Bitumen fell to 3,576 CNY/T on July 4, 2025, down 0.64% from the previous day. Over the past month, Bitumen's price has risen 2.64%, but it is still 1.08% 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.

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

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.

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.

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.

Fuel Price: Indian Oil Corporation Limited: Bitumen: Koyali: Bulk: Grade VG30 data was reported at 34,950.000 INR/Metric Ton in 12 Dec 2018. This stayed constant from the previous number of 34,950.000 INR/Metric Ton for 11 Dec 2018. Fuel Price: Indian Oil Corporation Limited: Bitumen: Koyali: Bulk: Grade VG30 data is updated daily, averaging 30,190.000 INR/Metric Ton from Nov 2009 (Median) to 12 Dec 2018, with 3329 observations. The data reached an all-time high of 42,750.000 INR/Metric Ton in 30 Sep 2013 and a record low of 21,573.000 INR/Metric Ton in 29 Feb 2016. Fuel Price: Indian Oil Corporation Limited: Bitumen: Koyali: Bulk: Grade VG30 data remains active status in CEIC and is reported by Indian Oil Corporation Limited. The data is categorized under India Premium Database’s Energy Sector – Table IN.RBJ003: Fuel Price: Indian Oil Corporation Limited: Bitumen: Bulk.

Access global Petroleum Bitumen prices in locations such as China, United States, Southeast Asia and Europe. Includes monthly historical series and forecasts. Delivered via online charts, Excel, Power BI, and API. Free preview.

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 July of 2025.

Hong Kong Wholesale Price: Bitumen data was reported at 7,600.000 HKD/Ton in Aug 2018. This stayed constant from the previous number of 7,600.000 HKD/Ton for Jul 2018. Hong Kong Wholesale Price: Bitumen data is updated monthly, averaging 6,750.000 HKD/Ton from May 2003 (Median) to Aug 2018, with 184 observations. The data reached an all-time high of 9,330.000 HKD/Ton in May 2012 and a record low of 3,650.000 HKD/Ton in Apr 2004. Hong Kong Wholesale Price: Bitumen data remains active status in CEIC and is reported by Census and Statistics Department. The data is categorized under Global Database’s Hong Kong SAR – Table HK.P004: Wholesale Price: Construction Materials.

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.

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 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

In Apr 2022, the average export bitumen and asphalt price per ton amounted to $360, reducing by -7.5% against the previous month.

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.

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.

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, 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 Commodity: Fuels and Related Products and Power: Asphalt (WPU05810212) from Jun 1985 to May 2025 about asphalt, fuels, commodities, PPI, inflation, price index, indexes, price, and USA.

In 2024, the EU natural bitumen and asphalt market increased by 7% to $4.6B for the first time since 2021, thus ending a two-year declining trend. The total consumption indicated measured growth from 2012 to 2024: its value increased at an average annual rate of +3.6% 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 -10.8% against 2021 indices.

Brazil Construction Materials: Price: Paraíba: Asphalt Emulsion Waterproofing data was reported at 3.410 BRL/kg in May 2019. This stayed constant from the previous number of 3.410 BRL/kg for Apr 2019. Brazil Construction Materials: Price: Paraíba: Asphalt Emulsion Waterproofing data is updated monthly, averaging 2.980 BRL/kg from Feb 2007 (Median) to May 2019, with 148 observations. The data reached an all-time high of 40.000 BRL/kg in Dec 2012 and a record low of 1.580 BRL/kg in Jul 2013. Brazil Construction Materials: Price: Paraíba: Asphalt Emulsion Waterproofing data remains active status in CEIC and is reported by Brazilian Chamber of Construction Industry. The data is categorized under Brazil Premium Database’s Construction and Properties Sector – Table BR.EF014: Construction Materials: Price: Paraíba.