Bitumen rose to 3,575 CNY/T on June 30, 2025, up 0.06% from the previous day. Over the past month, Bitumen's price has risen 2.94%, but it is still 0.06% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Bitumen - values, historical data, forecasts and news - updated on July of 2025.

The global bitumen market is expected to be worth US$ 76.2 billion in 2024 and climb to a valuation of US$ 116 billion by the end of 2034, with expansion projected at a CAGR of 4.3% from 2024 to 2034.

Report Attributes	Details
Bitumen Market Size (2024E)	US$ 76.2 Billion
Forecasted Market Value (2034F)	US$ 116 Billion
Global Market Growth Rate (2024 to 2034)	4.3% CAGR
East Asia Market Share (2024E)	22.4%
North America Growth Rate (2024 to 2034)	7.2% CAGR
Waterproofing Segment Market Value (2034F)	US$ 35.3 Billion
Key Companies Profiled	Hindustan Petroleum Corporation Limited; Sinopec; Royal Dutch Shell PLC; Total Oil India Pvt. Ltd.; China National Petroleum Corporation; CNOOC Limited; Rhine Middle East LLC; Indian Oil Corporation Ltd.; Wellbank Global PTE Ltd.; Kimya Refinery Group; Regional Petroleum Products Corporation; The Bahrain Petroleum Company B.S.C.; Muscat International Bitumen LLC; BNB Bitumen Private Limited

Country-wise Insight

Attribute	China
Market Value (2024E)	US$ 9.8 Billion
Growth Rate (2024 to 2034)	6.3% CAGR
Projected Value (2034F)	US$ 18.1 Billion

Attribute	United States
Market Value (2024E)	US$ 7.8 Billion
Growth Rate (2024 to 2034)	7.1% CAGR
Projected Value (2034F)	US$ 15.5 Billion

Category-wise Insights

Attribute	Waterproofing
Segment Value (2024E)	US$ 24.2 Billion
Growth Rate (2024 to 2034)	3.8% CAGR
Projected Value (2034F)	US$ 35.3 Billion

Attribute	Road Surfacing
Segment Value (2024E)	US$ 16.4 Billion
Growth Rate (2024 to 2034)	4% CAGR
Projected Value (2034F)	US$ 24.2 Billion

The Bahraini petroleum bitumen market surged to $70M in 2024, jumping by 21% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Petroleum bitumen consumption peaked at $313M in 2014; however, from 2015 to 2024, consumption remained at a lower figure.

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Modified Bitumen Market Size 2025-2029

The modified bitumen market size is forecast to increase by USD 3.13 billion, at a CAGR of 4.5% between 2024 and 2029.

The market is experiencing significant growth due to the rise in road construction projects worldwide. This trend is expected to continue as infrastructure development remains a priority for numerous governments and economies. Another key driver is the increasing utilization of reclaimed modified bitumen products, which not only reduces the environmental impact but also offers cost savings for manufacturers and consumers. However, the market faces challenges, most notably the volatility in raw material prices. This instability can negatively affect the profitability of manufacturers and disrupt supply chains.
Companies in the market must closely monitor raw material costs and explore alternative sourcing strategies to mitigate this risk and maintain operational efficiency. Natural rubber modifiers are being incorporated into modified bitumen to enhance its elasticity and flexibility. By staying informed of these market dynamics, businesses can effectively capitalize on opportunities and navigate challenges, ensuring long-term success in the industry.

What will be the Size of the Modified Bitumen Market during the forecast period?

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The market is experiencing significant activity and trends, driven by the increasing emphasis on sustainability and energy efficiency in the construction industry. Green building standards, such as Energy Star and LEED certification, are increasingly influencing roofing choices. Roof coatings with reflective properties and green roof systems are gaining popularity for their energy savings and carbon footprint reduction. Hail resistance and impact resistance are crucial factors in roofing safety, especially in regions prone to severe weather. OSHA regulations prioritize workplace safety, leading to the adoption of synthetic underlayments and roofing software for improved installation processes. Storm damage and insurance claims are also driving the market, with renewable energy integration and stormwater management becoming essential considerations.
In the realm of building construction, modified bitumen is utilized in roofing systems due to its excellent waterproofing properties. Asphalt shingles are being replaced by cool roofs and vegetative roofing for better air quality and urban infrastructure development. Circular economy principles are influencing the market, with an emphasis on recycling and reusing roofing materials. Roof leaks and ponding water remain challenges, with innovative solutions being developed to address these issues. Roofing warranty and storm damage are key concerns for contractors and building owners, leading to increased demand for durable and reliable roofing solutions.

