A mixture of organic liquids that are black, sticky, soluble in carbon disulfide and highly viscous in nature usually obtained in petroleum refineries as a residual product after the removal of higher fractions like petrol, gas, diesel etc. is called bitumen. 

Naturally occurring or crude bitumen is a sticky, tar-like form of petroleum which is so thick and heavy that it must be heated or diluted before it will flow. At room temperature, it has a consistency much like cold molasses.

Bitumen possesses adhesive properties and is mainly used in road construction and waterproofing. This lead the manufacturers to come out with advanced bitumen products. Bitumen is also used as a binder or glue, generally mixed with aggregate particles to form bitumen concrete. Increasing use of bitumen especially in road construction activities in various developing economies across the globe is creating vivid opportunities for the bitumen market.

Currently, the world bitumen market is witnessing rapid growth due to advancements in technology of bitumen production along with increase in use of bitumen in road construction and renovation activities across the world. The world bitumen market is anticipated to exhibit substantial magnification during the forecast period, attributed to an increase in use of bitumen in waterproofing purposes, ceiling-binding and as adhesives in wood industry. 

Other factors driving the global bitumen market include growing application of bitumen in paints & coatings and inks & dyes etc. However, cement as an alternative of bitumen, especially in road construction is a key factor hampering the growth of the global bitumen market. Also, releases of toxic gases after heating bitumen are also restraining the growth of the global bitumen market.

Based on product, the bitumen market has been segmented into paving, cutback, and oxidized bitumen, bitumen emulsion, polymer modified bitumen and others. 

The paving bitumen segment contributed almost seventy percent (70%) in the overall market and is expected to retain its share due to rapid road maintenance and construction activities all over the world, especially in Asia Pacific. 

The product also has got extended applications in construction of greenhouse floors, running tracks, bicycle paths, runways, railway beds etc.

Based on revenue, the polymer modified segment (PMB) held a substantial market share of more than ten percent (10%) owing to its extensive usage in road surfacing and industrial applications. Addition of polymers in normal bitumen enables the mixture to become more cohesive with significant resistance to deformations for road pavements. Oxidized bitumen is poised to gain moderate market share from 2018 to 2025.

The global bitumen market has been segmented on the basis of application into roadways, waterproofing, adhesives, insulation, and others. The others segment comprises of minor sectors such as turfs & grounds, paints and coatings, etc.

The Nigerian bitumen deposit is put at about thirty eight billion (38,000,000,000) a metric ton are the third largest in the world after Canada and Venuzuela and was first discovered in 1900. It covers about one hundred and twenty (120) kilometres costal belts of Lagos, Ogun, Ondo and Edo States. 

The occurrence of Bitumen deposits in Nigeria is twice the amount of existing reserves of crude petroleum. When fully developed, the industry will no doubt meet local requirements for road construction and also become a foreign exchange earner for the country.

Inspite of the huge bitumen deposit in Nigeria, there exist no commercial mining of bitumen in Nigeria.

The epileptic performance of our refineries, only about twenty percent (20%) of the total of about six hundred and sixty-five thousand (665,000) tons demand for bitumen is gotten locally.

Nigeria has a huge infrastructural deficit. About one trillion, seven hundred billion (₦ 1,700,000,000,000) is needed to deliver two hundred and six (206) federal roads covering over six thousand (6,000) kilometres, an estimated deficit of about seventeen million, three hundred and seven thousand (17,370,000) housing units, from juxtaposing the population estimate of two hundred million (200,000,000) people with fertility rate of six point one (6.1) percent.

The implication of these is that the country demand for bitumen is growing, expanding and sustainable.