Skip to main content

Bitumen Market to Worth USD 67.14 Billion by 2028 | Bitumen Industry Exhibiting CAGR of 3.8% During 2021-2028

Written by Customer Service on . Posted in Mergers And Acquisitions.

Companies covered in Bitumen Market are 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) and many more

Pune, India, April 12, 2022 (GLOBE NEWSWIRE) — The global bitumen market size is anticipated to hit USD 67.14 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. The soaring road construction activities and the rising demand for bitumen for products for waterproofing applications are expected to be the key factors boosting the Bitumen Market growth. Fortune Business InsightsTMhas presented this information in its report titled, “Bitumen Market, 2021-2028”. The market size stood at USD 49.45 billion in 2020 and USD 51.69 billion in 2021.
Additionally, the rising adoption of bio-asphalt is anticipated to prevail as a key trend stimulating the market growth during the forecast period.

List of Key Market Players-

  • 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)

Request a Sample PDF Brochure:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/bitumen-market-104300

COVID-19 Impact-
The swift spread of the COVID-19 pandemic has severely affected the construction sector, which in turn hampered the bitumen market growth. The halted construction activities and labor scarcity negatively impacted the market growth. The lower cash liquidity and disrupted transportation systems affected the market growth. However, the implementation of strict remedial methods to curb the virus spread is helping the bitumen market recover due to the resumption of construction activities.

Segmentation-

By Type

  • Paving
  • Oxidized
  • Cutback
  • Emulsion
  • Polymer Modified

By Application

  • Roadways
  • Waterproofing

Drivers & Restraints-

Increasing Road Construction Activities to Fuel Market Growth

The high demand for bitumen products such as bitumen paint, bitumen primer, bitumen roof, bitumen adhesive, and others, due to their exceptional properties, are anticipated to fuel the market growth. These products are widely applied in waterproofing underground structures, bridges, basements, and other infrastructure. Hence, the high demand for bitumen products in waterproofing applications is likely to stimulate market growth.

The innate and unique properties of bitumen allow it to be used as a raw material in pavement and road construction. The increasing road construction activities across developing and developed economies are likely to benefit the market growth.

Additionally, the development of bio-asphalt that is sustainable and eco-friendly is likely to amplify market growth in the forthcoming years.
However, the use of hazardous chemicals in bitumen products may restrain the market growth.

Report Coverage-

  • It provides a comprehensive market assessment.
  • It assimilates key bitumen market drivers and restraints.
  • It profiles the rankings of key market players accordingly.
  • It includes key market developments and information on different market segments.
  • It assesses the COVID-19 pandemic’s impact on the market.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/bitumen-market-104300

Regional Insights-

Booming Construction Sector to Influence Growth in Asia Pacific

Asia Pacific is anticipated to dominate the global bitumen market share. The adoption of several schemes and initiatives by governments to improve public infrastructure is likely to uplift the region’s market growth. Additionally, the booming construction sector and improving socio-economic conditions are expected to complement the region’s market growth.
Europe is expected to emerge as a key market due to 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.
North America is projected to witness significant growth due to the rising bitumen adoption. Depleting crude oil and petroleum reserves is likely to bolster the demand for bio-asphalt in the coming years.
The Middle East & Africa, and Latin America are expected to witness slow growth. Though, rising urbanization and industrialization are anticipated to amplify the region’s market growth in the coming years.

Competitive Landscape-

Key Players Adopt Ingenious Strategies to Acquire Growth

The market comprises a large number of global players. Indian Oil Corporation, Sinopec, Exxon Mobil, Royal Dutch Shell, and Raha Bitumen are the major market players. The major players emphasize strategic alliances to achieve competitive advantages and increase their market shares. They also adopt new product launches, mergers, acquisitions, partnerships, and others to magnify their market penetration. For instance,  Shell Bitumen partnered with Tiki Tar Industries in October 2019 to supply asphalt for pavement application to consumers.

Inquire Before Buying This Research Report:

https://www.fortunebusinessinsights.com/enquiry/queries/bitumen-market-104300

Table of Content

  • 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 Market 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

Speak to Our Expert:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/bitumen-market-104300

Industry Developments-

February 2019: Philippines Shell Petroleum Corporation completed the first batch of locally blended bitumen.

Have a Look at Related Research Insights:

Polymer Alloys Market Size, Share & Industry Analysis, By Type ( PC-based Alloys, PPO/PPE-based Alloys ), By Application ( Oil & gas, Automotive, Electrical & Electronics, Others ) and regional forecast 2022-2029

Polymer Foam Market Size, Share & COVID-19 Impact Analysis, By Type (Polyurethane (PU), Polystyrene (PS), Polyethylene (PE), Polyvinyl Chloride (PVC) and Others), By Application (Automotive, Building & Construction, Packaging, Furniture, Appliances, Apparel and Others), and Regional Forecast, 2020-2027

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Address:

Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –

Mahalunge Road, Baner, Pune-411045,

Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com

LinkedIn Facebook Twitter

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.