Bitumen fell to 3,573 CNY/T on July 23, 2025, down 1.11% from the previous day. Over the past month, Bitumen's price has fallen 0.56%, but it is still 0.28% higher 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.

Snapshot img

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?

Request Free Sample

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

The global natural bitumen and asphalt market rose sharply to $277.9B in 2024, increasing by 8.3% against the previous year. The market value increased at an average annual rate of +2.3% from 2012 to 2024; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption attained the peak level of $286.2B. From 2015 to 2024, the growth of the global market remained at a somewhat lower figure.

Explore Market Research Intellect's Petroleum Bitumen Market Report, valued at USD 30 billion in 2024, with a projected market growth to USD 45 billion by 2033, and a CAGR of 5.3% from 2026 to 2033.

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 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

Get the latest insights on price movement and trends analysis of Asphalt in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

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.

Global Bitumen Market was valued at USD 60.25 Billion in 2024 and is anticipated to project steady growth in the forecast period with a CAGR of 3.70% through 2030.

Pages	185
Market Size	2024: USD 60.25 Billion
Forecast Market Size	2030: USD 75.10 Billion
CAGR	2025-2030: 3.70%
Fastest Growing Segment	Paving Grade
Largest Market	Asia-Pacific
Key Players	1. Bouygues SA 2. BP PLC 3. China Petroleum & Chemical Corporation 4. Exxon Mobil Corporation 5. Icopal ApS 6. Indian Oil Corporation Ltd 7. JXTG Nippon Oil & Energy Corporation 8. KRATON CORPORATION 9. Nynas AB 10. Shell PLC

Bitumen Market size was USD 104 Billion in 2022 and is expected to reach USD 161.34 Billion in 2032, and register a rapid revenue CAGR of 5 % during the forecast period.

In 2024, the Bitumen Market size is valued at USD 61.61 billion, and it is projected to reach USD 76.41 billion by 2025-2030, growing at a CAGR of 3.7%

The global bitumen market is projected to reach a value of XX million by 2033, exhibiting a CAGR of 3.00% during the forecast period (2025-2033). Growth in the construction industry, particularly in developing regions, is a major driver of the market. Bitumen serves as an essential component in road construction, waterproofing applications, and roofing materials. Rising urbanization and infrastructure development projects are fueling the demand for bitumen. The Asia-Pacific region dominates the global bitumen market, accounting for over 50% of the global demand. China and India are the largest consumers due to their robust construction sectors and growing populations. North America and Europe are also significant markets, with the former witnessing increased demand from road rehabilitation projects and the latter benefiting from stricter environmental regulations promoting the use of modified bitumens. The Middle East and Africa region is expected to experience significant growth due to ongoing infrastructure development and expansion of cities. 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.

This dataset provides values for BITUMEN reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The Europe petroleum bitumen market expanded modestly to $11.5B in 2024, increasing by 1.7% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $11.8B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Oxidized Bitumen Market Outlook

In 2023, the global oxidized bitumen market size was valued at approximately USD 1.2 billion, with a compound annual growth rate (CAGR) of 4.8% forecasted from 2024 to 2032, expecting to reach around USD 1.8 billion by 2032. The impressive growth trajectory of the oxidized bitumen market is primarily driven by its extensive application across various industries such as construction, automotive, and paints & coatings.

The primary growth factor for the oxidized bitumen market is the booming construction industry worldwide. As urbanization accelerates, particularly in emerging economies, the demand for durable and efficient roofing, flooring, and paving materials has surged. Oxidized bitumen, known for its high durability, weather resistance, and thermal stability, is a critical component in these applications, thereby significantly contributing to market growth. Furthermore, governmental initiatives focusing on infrastructure development and refurbishment projects are providing a substantial boost to the market.

Another significant growth driver is the expanding automotive industry. With the increasing production of vehicles globally, the need for high-quality adhesives and sealants, which utilize oxidized bitumen, is on the rise. The material’s superior adhesive properties, high softening point, and resistance to environmental factors make it an ideal choice for automotive manufacturers. Additionally, the shift towards electric vehicles, which require advanced sealing and insulation solutions, is expected to further stimulate the demand for oxidized bitumen.

The paints and coatings industry also plays a pivotal role in the growth of the oxidized bitumen market. The material’s application in protective coatings for industrial and commercial structures ensures longevity and resistance to harsh environmental conditions. As industries aim to minimize maintenance costs and enhance the lifespan of their infrastructure, the adoption of oxidized bitumen-based coatings is increasing. Moreover, innovations in production techniques to improve the material’s performance characteristics are likely to present new opportunities for market expansion.

