According to the recent research report titled ‘North America Bitumen Market Size By Application, By Product, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, North America bitumen market is expected to be worth USD 24.85 billion over 2021-2027.
 

Increasing infrastructural and construction activities due to the rollout of COVID-19 vaccines are fueling North America bitumen market growth. Surging product demand can be attributed to the use of bituminous materials in paving highways and airport pavements, which is further enhancing the overall market outlook.
 

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Rapid expansion of motorway connectivity, as well as the recovery of airport traffic across the region is further augmenting North America bitumen industry share. For the record, the United States has a well-connected road network that spans 6.58 million kilometers, with paved roads accounting for about two-thirds of the total.
 

Since the last few years, infrastructure projects in North American countries have received government attention and funding. In fact, the US government has set aside significant funds for airports and public transportation. Maintenance and upgrades to services, buildings, and systems on a regular basis are likely to pave the way for greater profits.
 

As per product type, paving bitumen segment from North America bitumen industry is expected to grow substantially over the coming years. Paving bitumen is a specific penetration-graded material made from selected crude oils and refined under controlled conditions. While, PMB segment is also gaining momentum as PMB (polymer-modified bitumen) is receiving considerable deployment across the region, especially in construction applications.
 

Based on application scope, roadways segment is projected to hold 90% of North America bitumen market share by 2027, creditable to refurbishment of existing roads and construction of new roadways.
 

Elaborating on regional landscape, water and wastewater, broadbands, airports, roads, mass transport, and public buildings are among the areas where the US government is examining and developing projects to improve capital allocation. According to the U.S. Census Bureau's February 2021 construction figures, total construction spending in February 2021 was about USD 1,516.9 billion, up 5.3% over the February 2020 estimate of around USD 1,441.1 billion. Thus, rising expenditure for construction activities is contributing to the regional market outlook.
 

Key players operating in North America bitumen market sphere are Marathon Oil Company, NuStar Energy L.P., Athabasca Oil Corporation, Suncor Energy Inc., Exxon Mobil Corporation, Valero Energy Corporation, and Chevron Corporation.