Our viewpoint on how the bitumen market will develop is presented in this global research. During the projection period, the value of the worldwide bitumen market is expected to increase at a CAGR of 4%, rising from US$ 60 billion in 2019 to US$ 86 billion in 2029.
The bitumen market’s global volume demand was estimated at 107,700 KT in 2018, and it is predicted to grow at a CAGR of 3% to reach 153,613 ‘000 units by the end of 2029. During the years 2019 to 2029, there will likely be a large increase in road construction operations, which will significantly increase the consumption of bitumen for paving and surfacing.
The bitumen market is experiencing significant growth as the demand for infrastructure development continues to fuel its momentum. Bitumen, a crucial component in the construction of roads, highways, bridges, and other infrastructure projects, is witnessing increased adoption worldwide due to its excellent binding and waterproofing properties.
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One of the key drivers behind the market’s expansion is the growing investment in infrastructure development projects. Governments and private entities are heavily investing in the construction and renovation of transportation networks, including roads and highways, to facilitate economic growth and enhance connectivity. Bitumen, with its ability to provide durable and resilient road surfaces, is in high demand as it ensures the longevity and sustainability of these infrastructure projects.
Moreover, the rising urbanization and population growth in many regions are contributing to the demand for new residential and commercial developments. Bitumen finds extensive use in roofing and waterproofing applications, providing protection against water ingress and ensuring the longevity of buildings. The construction of residential complexes, commercial buildings, and industrial facilities is further driving the growth of the bitumen market.
Furthermore, the ongoing maintenance and rehabilitation of existing infrastructure assets are also contributing to the demand for bitumen. As aging infrastructure requires repair and resurfacing, bitumen is utilized to restore and extend the lifespan of roads, bridges, and other structures. The need for cost-effective and efficient solutions in infrastructure maintenance is boosting the market’s growth.
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As infrastructure development continues to be a priority in many regions, the bitumen market is gaining momentum. Its exceptional binding and waterproofing properties make it an indispensable material in the construction of roads, highways, bridges, and buildings. With the increasing investment in infrastructure projects and the need for sustainable and durable construction materials, the bitumen market is poised for further expansion.
Companies Covered in This Report –
- Royal Dutch Shell PLC
- Sinopec
- CNOOC Limited
- China National Petroleum Corporation
- TOTAL S.A
- PJSC Rosneft Oil Company
- Hindustan Petroleum Corporation Limited
- Indian Oil Corporation Ltd
- Petro Tar Co.
- Kimya Refinery Group
- Wellbank Global PTE Ltd
- The Bahrain Petroleum Company B.S.C.
- Isfahan Bitumen Production Co.
- Muscat International Bitumen LLC
- Saudi Bitumen Industries Co. Ltd.
- BNB Bitumen Private Limited
- Rhine Middle East LLC
- Regional Petroleum Products Corporation
- MERCO
- Iran Bitumen Co.
- Total Oil India Pvt Ltd
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Market Segmentation
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