Bitumen Market to Grow with a CAGR of 3.76% through 2028
Surge in rapid urbanization is expected to drive the Global
Bitumen Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Bitumen Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Bitumen Market stood at USD55.62 billion in
2022 and is anticipated to grow with a CAGR of 3.76% in the forecast period,
2023-2028. The initiatives taken by government based on bitumen has led to
favorable market conditions for the Global Bitumen Market. Several factors
contribute to the growth of various bitumen Market products. The Asia Pacific
region is poised to hold a significant share of the bitumen market due to the
implementation of extensive government initiatives and a surge in investments
for road expansion projects. For instance, in India, the market size of bitumen
is projected to experience substantial growth in the upcoming years, driven by
a multitude of government initiatives and ongoing construction projects aimed
at improving infrastructure across the nation. In regions like Alberta, various
initiatives have been introduced to foster innovation and accelerate technology
commercialization specifically targeting bitumen and heavy oil processing.
Notably, the Bitumen Value Enhancement Committee has been actively working
towards advancing innovative solutions in this sector. Moreover, under the
Mines and Minerals Act, the government has the flexibility to choose between
receiving its royalty share either in cash or in kind, further promoting the
sustainable development of the industry through strategic decision-making and
collaboration.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Global
Bitumen Market.”
As cities
continue to experience rapid growth and populations steadily increase, the
demand for infrastructure development becomes even more pressing. The
construction of roads, bridges, and transportation infrastructure becomes
paramount in order to effectively accommodate this growth and ensure smooth
connectivity. In this context, the importance of bitumen, a key component in
the production of asphalt used in road construction, cannot be overstated. It
is the very foundation upon which modern transportation systems are built,
providing durability and resilience to withstand the constant flow of vehicles.
The surge in urbanization has not only heightened the need for infrastructure
development but has also significantly impacted the bitumen market. In the
dynamic landscape of the Asia Pacific region, in particular, the demand for
bitumen has seen a remarkable upswing. This can be attributed to the rapid
increase in urban population and the consequent expansion of infrastructure
projects in the region. With the rise of mega-cities and the development of
smart transportation systems, the Asia Pacific region has emerged as a major
player in the global bitumen market, fueling its growth and contributing to its
overall significance on a global scale. The Global Bitumen Market is segmented
into product type, application, regional distribution, and company. Based on its application, the road construction
segment held the largest share in the market. Road connectivity is undeniably
the lifeblood of any developed economy. With an increasing emphasis on
infrastructure development, the demand for roads in emerging economies has seen
remarkable growth. This surge in market expansion can be attributed to the need
for efficient transportation systems and the resulting benefits they bring. Notably, countries like India, China, and the U.S.
have made significant strides in establishing robust road networks, which in
turn, will drive the demand for related products and services in the
foreseeable future. As the world becomes more interconnected, the importance of
road connectivity cannot be overstated, as it facilitates trade, enhances
accessibility, and fosters economic growth on a global scale. Based on region, Asia Pacific segment is expected to
grow during the forecast period. The increasing construction industry growth in
India, China, Thailand, and Vietnam is contributing to the expansion of the
bitumen industry in the Asia Pacific region. This growth is further supported
by the presence of major market players such as ExxonMobil, Shell Bitumen, and
British Petroleum. Over the next eight years, these companies are expected to
play a significant role in driving the expansion of the bitumen industry.
Additionally, the extensive road network in the region will lead to an increase
in bitumen consumption, further fueling the growth of the industry. The Asia
Pacific region is poised to experience significant advancements in the bitumen
sector, creating new opportunities and driving economic development in the
region.
Major companies operating in Global Bitumen Market are:
- Bouygues SA
- BP PLC
- China Petroleum & Chemical
Corporation
- Exxon Mobil Corporation
- Icopal ApS
- Indian Oil Corporation Ltd
- JXTG Nippon Oil & Energy Corporation
- KRATON CORPORATION
- Nynas AB
- Shell PLC
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“Growing application of bitumen in various end user
industries are key drivers of the bitumen market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of bitumen with every passing year are
anticipated to register an impressive growth to Global Bitumen Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Bitumen Market By Product Type (Paving Grade,
Hard Grade, Oxidized Grade, Bitumen Emulsions, Others), By Application (Road
Construction, Waterproofing, Adhesives, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Bitumen Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Bitumen Market.
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