Pune, India, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global bitumen market is set to achieve a substantial value of USD 67.14 billion by 2028, with a forecasted CAGR of 3.8% during the designated period. The key factors driving this growth are the escalating road construction activities and the increasing demand for bitumen in waterproofing applications. These dynamics have been elucidated in the "Bitumen Market Size, Share, Growth and Report Forecast, 2023-2028" report by Fortune Business Insights™.
It's worth noting that the market size was registered at USD 49.45 billion in 2020 and further increased to USD 51.69 billion in 2021. Moreover, the growing adoption of bio-asphalt is expected to emerge as a prominent trend, continuing to bolster market growth in the foreseeable future.
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Leading Players Featured in the Bitumen Market Research Report:
- Asphalt & Bitumen West Co. (Tehran, Iran)
- Raha Bitumen (Esfahan, Iran)
- Asia Bitumen (Tehran, Iran)
- Exxon Mobil (Texas, U.S.)
- Royal Dutch Shell (Hague, Netherlands)
- Sinopec (Beijing, China)
- Nynas (Stockholm, Sweden)
- GOIL Ltd (Accra, Ghana)
- Total Energies (Courbevoie, France)
- Gazprom Neft (St. Petersburg, Russia)
- Indian Oil Corporation (New Delhi, India)
Competitive Landscape-
Key Players Adopt Ingenious Strategies to Acquire Growth
The market is characterized by a multitude of global participants, with key industry leaders including Indian Oil Corporation, Sinopec, Exxon Mobil, Royal Dutch Shell, and Raha Bitumen. These major players place a strong focus on strategic collaborations to gain a competitive edge and expand their market presence. They are also proactive in introducing new products, pursuing mergers, acquisitions, partnerships, and other strategies to enhance their market reach. As an illustrative example, in October 2019, Shell Bitumen entered into a partnership with Tiki Tar Industries to provide asphalt for pavement applications to consumers.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2028 |
| Forecast CAGR | 3.8% |
| 2028 Value Projection | USD 67.14 Billion |
| Market Size in 2021 | USD 51.69 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 82 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Global Bitumen Market Growth Drivers | Booming Construction Sector to Influence Growth in Asia Pacific |
| Increasing Road Construction Activities to Fuel Market Growth |
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Segmentation-
On the basis of type, the market is segmented into polymer modified, emulsion, cutback, oxidized, and paving. On the basis of application, the market is fragmented into waterproofing, roadways, and others. Geographically, the market is classified into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
Report Coverage-
Our research methodology employs a rigorous approach, combining both bottom-up and top-down methods to ensure accuracy. Our analysts have conducted thorough primary research to validate the market size projections. To accurately represent market shares across various segments at national, regional, and global levels, we have gathered data through extensive discussions with numerous stakeholders. Furthermore, our experts have sourced information from reputable databases, industry journals, SEC filings, and other relevant sources to enhance the robustness of our research.
Market Drivers:
Infrastructure Development: The ongoing infrastructure development projects, including road and highway construction, are a significant driver for the bitumen market. Governments and private sectors are investing in building and upgrading infrastructure, which boosts the demand for bitumen as a key construction material.
Urbanization: Rapid urbanization is leading to increased demand for bitumen in the construction of residential and commercial properties, as well as for road networks in urban areas. Urban expansion requires more bitumen for road surfacing and roofing materials.
Growing Automotive Industry: The automotive industry's expansion and the need for quality road networks drive the demand for bitumen for asphalt pavements, enhancing road safety and vehicle performance.
Waterproofing Applications: Bitumen's waterproofing properties make it a preferred choice for various applications, such as roofing and waterproofing membranes for buildings and infrastructure, which is contributing to market growth.
Increasing Infrastructure Investment: Governments worldwide are investing in infrastructure development as a means of economic growth and job creation. These investments in roads, bridges, and other infrastructure projects drive the bitumen market.
Market Restraints:
Environmental Concerns: Bitumen production and usage can have adverse environmental impacts, including emissions of greenhouse gases and water pollution. Environmental regulations and concerns about sustainability are putting pressure on the industry to adopt cleaner and more sustainable practices.
Volatility in Crude Oil Prices: Bitumen is a by-product of crude oil refining. Fluctuations in crude oil prices can directly affect bitumen prices, impacting the market's stability and profitability.
Alternate Materials: In some applications, alternative materials like concrete are gaining popularity due to their longer lifespan and lower maintenance requirements. This poses a challenge to the bitumen market, especially in regions with stringent environmental regulations.
Regional Analysis:
Booming Construction Sector to Influence Growth in Asia Pacific
North America: The U.S. has a significant bitumen market driven by road construction and infrastructure development. The market is influenced by federal and state government spending, as well as the condition of existing roadways. Canada is one of the largest bitumen producers globally, primarily due to its vast oil sands reserves in Alberta. Depleting crude oil and petroleum reserves is likely to bolster the demand for bio-asphalt in the coming years.
Europe: Countries like Germany, France, and the United Kingdom have well-established infrastructure networks, and the bitumen market depends on maintenance and renovations. Growing infrastructure development in countries like Poland, Hungary, and the Czech Republic has boosted bitumen demand. High emulsion demand and rising construction activities. The growing adoption of asphalt sheets and films in waterproofing solutions is likely to favor the region’s market growth.
Asia-Pacific: China has a robust bitumen market due to its extensive infrastructure and construction projects. The rapid urbanization and growth of the transport sector drive demand. India's bitumen market is growing significantly due to its ambitious road development plans and urbanization.
Middle East Africa: Countries like Saudi Arabia, the UAE, and Qatar are key bitumen producers and consumers. The bitumen market is closely related to road and construction projects and the petrochemical industry. Bitumen demand in Africa varies by country. Nations with a focus on infrastructure development and expanding road networks, such as Nigeria and South Africa, have substantial bitumen markets.
Latin America: Countries like Brazil and Mexico have growing bitumen markets driven by road construction and infrastructure projects. However, rising urbanization and industrialization are anticipated to amplify the region’s market growth in the coming years.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Type, Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Bitumen Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Bitumen Industry Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- Paving
- Oxidized
- Cutback
- Emulsion
- Polymer Modified
- By Application (Volume/Value)
- Roadways
- Waterproofing
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Volume/Value)
TOC Continued…!
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