How is this Modified Bitumen Industry segmented?

The modified bitumen industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Road construction
  Building construction
  Others


Application

  Hot asphalt method
  Cold asphalt method
  Torch asphalt method


Product Type

  Polymer
  Crumb rubber


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The road construction segment is estimated to witness significant growth during the forecast period. Modified bitumen is a popular material in the construction industry, particularly for roofing systems and road pavements. In roofing applications, it offers various benefits such as enhanced fire resistance, tear resistance, and weather resistance. Modified bitumen roofing membranes come in two forms: applied modified bitumen (SBS and APP) and torch-applied. These membranes are used extensively in both residential and commercial roofing projects. In commercial roofing, modified bitumen provides excellent wind uplift resistance and mechanical fastening, making it an ideal choice for large, low-slope buildings. Roofing contractors also appreciate its ease of installation and durability. In the realm of sustainable roofing, modified bitumen offers a viable solution with its potential for life cycle assessment and recyclability.

For industrial roofing, modified bitumen base sheets and cap sheets provide a robust building envelope, ensuring energy efficiency and thermal conductivity. Roof insulation and adhesive application are crucial aspects of modified bitumen roofing systems, ensuring optimal performance and longevity. In the context of building codes, modified bitumen roofing membranes meet various requirements, including fire resistanc

According to Cognitive Market Research, the global Modified Bitumen Market size is USD 21.56 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031. Market Dynamics of Modified Bitumen Market

Key Drivers for Modified Bitumen Market

Environmental Regulations and Sustainable Construction- Governments worldwide are enforcing stricter regulations on construction materials to reduce environmental impact. Modified bitumen, incorporating recycled materials like crumb rubber or natural rubber, aligns with these sustainability goals. This trend not only meets regulatory requirements but also appeals to environmentally conscious consumers and industries looking for eco-friendly building solutions. This factor significantly influences market dynamics, driving manufacturers to innovate and expand their offerings in sustainable modified bitumen products.
Rapid urban expansion and industrial development necessitate reliable infrastructure, boosting the demand for durable bituminous materials.

Key Restraints for Modified Bitumen Market

Volatile prices of raw materials like polymers and rubber affect profit margins and pricing stability in the modified bitumen market.
The market also faces significant difficulties related to data security and privacy.

Introduction of the Modified Bitumen Market

Modified bitumen refers to a type of asphalt product enhanced with additives or modifiers like styrene-butadiene-styrene (SBS), atactic polypropylene (APP), crumb rubber, or natural rubber. These modifications impart enhanced elasticity, durability, and resistance to temperature variations, making it suitable for various construction applications. The market for modified bitumen is driven by increasing infrastructure development activities globally, coupled with stringent regulations promoting sustainable building materials. Urbanization and industrialization trends further fuel demand, requiring robust and long-lasting road and building construction materials. As the construction industry continues to evolve, modified bitumen remains pivotal in addressing durability and performance requirements, contributing to its steady growth across diverse geographical markets.

In February 2025, the average petroleum bitumen import price amounted to $422 per ton, growing by 2.9% against the previous month.

The Bitumen Market report segments the industry into By Product Type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Product Types (Emulsified)), By Application (Road Construction, Waterproofing, Adhesives, Other Applications (Industrial Coatings)), and Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa).

The Malaysian natural bitumen and asphalt market declined to $584M in 2024, which is down by -13.5% against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2024: its value increased at an average annual rate of +5.0% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -5.6% against 2019 indices.

The global polymer modified bitumen market is expected to reach a value of USD 11,829.1 million in 2024 and is anticipated to reach a value of USD 19,169.4 million by 2034. Sales are expected to rise at a CAGR of 4.9% in the forecast period. A polymer modified bitumen's sales in 2023 were valued at USD 11,407 million.

