The global eco-friendly bitumen market size was valued at USD 105 million in 2021. It is projected to reach USD 153.37 million by 2030, growing at a CAGR of 4.30% during the forecast period (2022–2030). Bitumen is a substance that is derived from the distillation of crude oil. Due to its waterproofing and adhesive properties, bitumen is frequently used in construction, especially for roads and highways. The lighter components of crude oil, such as gasoline and diesel, are eliminated during distillation, leaving only the heavier bitumen. The market for environmentally friendly bitumen is expanding due to strict government regulations to reduce carbon footprint and the increasing adoption of zero-emission technologies in the construction sector.
Recycled asphalt is significantly less expensive, possesses the same properties and durability as new asphalt, and emits fewer greenhouse gases. These factors are expected to continue to substantially impact the market's revenue growth, resulting in a rise in market penetration and adoption. Moreover, rising global warming concerns result in implementation of stringent government regulatory standards across all sectors. The demand for eco-friendly bitumen for various applications, including waterproofing, construction, paints and coatings, and others, has increased rapidly.
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Research and Development and Product Innovation by Major Players to Favor Market Growth
Due to continuous research and development and product innovation by key market participants, the global market for eco-friendly bitumen is expected to record stable revenue growth over the forecast period. Implementing Recycled Asphalt Pavements (RAP) in pavement construction is a sustainable strategy with substantial economic and environmental benefits. This product improves workability, adhesion, and resistance to moisture damage compared to conventional bitumen grades. The increasing use of asphalt recycling and RAP is anticipated to increase the demand for eco-friendly bitumen. In Germany, for instance, up to 90 percent of asphalt has been reclaimed for use in constructing new roads and maintaining existing ones. The increasing viscosity of bitumen over time results in pavement deformation and cracking. Lower viscosity bitumen is blended with RAP to meet the final bitumen grade specifications.
Rapid Development in the Global Roadway and Highway Construction to Aid Growth
The rapid development of activities related to the construction of global roadways and highways are some of the key factors driving the revenue growth of the eco-friendly bitumen market. In comparison to derivatives of crude oil, eco-friendly bitumen has shown to be significantly less harmful to the environment. The substance does not release carbon dioxide into the atmosphere because it is not burned. Additionally, it can be recycled and reused, making it environmentally friendly and cost-effective. It is anticipated that demand in the building and construction industry will increase due to cost benefits associated with eco-friendly bitumen, which will drive revenue growth of the market to a significant extent.
Less Consumer Awareness and Various Characteristics to Hinder Market Growth
Low consumer awareness, raw materials supply chain disruptions, low durability, and low tensile strength are expected to restrain the market's revenue growth. Russia is a significant exporter of petroleum bitumen to numerous nations. The ongoing conflict between Russia and Ukraine and the trade bans and sanctions have negatively impacted the supply chain, raising prices and widening the supply-demand gap. It is anticipated that the use of recycled plastics in asphalt and concrete pavement applications will increase. In addition, the presence of stringent regulations regarding the construction of roads and unfavorable tax policies is a significant factor inhibiting market growth. The potential of lignin as an alternative for road and pavement applications is anticipated to impact market revenue growth negatively.
Increasing Consumer Interest in Sustainable Construction to Boost Market Opportunities
Eco-friendly bitumen is anticipated to experience an upward trend in the emerging market, primarily due to a growing consumer preference for environmentally friendly construction. Bitumen that is easier on the environment can be found on the market in various forms, including natural bitumen made from recycled materials and bio-based bitumen. Recycled bitumen has seen the highest demand on the global market for eco-friendly bitumen as more people are becoming aware of the environmental advantages of recycling road pavements. This is one reason why recycled bitumen has registered the highest demand.
The global eco-friendly bitumen market is segmented by product and application.
Based on the product, the market has been segmented into paving bitumen, oxidized bitumen, cutback bitumen, bitumen emulsion, and polymer-modified bitumen. Paving bitumen dominates the market, and this growth can be attributed to the increased infrastructure development initiatives in developing nations.
Based on application, the market is segmented into roadways, waterproofing, adhesives, and insulation. Road construction is anticipated to dominate the market, and this expansion can be attributed to the bitumen's high viscosity and stickiness. The waterproofing market is anticipated to increase due to infrastructure development in developing nations.
The global eco-friendly bitumen market has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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North America held the largest share of the bitumen market, which can be attributed to the increased demand for bitumen in the United States to maintain and reconstruct existing roadways. On the other hand, the market in Asia and the Pacific is anticipated to experience lucrative growth due to the increasing number of initiatives to develop infrastructure in the region.
The global eco-friendly bitumen market’s major key players are