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.
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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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