Bitumen fell to 3,654 CNY/T on July 31, 2025, down 0.44% from the previous day. Over the past month, Bitumen's price has risen 2.24%, and is up 1.22% compared to the same time last year, 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 August of 2025.

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).

Graph and download economic data for Producer Price Index by Industry: Asphalt Paving Mixture and Block Manufacturing: Primary Products (PCU324121324121P) from Jun 1981 to Jun 2025 about asphalt, primary, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

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).

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 257.98700 Index Dec 2004=100 in June 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 July of 2025.

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.

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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.

Graph and download economic data for Producer Price Index by Industry: Asphalt Paving and Roofing Materials Manufacturing (PCU3241232412) from Dec 1984 to Jun 2025 about asphalt, materials, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

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.

United States - Producer Price Index by Industry: Asphalt Paving and Roofing Materials Manufacturing was 362.04200 Index Dec 1984=100 in June 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 July of 2025.

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.

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

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Asphalt (WPS058102) from Jan 2009 to Jun 2025 about asphalt, fuels, commodities, PPI, inflation, price index, indexes, price, and USA.

Nepal Construction Materials Price Index: Bitumen data was reported at 178.700 2007-2008=100 in Jul 2015. This records an increase from the previous number of 178.300 2007-2008=100 for Apr 2015. Nepal Construction Materials Price Index: Bitumen data is updated quarterly, averaging 141.810 2007-2008=100 from Oct 2008 (Median) to Jul 2015, with 28 observations. The data reached an all-time high of 186.500 2007-2008=100 in Jul 2014 and a record low of 96.160 2007-2008=100 in Oct 2008. Nepal Construction Materials Price Index: Bitumen data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Global Database’s Nepal – Table NP.EA003: Construction Materials Price Index: 2007-08=100.

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.

The Asia-Pacific Bitumen Market report segments the industry into Product Type (Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Product Types (Cutback Bitumen and Crystal Bitumen)), Application (Road Construction, Waterproofing, Adhesives, Other Applications (Coating and Canal Lining)), and Geography (China, India, Japan, South Korea, ASEAN Countries, Rest of Asia-Pacific).

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Asphalt Market Size 2025-2029

The asphalt market size is forecast to increase by USD 17.38 billion, at a CAGR of 5.1% between 2024 and 2029.

The market is driven by the significant investment in infrastructure development and road construction projects, with a focus on sustainable production methods. This trend is evident as governments and private entities prioritize the improvement of transportation networks, leading to increased demand for asphalt. However, the market faces challenges due to the volatility in crude oil prices, which is a key raw material in asphalt production.
This price instability can significantly impact the profitability of asphalt manufacturers and road construction companies, necessitating effective supply chain management and price risk mitigation strategies. To capitalize on the growth opportunities and navigate these challenges, market participants must stay informed of price trends and adopt sustainable production practices to maintain competitiveness.

What will be the Size of the Asphalt Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2020-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, driven by advancements in technology and shifting industry trends. Asphalt paving remains a cornerstone of road construction, with dense-graded asphalt and asphalt concrete being the preferred choices for their durability and strength. Hot mix asphalt, a key component of these materials, undergoes constant refinement through research and development, leading to improvements in performance and sustainability. Environmental considerations are increasingly influencing market dynamics. Waste management and the reduction of carbon footprint are key concerns, with recycled asphalt pavement gaining popularity due to its environmental benefits. The use of warm mix asphalt and porous asphalt also contributes to more sustainable paving solutions.

Market players focus on quality control, ensuring traffic loading, texture depth, and surface friction meet required standards. Thermal cracking and fatigue cracking remain challenges, leading to research into polymer-modified bitumen and other advanced binders. HVEM stability, Marshall stability, and skid resistance are crucial factors in pavement design. Asphalt plants employ innovative technologies to optimize production and minimize void content and air voids. Pavement management systems help monitor and maintain road infrastructure, addressing issues such as reflection cracking, wheel tracking, and moisture damage. Market activities unfold continuously, with ongoing research and development shaping the future of asphalt applications. From paving to waste management, the industry remains dynamic and forward-thinking.

How is this Asphalt Industry segmented?

The asphalt 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 2020-2023 for the following segments.

Product Type

  Hot mix asphalt
  Warm mix asphalt
  Cold mix asphalt
  Others


End-user

  Non-residential construction
  Residential construction
  Others


Application

  Paving
  Roofing
  Waterproofing


Geography

  North America

    US
    Mexico


  Europe

    Germany
    Russia


  APAC

    China
    India
    Indonesia
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Product Type Insights

The hot mix asphalt segment is estimated to witness significant growth during the forecast period.

Hot mix asphalt (HMA), a composite material made up of asphalt cement, mineral aggregate, and water, is extensively used in road construction projects due to its quick hardening properties and superior traction performance under elevated temperatures. HMA's versatility comes from its ability to be customized to specific project needs through variations in mix design and aggregate composition. The market offers two primary HMA design formats: Standard HMA, with a maximum aggregate size of 9 millimeters and a water-to-cementitious material ratio ranging from 0.4 to 0.6 percent, and Superpave HMA, which provides enhanced performance under varying traffic loading conditions and climate extremes.

Asphalt plants manufacture HMA using performance-graded asphalt, which ensures consistent quality through controlled production processes. Performance grading categorizes asphalt binder based on its temperature performance, enabling the selection of the optimal binder for specific climatic conditions. This approach improves pavement durability and reduces the risk of premature failure due to thermal or fatigue cracking. Recycled asphalt pavement (RAP) is increasingly used as a cost-effective alternative to virgin aggregates in HMA producti

The global industrial bitumen market is projected to reach USD XXX million by 2033, exhibiting a CAGR of XX% during the forecast period (2025-2033). The market growth is driven by increasing demand from construction, automotive, and infrastructure sectors. Bitumen, a viscous hydrocarbon residue from petroleum distillation, finds applications as a binding agent in asphalt for road construction, waterproofing membranes for building and roofing applications, and protective coatings in pipelines and metal primers. Key market trends include the growing adoption of modified bitumen for improved performance in road construction, increasing urbanization and infrastructure development, and environmental regulations promoting the use of sustainable and recycled bitumen. However, fluctuations in crude oil prices, stringent environmental regulations, and competition from alternative materials pose challenges to the market. Major market players include STP Ltd, Alma Petroli, TotalEnergies, Bitubin, Cepsa, and Agarwal Industrial Corporation, who are investing in research and development to enhance product quality and meet changing market demands. Industrial bitumen is a versatile and indispensable material in various sectors, ranging from construction to energy. This report provides comprehensive insights into the global industrial bitumen market, exploring key trends, challenges, growth drivers, and competitive dynamics shaping the industry.

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.