Attributes	Description
Estimated Global Polymer Modified Bitumen Market Size (2024E)	USD 11,829.1 million
Projected Global Polymer Modified Bitumen Market Value (2034F)	USD 19,169.4 million
Value-based CAGR (2024 to 2034)	4.9%

Country-wise Insights

Countries	CAGR 2024 to 2034
United States	2.8%
Canada	3%
Germany	2.3%
United Kingdom	1.9%
China	5.5%
India	7.4%

Category-wise Insights

Segment	Thermoplastic Elastomer (Product Type)
Value Share (2024)	61.3%

Segment	Road Construction (Application)
Value Share (2024)	86.2%

The global bitumen market, valued at $56,500 million in 2025, is projected to experience steady growth with a compound annual growth rate (CAGR) of 2.0% from 2025 to 2033. This growth is driven by several factors. Increased infrastructure development, particularly road construction and expansion projects globally, fuels significant demand for bitumen as a primary binding agent in asphalt. Furthermore, the rising need for waterproofing solutions in buildings and infrastructure contributes to market expansion. The growing adoption of polymer-modified bitumen, offering enhanced durability and performance compared to traditional bitumen, also boosts market growth. However, fluctuations in crude oil prices, a key raw material for bitumen production, pose a significant challenge. Stringent environmental regulations regarding bitumen emissions and the exploration of sustainable alternatives might constrain market growth in the long term. The market is segmented by type (natural bitumen, petroleum bitumen, coal-tar pitch) and application (emulsion, polymer-modified, roadways, waterproofing, adhesives, others). Major players like BP, Shell, ExxonMobil, and Sinopec control a significant market share, leveraging their extensive production and distribution networks. Regional growth is expected to vary, with developing economies in Asia-Pacific experiencing faster growth compared to mature markets in North America and Europe, due to ongoing urbanization and infrastructural development. The market's steady CAGR reflects a balance between these positive and negative factors. The ongoing demand for road construction and infrastructure projects, coupled with the increasing use of advanced bitumen types, ensures a sustained, albeit moderate, expansion of the market. However, proactive strategies to address environmental concerns and mitigate the impact of crude oil price volatility will be crucial for long-term market stability and sustainable growth. Further market segmentation analysis based on specific regional projects and technological advancements will offer more precise future projections and investment opportunities.

The global natural bitumen market is experiencing robust growth, driven by increasing demand across diverse sectors. While precise market size figures for 2019-2024 are not provided, we can extrapolate a reasonable estimation. Assuming a conservative market size of $1.5 billion in 2025, and a Compound Annual Growth Rate (CAGR) of, let's say, 5% (a figure reflective of steady growth in related construction and industrial materials markets), the market is poised for significant expansion. By 2033, this would project a market valuation exceeding $2.4 billion. This growth is primarily fueled by the expanding construction industry, particularly in developing economies, where natural bitumen finds extensive use in road construction, waterproofing, and other applications. The increasing adoption of natural bitumen in oil and gas operations for drilling fluids and pipeline coatings further contributes to market expansion. The use in specialized applications like inks and paints also presents a niche but growing segment. However, the market also faces certain constraints. Fluctuations in crude oil prices—a key factor influencing the pricing of alternative materials—can impact the competitiveness of natural bitumen. Furthermore, environmental regulations concerning bitumen extraction and its potential environmental impact necessitate sustainable and responsible sourcing practices. The market's segmentation reflects its diverse applications: lump and powder forms cater to varying industrial needs, and the application-based segments (foundry, construction, oil and gas, ink and paint, and others) highlight the versatility of natural bitumen. Companies such as American Gilsonite Company and Wasit Group are prominent players, strategically positioned to benefit from the ongoing market expansion and increasing demand for sustainable construction and industrial materials. Geographical distribution is likely to see a strong concentration in North America and Asia-Pacific regions, driven by robust infrastructure development and industrial activities in these regions. This report provides a detailed analysis of the global natural bitumen market, valued at approximately $2.5 billion in 2023, projected to reach $3.2 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 4.5%. The report delves into market dynamics, including production, consumption, pricing trends, and competitive landscapes, providing valuable insights for stakeholders across the value chain. Key search terms addressed include: natural asphalt, gilsonite, bitumen mining, paving bitumen, natural bitumen applications, bitumen market analysis, natural bitumen price, natural bitumen suppliers.

