India Bitumen Market Proceeds To Witness Huge Growth Over Analysis Period by 2026

Key market players analyzed in the research include Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Ltd., Oil & Natural Gas Corporation Ltd, Agarwal Industries Corporation Ltd, Indian Oil Corporation Ltd, Total India, Juno Bitumix Pvt Ltd, Tiki Tar Industries India Ltd, Swastik Tar Industries, and Universal Bituminous Industries Pvt. Ltd.

According to the report published by Allied Market Research, the India bitumen industry was pegged at $196.7 billion in 2018 and is estimated to reach $257.0 billion by 2026, growing at a CAGR of 2.8% from 2019 to 2026. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.

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Increase in road development activities, rise in demand for adhesives, and surge in construction industry have supplemented the growth of the India bitumen market. Whereas, increase in use of bitumen alternatives in roadway application, health issues related to bitumen, and fluctuating crude oil prices impede the market growth. On the other hand, development of bio-based bitumen, and development of EME (Enrobés á Module Elevé) binder are projected to provide lucrative opportunities in the near future.

The India bitumen market is segmented into type, end-use industry, and region. Baased on type, the market is divided into paving grade bitumen, oxidized bitumen, polymer modified bitumen, and bitumen emulsions. The paving grade bitumen segment held the largest share in 2018, contributing to nearly two-thirds of the India bitumen market. However, the polymer modified grade segment is projected to manifest the fastest CAGR of 4.0% during the forecast period.

Based on end-use, the market is divided into underground road construction, waterproofing, and others. The road construction segment is expected to register the fastest CAGR of 3.0% through 2026. In addition, the segment accounted for the highest share in 2018, contributing to around three-fifths of the India bitumen market.

The India bitumen market is analyzed across North India, East India, Northeast India, South India, and West India. The market across the North India region held the largest share in 2018, contributing to nearly one-third of the revenue. However, the market across North India is estimated to register the fastest CAGR of 3.4% during the forecast period.

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