The Africa bitumen market is expected to witness significant growth over the forecast period due to an increase in infrastructure development activities and growing demand for waterproofing materials. The rising use of bitumen in road construction and maintenance projects is expected to be a key driver for market growth. The increasing focus of governments on the development of transportation infrastructure, including highways, bridges, and tunnels, is also expected to drive the demand for bitumen in Africa. Moreover, the growing trend of adopting sustainable construction practices and the use of eco-friendly bitumen products is expected to provide lucrative growth opportunities for market players in the region. However, the fluctuation in crude oil prices and the high cost of production are expected to hinder market growth to some extent.
The Africa Bitumen Market is expected to surpass US$ 751.54 million by the end of 2028, in terms of value, exhibiting at a CAGR of 5.3% during the forecast period (2021 to 2028).
Key Competitors in the Africa bitumen Industry:
1. Exxon Mobil Corporation
Exxon Mobil Corporation is an American multinational oil and gas company founded in 1999 and headquartered in Irving, Texas. The company operates in more than 70 countries and is involved in the exploration, production, and sale of crude oil and natural gas, as well as the manufacture and sale of petroleum products. In the field of Africa bitumen, Exxon Mobil has been involved in various projects across the continent, including the development of bitumen resources in Liberia and Nigeria.
2. Royal Dutch Shell Plc.
Royal Dutch Shell Plc. is a British-Dutch multinational oil and gas company founded in 1907 and headquartered in The Hague, Netherlands. The company operates in more than 70 countries and is involved in all aspects of the oil and gas industry, from exploration and production to refining and marketing. In the field of Africa bitumen, Shell has been involved in various projects across the continent, including the development of bitumen resources in Nigeria.
3. RAHA Bitumen, Inc.
RAHA Bitumen, Inc. is a leading bitumen supplier in Africa founded in 2015 and headquartered in Dubai, United Arab Emirates. The company supplies bitumen to various African countries, including Kenya, Tanzania, and Uganda. In 2021, RAHA Bitumen announced the expansion of its operations in Africa by setting up a new bitumen manufacturing plant in Tanzania.
4. Tekfalt Binders (Pty) Ltd.
Tekfalt Binders (Pty) Ltd. is a South African company founded in 2014 and headquartered in Johannesburg. The company produces and supplies bitumen emulsions, modified binders, and polymer-modified bitumen to the construction industry in South Africa and other African countries.
5. SprayPave
SprayPave is a South African company founded in 1984 and headquartered in Johannesburg. The company specializes in the manufacture and supply of bitumen-based products for road construction and maintenance. SprayPave operates in several African countries, including South Africa, Mozambique, and Tanzania.
6. Indian Oil Corporation Ltd.
Indian Oil Corporation Ltd. is an Indian state-owned oil and gas company founded in 1959 and headquartered in New Delhi, India. The company operates in more than 50 countries and is involved in the refining, distribution, and marketing of petroleum products. In the field of Africa bitumen, Indian Oil Corporation has been involved in various projects, including the construction of a bitumen storage terminal in Tanzania.
7. GOIL Company Limited
GOIL Company Limited is a Ghanaian petroleum company founded in 1960 and headquartered in Accra, Ghana. The company is involved in the refining, marketing, and distribution of petroleum products, including bitumen. GOIL operates in several African countries, including Ghana, Mali, and Burkina Faso.
8. Wabeco Petroleum Ltd.
Wabeco Petroleum Ltd. is a Nigerian company founded in 2000 and headquartered in Lagos, Nigeria. The company is involved in the distribution and marketing of petroleum products, including bitumen. Wabeco Petroleum operates in several African countries, including Nigeria, Cameroon, and Togo.
9. Tiger Bitumen
Tiger Bitumen is a United Arab Emirates-based company founded in 2012 and headquartered in Dubai. The company produces and supplies bitumen and bitumen-related products to the construction industry in Africa and other regions. Tiger Bitumen operates in several African countries, including Kenya, Tanzania, and Uganda.
10. Richmond Group
Richmond Group is a Nigerian company founded in 2001 and headquartered in Lagos, Nigeria. The company is involved in the production and supply of bitumen and bitumen-related products to the construction industry in Nigeria and other African countries. In 2021, Richmond Group announced the acquisition of a bitumen plant in Lagos, Nigeria, to increase its production capacity.
*Definition- Bitumen is a viscous, black, and sticky form of petroleum used primarily in road construction and maintenance as a binder and waterproofing material in Africa.