Regionally, Asia Pacific dominates the oxidized bitumen market due to rapid industrialization and urbanization in countries like China and India. The region’s substantial investments in infrastructure projects and the growing automotive sector are critical factors driving market growth. North America and Europe also represent significant markets, driven by advancements in construction technologies and the presence of leading automotive manufacturers. Meanwhile, the Middle East & Africa and Latin America are experiencing moderate growth, supported by ongoing construction and infrastructure development initiatives.

Grade Analysis

The oxidized bitumen market is segmented by grade, including 85/25, 90/40, 95/25, 115/15, and others. Each grade has specific properties tailored for various applications, influencing their demand and market growth. The 85/25 grade, known for its high penetration index and thermal stability, is extensively used in roofing and paving applications. Its ability to withstand extreme weather conditions makes it a preferred choice in regions with harsh climates, bolstering its market share.

The 90/40 grade oxidized bitumen, characterized by its medium softening point and excellent adhesion properties, finds significant application in the construction and automotive industries. This grade is particularly favored for waterproofing and insulation purposes, ensuring protection against moisture and temperature fluctuations. The growth in the automotive sector, with an emphasis on durable materials, is propelling the demand for 90/40 grade bitumen.

The 95/25 grade is renowned for its high softening point and superior performance in hot climates, making it ideal for roofing and paving in regions with high temperature variations. Its resilience to deformation and cracking under thermal stress contributes to its widespread use in infrastructure projects across tropical and subtropical areas. This grade’s ability to maintain structural integrity under such conditions drives its market penetration.

The 115/15 grade, distinguished by its low penetration and high softening point, is predominantly used in specialized applications such as industrial coatings and high-stress environments. Its robustness and resistance to chemical degradation make it suitable for protective coatings in industrial facil

Polymer Modified Bitumen Market report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028

Bitumen Additives Market Outlook

The global bitumen additives market size was estimated at USD 3.5 billion in 2023 and is projected to reach USD 5.2 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period. The market's growth is primarily propelled by increasing road construction activities, urbanization, and innovations in infrastructure development across the globe. The rising demand for durable and sustainable road pavements and roofing solutions necessitates the use of bitumen additives, which enhance the properties of bitumen, making it more resistant to weather changes, load stress, and water infiltration. This demand is further bolstered by the increasing emphasis on improving the quality of infrastructure in emerging economies, which is expected to create significant market opportunities over the coming years.

A major growth factor driving the bitumen additives market is the increasing investment in the construction and infrastructure sectors worldwide. Governments and private entities are keenly focusing on upgrading existing transport networks and developing new ones to facilitate better connectivity and support economic activities. In addition, the rising number of public-private partnership (PPP) projects in road construction further stimulates market growth. The enhancement of road networks not only improves logistical efficiencies but also supports economic growth by facilitating trade. As countries strive to improve their infrastructure to compete in the global market, demand for bitumen additives is expected to see a significant increase.

Technological advancements in the development of additives are another key driver for this market. The need for improved performance of bituminous materials under varying climatic conditions has led to innovations in additive formulations. These advanced additives significantly enhance properties like adhesion, elasticity, and resistance to water stripping, thus extending the lifespan of bituminous products. Additionally, the development of eco-friendly additives has gained prominence as regulatory bodies push for more sustainable construction practices. By reducing the environmental impact of road construction and roofing, these innovations align with global green building initiatives, thereby boosting market demand.

Sustainability concerns and stringent environmental regulations are also playing a pivotal role in shaping the market dynamics. There is a growing emphasis on reducing the environmental footprint of infrastructure projects, which has accelerated the adoption of bitumen additives that reduce emissions and improve the recyclability of asphalt. Additionally, the use of recycled materials in road construction is gaining traction, with bitumen additives playing a crucial role in enhancing the performance of recycled asphalt pavements. This trend not only addresses environmental concerns but also presents cost-saving opportunities, making it an attractive option for construction firms and municipalities.

Asphalt Surfactant Additives play a crucial role in enhancing the performance of bitumen in road construction. These additives improve the workability and durability of asphalt mixtures, making them more resistant to the stresses of heavy traffic and extreme weather conditions. By reducing the surface tension between bitumen and aggregates, asphalt surfactant additives ensure a more uniform distribution of materials, leading to smoother and longer-lasting road surfaces. This advancement is particularly beneficial in urban areas where road maintenance and longevity are critical. The use of such additives aligns with the growing trend towards sustainable infrastructure development, as they contribute to reduced energy consumption and lower emissions during asphalt production and application.

