Bitumen Market
The bitumen market is estimated to be valued at USD 65.34 Bn in 2024 and exhibit a CAGR of 1.24% over the forecast period (2024-2031). Bitumen is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It is a thick, dark brown to black tar-like material obtained from the distillation of crude oil or from oil deposits. Bitumen is often used as a binder in roads and as a waterproofing agent for flat roofs, bridge decks, etc. It is composed mainly of hydrocarbons and is highly adhesive and waterproof. Bitumen is an important raw material used in infrastructure development for various purposes like road construction, water proofing, and other applications. Rising infrastructure development across the globe coupled with increasing investments towards roads, highways, and airports has been a key driver of the rising bitumen demand.
Market Dynamics:
The global bitumen market is driven by rising road construction activities in emerging economies of Asia Pacific and Latin America. Growing urbanization and infrastructure development spending by governments worldwide are fueling new road projects. Various government initiatives, such as fmw gov. ong. towards the development of smart cities and infrastructure upgrade, have also boosted bitumen’s consumption. However, factors such as volatility in crude oil prices which is a key raw material for bitumen production and growing environmental concerns regarding emissions from bitumen production and usage pose challenges for market players. Development of bio-based and recycled bitumen presents new opportunities for participants to develop green alternatives and sustainable products. Volatility in crude oil prices directly impacts bitumen pricing and supply. But growing usage of recycled bitumen or reclaimed asphalt provides new opportunities in this market.
Key Features of the Study:
- This report provides in-depth analysis of the global bitumen market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global bitumen market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Shell Bitumen, NuStar Energy, Exxon Mobil, Marathon Oil Corporation, Valero Energy Corporation, Nynas AB, Petróleos Mexicanos (PEMEX), Indian Oil Corporation, Chevron Texaco Corporation, and Villas Austria GmbH
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global bitumen market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global bitumen market
Market Segmentation
Market Segmentation
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