The global bitumen market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 3.00% from 2025 to 2033. This expansion is driven primarily by the burgeoning infrastructure development across rapidly developing economies in Asia-Pacific and the Middle East and Africa, fueled by increasing urbanization and government investments in road construction projects. Further growth is anticipated from the rising demand for bitumen in waterproofing applications within the construction sector, as well as its increasing use in specialized applications like adhesives and industrial coatings. The market is segmented by product type (paving grade, hard grade, oxidized grade, bitumen emulsions, polymer modified bitumen, and others) and application (road construction, waterproofing, adhesives, and other applications). While the road construction segment currently dominates, the other application segments are expected to witness significant growth due to the increasing adoption of bitumen-based solutions in diverse industries. However, the market's growth trajectory is not without challenges. Fluctuations in crude oil prices, a key raw material for bitumen production, represent a significant restraint, directly impacting production costs and market prices. Furthermore, stringent environmental regulations concerning bitumen's carbon footprint and potential health impacts are likely to influence market dynamics. The competitive landscape is characterized by both large multinational corporations and regional players, with companies like BMI Group, Bouygues Group, BP PLC, and Shell among the key market participants. Strategic partnerships, technological advancements focusing on sustainable and environmentally friendly bitumen solutions, and expansion into emerging markets will be crucial for maintaining a competitive edge in this dynamic landscape. The increasing adoption of sustainable practices across the industry will shape future market growth as well. Recent developments include: October 2023: Suncor Energy announced that it will acquire the Canadian operations of TotalEnergies for USD 1.468 billion. The acquisition is intended to add 61,000 barrels per day of net bitumen production capacity and 675 million barrels of proved and probable reserves to the company's existing oil sands portfolio., November 2022: NYNAS AB introduced Nypol RE, a new polymer-modified bitumen with some biogenic materials that increase its service life. It has a low environmental effect compared to other bitumen products.. Key drivers for this market are: Increasing Road Construction and Repair Activities, Demand from Commercial and Domestic Building Constructions. Potential restraints include: Increasing Road Construction and Repair Activities, Demand from Commercial and Domestic Building Constructions. Notable trends are: Road Construction Segment to Dominate the Market.

Graph and download economic data for Producer Price Index by Industry: Asphalt Paving Mixture and Block Manufacturing: Asphalt and Tar Paving Mixture (Excluding Liquid), Including Bitumen or Asphalt Concrete, Asphalt Paving Cement (PCU3241213241210131) from Dec 2004 to May 2025 about asphalt, cement, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

China Settlement Price: Shanghai Future Exchange: Petroleum Bitumen: 6th Month data was reported at 3,377.000 RMB/Ton in 13 May 2025. This records an increase from the previous number of 3,348.000 RMB/Ton for 12 May 2025. China Settlement Price: Shanghai Future Exchange: Petroleum Bitumen: 6th Month data is updated daily, averaging 3,224.000 RMB/Ton from Oct 2013 (Median) to 13 May 2025, with 2820 observations. The data reached an all-time high of 4,777.000 RMB/Ton in 09 Jun 2022 and a record low of 1,670.000 RMB/Ton in 15 Feb 2016. China Settlement Price: Shanghai Future Exchange: Petroleum Bitumen: 6th Month data remains active status in CEIC and is reported by Shanghai Futures Exchange. The data is categorized under China Premium Database’s Financial Market – Table CN.ZB: Shanghai Futures Exchange: Commodity Futures: Settlement Price: Daily.

The global road grade bitumen market is experiencing steady growth, with a market size of $107,140 million in 2025 and a projected Compound Annual Growth Rate (CAGR) of 5.2% from 2025 to 2033. This expansion is driven by increasing global infrastructure development, particularly in emerging economies experiencing rapid urbanization and industrialization. Government initiatives focused on improving road networks, coupled with rising vehicle ownership and freight transportation, are key factors fueling demand. Furthermore, the shift towards sustainable infrastructure solutions is influencing the market, with a growing focus on using modified bitumen for enhanced durability and performance. Different bitumen grades (50 Below, 50-70, 70-100, 100-150, 150 Above) cater to diverse road construction needs, creating various market segments. The leading players in this market, including SK energy, Shell, ExxonMobil, and others, are strategically investing in expanding their production capacities and exploring innovative bitumen technologies to meet the rising demand. Competition is intense, marked by price fluctuations depending on crude oil prices and regional supply-demand dynamics. Regional variations in market growth exist. North America and Europe, with their established infrastructure and ongoing maintenance projects, are expected to contribute significantly. However, rapid infrastructure development in Asia-Pacific, especially in countries like China and India, is poised to drive significant market growth in the coming years. The Middle East and Africa also present promising opportunities, driven by large-scale infrastructure development programs. While challenges such as fluctuating crude oil prices and environmental concerns related to bitumen production exist, the overall market outlook remains positive, driven by long-term infrastructure investment plans globally. The market segmentation by application (city roads, country roads, highways) further highlights the diverse usage patterns impacting overall market growth.

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The Ethiopian petroleum bitumen market contracted to $4.3M in 2024, declining by -10.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a buoyant increase. Petroleum bitumen consumption peaked at $27M in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.