Type Analysis

The bitumen additives market is segmented by type into polymer modifiers, anti-strip and adhesion promoters, emulsifiers, and others. Among these, polymer modifiers hold a significant share of the market due to their ability to enhance the flexibility, strength, and thermal stability of bitumen. Polymer modifiers are particularly favored in regions with extreme weather conditions as they help maintain the integrity of road surfaces during temperature fluctuations. The demand for these additives is further supported by the increasing construction of high-traffic roads, where enhanced durability is crucial.

Anti-strip and adhesion promoters are also gaining

The global Eco-Friendly Bitumen market size reached USD 118.98 Thousand in 2021 and is expected to reach USD 168.17 Thousand in 2030 registering a CAGR of 3.9%. Eco Friendly Bitumen industry report classifies global market by share, trend, growth and based on source, grade, application, and region

Petroleum Bitumen Market Outlook

The petroleum bitumen market size was valued at USD 93 billion in 2023 and is projected to reach USD 134 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period. This market growth is primarily driven by the increasing demand for bitumen in road construction and infrastructure development worldwide. The surge in urbanization and industrialization, particularly in emerging economies, is fueling the need for modern infrastructure, thus propelling the demand for petroleum bitumen. Additionally, the growing emphasis on improving transportation networks to support economic activities is boosting the market further.

One of the primary growth factors in the petroleum bitumen market is the burgeoning construction industry. With the rise in global population and urban migration, there is an increasing need for residential, commercial, and industrial construction projects. Bitumen, due to its water-resistance and adhesive properties, is widely used in roofing and other waterproofing applications, making it indispensable in the construction sector. Furthermore, infrastructure projects such as highways, bridges, and airports require significant quantities of bitumen for pavement construction, driving the market's expansion. Government investments in infrastructure development further amplify the demand for bitumen, particularly in developing regions where infrastructure is still catching up with economic growth.

Technological advancements in the production of polymer-modified bitumen (PMB) have also been a crucial factor in market growth. PMB offers enhanced performance characteristics such as increased elasticity, improved resistance to deformation, and better durability compared to conventional bitumen. These properties make PMB an attractive choice for high-traffic roads and extreme weather conditions, where traditional bitumen may fail. The increased focus on sustainability and eco-friendly construction materials has led to innovations in bitumen production, such as the incorporation of recycled materials. This not only enhances the performance of bitumen but also reduces environmental impact, thereby attracting more consumers to opt for modified bitumen products.

Another significant factor contributing to the growth of the petroleum bitumen market is the increasing investments in road maintenance and renovation activities. Roads are critical infrastructure components that require regular maintenance to ensure safety and efficiency. With governments across the globe prioritizing the repair and maintenance of existing road networks, the demand for bitumen is expected to rise. The evolution of urban areas into smart cities is also anticipated to boost the need for superior quality bitumen that can withstand the demands of modern infrastructure. Furthermore, the expansion of the petrochemical industry is expected to ensure the steady supply of raw materials for bitumen production, thereby supporting market growth.

Industrial Petroleum Asphalt plays a pivotal role in the broader petroleum bitumen market, particularly in applications that demand high durability and performance. This type of asphalt is extensively used in industrial settings where heavy-duty surfaces are required, such as in ports, airports, and industrial facilities. Its robust properties make it ideal for environments that experience high levels of stress and wear. The demand for Industrial Petroleum Asphalt is closely linked to the growth of industrial infrastructure, as well as the need for reliable and long-lasting surfaces that can support heavy machinery and equipment. As industries continue to expand and modernize, the use of this specialized asphalt is expected to grow, further driving the market for petroleum bitumen products.

Regionally, Asia Pacific stands out as a dominant market for petroleum bitumen due to rapid urbanization and infrastructure development in countries like China and India. The region's massive population and economic growth have led to significant investments in road networks and public infrastructure. North America and Europe also represent substantial markets due to their focus on maintaining and upgrading existing infrastructure. The Middle East & Africa region, with its ongoing development projects aimed at improving infrastructure and transportation, is expected to witness a considerable growth rate. Latin America is gradually emerging as a potential market, driven by increasing construction activities and government initiatives in infrastructu

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.