high-performance and specialty bitumen products.
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The global bitumen market value is undergoing a structural recalibration driven by a confluence of technological transformation, environmental scrutiny, and shifting infrastructure priorities.
One of the most significant yet under-discussed shifts is the increasing regulatory pressure from developed economies, especially the EU and North America toward limiting polycyclic aromatic hydrocarbons (PAHs) in paving-grade bitumen. This has led to a quiet yet accelerating pivot toward polymer-modified bitumen (PMB), which offers better performance under thermal stress, extended durability, and reduced lifecycle emissions. For instance, over 80% of roads constructed in Germany today use PMB blends, reflecting both performance standards and environmental compliance requirements. This trend is reshaping supplier portfolios and pushing producers to upgrade their refining capabilities to accommodate higher-grade modified bitumen.
Furthermore, bitumen’s close association with fossil fuel refining places it in a delicate position as global refiners progressively reduce crude runs due to declining fuel demand and rising biofuel quotas. As a result, bitumen is increasingly becoming a byproduct of strategic intent rather than volume optimization. The closure of smaller refineries in Europe and parts of Asia has already led to regional supply imbalances. For example, the shuttering of Shell’s Rheinland refinery bitumen unit in Germany disrupted Central European supply flows, creating opportunities for intra-EU suppliers and imports from Turkey and India.
In emerging economies, particularly in Africa and Southeast Asia, the surge in road development under state-backed infrastructure programs continues to sustain bitumen demand. However, the reliance on imported bitumen in markets such as Kenya and Bangladesh poses risks due to price volatility and logistical bottlenecks. Countries with active upstream assets and integrated refining ecosystems, like India and Saudi Arabia are in a strategically advantageous position to capitalize on this dependency by strengthening export infrastructure.
| Report Coverage | Details | ||
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| Base Year: | 2024 | Market Size in 2025: | USD 66.26 Bn |
| Historical Data for: | 2020 To 2024 | Forecast Period: | 2025 To 2032 |
| Forecast Period 2025 to 2032 CAGR: | 1.4% | 2032 Value Projection: | USD 73.08 Bn |
| Geographies covered: |
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| Companies covered: |
Shell Bitumen, NuStar Energy, Exxon Mobil, Marathon Oil Corporation, Valero Energy Corporation, Nynas AB, Petróleos Mexicanos (PEMEX), Indian Oil Corporation, Chevron Texaco Corporation, and Villas Austria GmbH |
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As urbanization accelerates across developing regions, the demand for essential infrastructure, including housing, roads, and commercial spaces is rising sharply. This trend is a core driver in the expansion of the bitumen market, as bitumen is a fundamental material used in road paving, roofing, and waterproofing applications. According to World Bank Group data published in 2023, more than 55% of the global population currently resides in urban areas, and this figure is expected to reach 68% by 2050. This massive demographic shift is placing unprecedented pressure on governments and private sectors to expand and modernize transportation networks, urban housing, and public infrastructure.
From a bitumen market research perspective, this urbanization trend highlights long-term growth opportunities, especially in regions where road density and quality still lag behind economic development. As a result, stakeholders in the bitumen value chain—from refiners and suppliers to construction firms are strategically positioning themselves to capitalize on these evolving market dynamics.
One of the most promising opportunities in the bitumen market forecast is the development of eco-friendly and sustainable bitumen alternatives. With growing environmental concerns and pressure to reduce carbon emissions in the construction and infrastructure sectors, the focus has shifted toward creating bio-based bitumen formulations. These sustainable variants are produced using renewable agricultural or plant-based feedstocks, such as lignin, vegetable oils, and agricultural residues, offering a viable substitute for traditional petroleum-derived bitumen. In December 2024, Union Minister Nitin Gadkari inaugurated India’s first National Highway stretch built with bio-bitumen on NH-44 in Mansar, Nagpur. This eco-friendly and durable alternative to traditional bitumen marks a key step toward sustainable road infrastructure. Such incidences are propelling the bitumen market demand.
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About Author
Yash Doshi is a Senior Management Consultant. He has 12+ years of experience in conducting research and handling consulting projects across verticals in APAC, EMEA, and the Americas.
He brings strong acumen in helping chemical companies navigate complex challenges and identify growth opportunities. He has deep expertise across the chemicals value chain, including commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals. Yash is a sought-after speaker at industry conferences and contributes to various publications on topics related commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals.
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