United States - Producer Price Index by Industry: Asphalt Paving Mixture and Block Manufacturing: Asphalt and Tar Paving Mixture (Excluding Liquid), Including Bitumen or Asphalt Concrete, Asphalt Paving Cement was 256.71700 Index Dec 2004=100 in May of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Asphalt Paving Mixture and Block Manufacturing: Asphalt and Tar Paving Mixture (Excluding Liquid), Including Bitumen or Asphalt Concrete, Asphalt Paving Cement reached a record high of 326.12200 in February of 2025 and a record low of 100.00000 in December of 2004. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Asphalt Paving Mixture and Block Manufacturing: Asphalt and Tar Paving Mixture (Excluding Liquid), Including Bitumen or Asphalt Concrete, Asphalt Paving Cement - last updated from the United States Federal Reserve on June of 2025.

United States - Producer Price Index by Industry: Asphalt Paving and Roofing Materials Manufacturing was 360.42200 Index Dec 1984=100 in May of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Asphalt Paving and Roofing Materials Manufacturing reached a record high of 385.43300 in January of 2025 and a record low of 91.00000 in February of 1987. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Asphalt Paving and Roofing Materials Manufacturing - last updated from the United States Federal Reserve on June of 2025.

Asphalt (Bitumen) Market Outlook

The global asphalt (bitumen) market size was valued at approximately USD 65 billion in 2023 and is projected to reach around USD 100 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.8% during the forecast period. The market growth is predominantly driven by increasing infrastructure projects and urbanization across emerging economies.

The rise in road construction activities, particularly in developing countries, is a significant growth factor for the asphalt market. Governments worldwide are investing heavily in road infrastructure to improve connectivity and boost economic activities. In addition to road construction, the adoption of advanced construction practices and materials is increasing, which further drives the demand for various types of bitumen, including paving grade, oxidized grade, and polymer-modified bitumen. The resilience and durability of bitumen make it a preferred material in road construction, ensuring long-term maintenance and minimal repairs.

Another key growth factor is the growing emphasis on sustainable and eco-friendly construction materials. With the rising awareness about environmental conservation, there is a substantial shift towards the use of recycled asphalt and other sustainable practices in the construction sector. This shift not only aids in reducing the carbon footprint but also brings down the overall cost of construction. Moreover, technological advancements in asphalt production, such as warm mix asphalt and cold mix asphalt, are gaining traction due to their environmental benefits and cost-efficiency.

The increasing urbanization and industrialization in various regions are further fueling the asphalt market. As urban areas expand, the need for residential, commercial, and industrial infrastructure grows, driving the demand for asphalt in applications like roofing and waterproofing. The versatility and adaptability of bitumen in different climatic conditions make it a suitable material for varied construction needs. Furthermore, as emerging economies continue to develop, the demand for better infrastructure, including roads, highways, and airports, is expected to sustain the market growth.

Industrial Bitumen plays a crucial role in various construction and industrial applications due to its binding properties and durability. It is extensively used in the production of roofing felt, waterproofing membranes, and pipe coatings. The demand for Industrial Bitumen is rising as industries seek materials that offer long-lasting performance and resistance to environmental factors. This type of bitumen is particularly favored in regions with harsh climatic conditions, where its ability to withstand temperature fluctuations and moisture is highly valued. As industries continue to expand and modernize, the need for reliable and efficient materials like Industrial Bitumen is expected to grow, supporting the overall market dynamics.

Regionally, the asphalt market is experiencing robust growth across all major regions, with Asia Pacific leading the way due to rapid industrialization and urbanization. North America and Europe are also key markets, driven by the need to refurbish aging infrastructure and the adoption of sustainable construction practices. The Middle East & Africa and Latin America are witnessing moderate growth, propelled by infrastructure development initiatives and increasing foreign investment in construction projects. These regional dynamics highlight the global nature of the asphalt market and its critical role in global infrastructure development.

Product Type Analysis

Paving grade bitumen remains the most widely used type of asphalt, accounting for a significant portion of the market share. Paving grade bitumen is primarily utilized in road construction due to its excellent binding properties, durability, and ability to withstand heavy traffic loads. The increasing number of road construction projects, especially in emerging economies, is driving the demand for paving grade bitumen. Additionally, the focus on improving road networks to facilitate better transportation and logistics is further boosting this segment.

Oxidized grade bitumen, another critical product type, is favored for applications that require high durability and weather resistance, such as roofing and waterproofing. The growing construction of commercial and residential buildings, particularly in urban areas, is propelling the demand f