With the global construction outlook registering a speedy recovery from the COVID-19 pandemic, the bitumen market worldwide is forging its way ahead. Contractors and manufacturers are dealing with the repercussions of the pandemic to minimize losses. They are addressing bitumen cost fluctuations, production declines, and delivery delays. To cope with the financial risks and related challenges, several countries across the globe are providing financial support, new short-term loans, and regulatory reliefs for debt repayments to rejuvenate the construction industry.
Alternatively known as asphalt, bitumen is a crucial construction material exhibiting adhesive and waterproofing properties. The bitumen market forecast suggests that it is abound with growth opportunities, as completion of numerous construction projects will be prioritized in the years ahead. Both public and private entities are accelerating their investments in infrastructural activities, aiming to revamp existing functionalities of a space. The U.S. housing market had been considerably active during 2021. The following year is expected to record more home construction projects.
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With the number of public transportation projects growing, the pavement bitumen market share is making significant inroads toward higher profits. Note the following key developments in the industry to stay updated about the upcoming opportunities across Asia Pacific, North American, and European markets:
U.S. to remain a strong contender with uptick in crude oil production
Considering that the regional government is one of the largest asphalt customers in the world, it is not surprising that U.S. bitumen market size is growing continually. Driven by a jump in shale oil output, U.S. crude oil production is expected to surpass pre-pandemic levels, as per the estimates of the Energy information Administration (EIA). This will add to crude bitumen exports. This prediction will favor the bitumen industry outlook through the next six years. As asphalt is a byproduct of crude oil refining process, crude oil prices determine the cost of asphalt paving projects.
Utility projects to spur growth across Malaysia
As the developing economies seek ways to rope in more revenue from the tourism sector, Malaysia bitumen industry trends suggest a steady ascension. Upcoming construction projects across the nation will not only generate job opportunities and improve the infrastructural facilities for the public, but also fuel construction material demand. Numerous utility projects were noticed in the third quarter of 2021, hinting at higher bitumen consumption. These include the Bintulu Methanol Plant, the Kuching Multilayer Ceramic Capacitor Manufacturing Plant, and the 35-storey tower project, Centro@ JBCC.
Germany’s residential sector to remain a pillar of regional construction industry
With 2021 declared as a “year of housing” by industry experts, investors are focused on Germany’s construction industry than ever before. Natural bitumen market share will increase as real estate investors are inclined toward residential properties due to the bond-like nature of these investments. These investments offer a stable income and a comparatively low default risk along with high liquidity. In 2022, the overall German construction sector is expected to bring in sales worth €151 billion, a 5.5% rise from last year, as per the German Building Industry (HDB) and the Central Association of the German Building Industry (ZDB). Although commercial projects saw a decline, the demand for residential spaces has not faltered amidst the pandemic.
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That said, with substantial resilience shown by the construction sector, the global bitumen demand is poised to soar substantially through 2027. Bitumen manufacturers are scaling up their production pace, with an eye on larger market share. The current asphalt bitumen landscape is marked with strategic mergers and acquisitions.
Recently, in January 2022, PKN Orlen, Poland’s biggest refiner, announced that it intends to sell a few Lotos assets to Saudi Aramco and Hungary’s MOL. MOL will acquire nearly 417 Polish fuel stations for about $610 million, proliferating across EU’s largest economy in the eastern wing.
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