Bitumen Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope
Bitumen, also known as asphalt or asphalt binder, is a black, sticky, and highly viscous petroleum-based material. Bitumen is used as a binder in asphalt concrete for constructing roads, highways, and other transportation infrastructure.

Sizing and Forecast
The bitumen market size has grown steadily in recent years. It will grow from $53.66 billion in 2023 to $56.23 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to infrastructure development, paving and roofing materials, transportation industry demand, r&d for bitumen modifications, environmental and sustainability factors.

The bitumen market size is expected to see steady growth in the next few years. It will grow to $66.29 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to sustainable asphalt solutions, smart city initiatives, renewable energy infrastructure, rising global construction, bitumen-based carbon capture. Major trends in the forecast period include high-performance pavements, advanced roofing materials, bitumen recycling and reuse, nano and micro bitumen technologie, digital solutions in bitumen production.

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Segmentation & Regional Insights
The bitumen market covered in this report is segmented –

1) By Product Type: Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Products
2) By Application: Roadways, Waterproofing, Adhesives, Insulation, Other Applications
3) By End-Use Sector: Non-Residential, Residential, Other End-Users

Asia-Pacific was the largest region in the bitumen market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bitumen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing road construction activities are expected to propel the growth of the bitumen market going forward. Road construction activities refer to the processes and tasks involved in building, improving, and maintaining roads and highways. Bitumen helps in road construction activities by acting as a binder, providing waterproofing, flexibility, weather resistance, skid resistance, and ease of construction and maintenance. For instance, in November 2022, according to Global Australia Highlights, an Australia-based intergovernmental organization, the government budget for 2022–23 promises $12.04 billion (A$17.9 billion) over ten years for significant infrastructure projects around the country, including billions for road and rail projects. Between 2021 and 2025, total investment in major public infrastructure is estimated to exceed $146.72 billion (A$218 billion). Furthermore, in March 2023, according to Global X ETF, a US-based fund management firm, with the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in November 2021, the United States took a significant step towards improving its infrastructure. Over the next ten years, the IIJA is going to invest $550 billion to improve roads, bridges, airports, and railroads, extend access to clean drinking water and broadband internet, and achieve environmental justice. Therefore, the increasing road construction activities are driving the growth of the bitumen market.

Key Industry Players
Major companies operating in the bitumen market report are Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, Total Energies SE, BP plc, ConocoPhillips Co, PJSC Rosneft Oil Company, Cenovus Energy Inc., Bouygues Group, Imperial Oil Limited, Suncor Energy Inc., MOL Group, Nynas AB, Gazprom-Neft, Teck Resources Limited, Indian Oil Corporation Ltd., Syncrude Canada Ltd., MEG Energy Corp, Stolt-Nielsen Limited, Soprema Group, NuStar Energy L.P, Athabasca Oil Corporation, NIS Group, Compania Espanola de Petroleos SA (CEPSA), CertainTeed Corp., Asphalt Materials Inc., The Richmond Group, Karnak Corp., Sunshinen Oilsands Ltd., GOYAL Group of Companies

The bitumen market report table of contents includes:

1. Executive Summary
2. Bitumen Market Characteristics
3. Bitumen Market Trends And Strategies
4. Bitumen Market – Macro Economic Scenario
5. Global Bitumen Market Size and Growth
32. Global Bitumen Market Competitive Benchmarking
33. Global Bitumen Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bitumen Marke
35. Bitumen Market Future Outlook and Potential Analysis
36. Appendix

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