This report titled “Bitumen Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030” offers strategic insights into the trends in bitumen market along with the market size and forecast for the duration 2023 to 2030. The said research study incorporates in-depth analysis of multiple market segments based grade, application and geographical distribution.
The global bitumen market is becoming increasingly competitive with growing number of mergers and collaborations between market players to expand their production capabilities to meet the demand for bitumen. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America, Middle East & Africa and Asia Pacific.
Based on grade type, the global bitumen market is segmented as paving grade, hard grade, oxidizing grade, bitumen emulsions and polymer modified bitumen. On the basis of application, the global bitumen market is categorized into road construction, water proofing, adhesives, and insulation. In addition, bitumen manufacturing companies, distributors and academic organizations form the major client types for bitumen market. Market size (Mn Tons) (US$ Bn) and forecast for all the considered segmentation is presented in this report for the period 2020-2030 along with their respective CAGRs (%) for the forecast period 2023-2030.
Along with the quantitative information sets, this report also provides qualitative information such as market dynamics and executive summary for the global bitumen market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key companies engaged in development, and provision of bitumen.
On the basis of grade type, the global bitumen market can be segmented into paving grade, hard grade, oxidizing grade, bitumen emulsions and polymer modified bitumen. Paving grade is anticipated to be the fastest growing segment in global bitumen market. Increasing use of paving grade in the road construction is anticipated to drive the growth of the segment during the forecast period. Bitumen emulsion segment is also expected to witness significant growth over the forecast period and projected to gain significant market share in global bitumen market by 2030.
On the basis of application, the global bitumen market can be segmented into road construction, waterproofing, adhesives and insulation. In 2021, roadways was observed to be the largest application segment and is projected to maintain its dominance during the forecast period. Rising investment in road infrastructure across key economies of the globe including China, U.S. and India. Growing demand for the roadways for the transportation of goods and services due to increasing international trade in the region along with favorable initiative taken by the governments driving the demand for bitumen in the region. Projects such as OBOR (One Belt One Road) initiative aimed to connect China with Europe and South Asia and announced by Indian government to investment US$ 372.8 billion over next three years for the development of road infrastructure are the factors expected to fuel the demand for the bitumen over the forecast period. Waterproofing segment accounted for significant share in global bitumen market. The segment is anticipated to witness high growth over the forecast period. Prompt growth in the commercial and residential building due to growth in disposable income of middle class coupled with rapid urbanization especially in India and China is anticipated to drive the demand water proofing solutions which in turn is projected to fuel the demand for the bitumen over the forecast period (2023-2030).
On the basis of geography, global bitumen market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2021, Asia Pacific accounted for the largest share in global bitumen market and also projected to witness robust growth during the forecast period. Rising investment in road infrastructure especially in high growth economies such as India and China anticipated to drive the demand for bitumen in the region. Rapid urbanization, economic development and development of transport infrastructure is projected to drive the demand for the bitumen in the region. Road infrastructure projects including construction of CEPC (China Pakistan Economic Corridor), freedom corridor initiative by India and Japan aimed to connect to South Asia and East Africa are among projects anticipated to fuel the demand for bitumen in the region over the forecast period (2023-2030).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Bitumen market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Grade
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
