NEW YORK, March 24, 2023 (GLOBE NEWSWIRE) -- Research firm IndexBox has published a new report on the global bitumen and asphalt market, which provides comprehensive analysis, forecasts, and insights into the industry. The report is available for purchase on the IndexBox platform, with trial access to market data also available at https://www.indexbox.io/store/world-natural-bitumen-and-natural-asphalt-market-analysis-forecast-size-trends-and-insights/
According to the report, the global bitumen and asphalt market is expected to reach $347.7B by 2030, with a compound annual growth rate of 2.7% from 2023 to 2030. Factors driving growth in the market include increasing demand from the construction industry, rising urbanization, and the growing popularity of asphalt in road construction due to its durability and cost-effectiveness. However, the market also faces challenges such as the volatile prices of raw materials and environmental concerns.
The report also highlights the factors affecting demand for bitumen and asphalt, including government initiatives to improve infrastructure and increase investments in transportation and construction. The major consuming industries in the market include road construction, roofing, and waterproofing.
Bitumen and asphalt are widely used in the construction industry for road building, roofing, and waterproofing. The market is segmented by product type, application, and region.
By product type, natural bitumen and natural asphalt account for over 60% of the global market, followed by polymer-modified bitumen, which is the fastest-growing segment due to its superior properties such as enhanced durability, flexibility, and resistance to deformation. Other product types include cutback bitumen, emulsified bitumen, and others.
By application, the road construction segment is the largest consumer of bitumen and asphalt, accounting for over 80% of the market. Asphalt is widely used in the construction of highways, airports, and other infrastructure projects due to its excellent properties such as durability, noise reduction, and skid resistance. The roofing and waterproofing segments are also significant consumers of bitumen and asphalt, due to their waterproofing properties.
Regionally, Asia-Pacific is the largest market for bitumen and asphalt, accounting for over 45% of global demand. This is driven by increasing urbanization and government investments in infrastructure projects. North America and Europe are also significant markets, due to the large-scale road-building projects and extensive use of asphalt in roofing and waterproofing applications. The Middle East and Africa are emerging markets, due to increasing investments in infrastructure projects and rising demand for asphalt in the roofing and waterproofing segments.
For more information, visit https://www.indexbox.io/store/world-natural-bitumen-and-natural-asphalt-market-analysis-forecast-size-trends-and-insights/
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Keywords: bitumen, asphalt, market analysis, industry insights, growth prospects
