Bitumen Market Valued at US$ 108.73 Billion in 2022, Anticipated to Reach US$ 138.91 Billion by 2029 with a CAGR of 3.56% During the Forecast Period

20.09.2023: Bitumen Market Report Scope and Research Methodology

Bitumen, also known as asphalt, is derived from by-products of processed crude oil and is soluble in carbon disulfide. It serves as a vital organic binding substance and is a key component in the construction of roads, streets, and various infrastructure projects. The increasing utilization of bitumen in global road development projects is driving the demand for this versatile, non-toxic, and reusable material.

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What are Bitumen Market Dynamics?

Bitumen is manufactured to meet specific end-use requirements by refining or blending. Its global utilization in asphalt stands at approximately 102 million tonnes annually. Binder in asphalt concrete for roads accounts for a substantial 85.23% of all asphalt production. Additionally, bitumen finds use in paved areas such as airport runways, parking lots, and sidewalks, enhancing its market prominence. Asphalt concrete, produced by blending bitumen with fine and coarse materials, serves as a binding agent.

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What is Bitumen Market Segmentation?

Grade: The Bitumen Market is segmented into various grades, including penetration grade bitumen, hard grade bitumen, oxidation grade bitumen, polymer-modified bitumen, modified bitumen, and high-performance polymer-modified bitumen. In 2022, polymer-modified bitumen held the dominant position, accounting for xx% of the overall market share in terms of revenue. This segment's growth can be attributed to its superior endurance and quality, making it a preferred choice in road construction and other building applications.
Application: The market is further categorized by application into road construction, waterproofing, airport runways, piping, and industrial bitumen. In 2022, road construction emerged as the dominant segment, capturing xx% of the overall market revenue. The primary application of bitumen is in road construction, where it directly serves as a binder in the production of asphalt concrete. It finds extensive use in road and pavement construction, repair, and maintenance, encompassing high-speed roads, highways, flyovers, airport runways, and platforms. Apart from the construction industry, bitumen plays a vital role in manufacturing various industrial products, such as roofing materials, adhesives, insulation, and sealants, owing to its ability to impart diverse properties to structures, including varying hardness, adhesion, high viscosity, ductility, and waterproofing.

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Who are Bitumen Market Key Players?

1. Indian Oil Corporation Limited
2. Chevron Texaco Corporation
3. China National Petroleum Corporation
4. Villas Austria
5. Bouygues
6. Nynas
7. NuStar Energy
8. Total SA
9. JX Nippon Oil & Energy Corporation
10.Baker Hughes
11.Exxon Mobil
12.Sasol Ltd.
13.Royal Dutch Shell Plc
14.Marathon Oil Corporation
15.Petroleos Mexicanos
16.Imperial Oil
17.Others

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Table of content for the Bitumen Market includes:

Part 01: Executive Summary

Part 02: Scope of the Bitumen Market Report

Part 03: Global Bitumen Market Landscape

Part 04: Global Bitumen Market Sizing

Part 05: Global Bitumen Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

Regional Insights:

Asia Pacific (APAC): In 2022, the Asia Pacific region dominated the market, contributing more than 38% of the total market revenue. High investments in countries like China and India for industrial and infrastructure development are significant factors driving market growth. Over the forecast period, the steel grating market is expected to witness growth, particularly in the Asia Pacific region, primarily fueled by the expanding construction sector.
China: China led the Asian plastic films market in terms of volume consumption in 2022, driven by increased consumer spending power, rising demand for consumer and medical items, and large agricultural production.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic
perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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