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Bitumen Market : By Top Players, Trends And Forecast 2023-2032 | Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, Total Energies SE, BP plc
Bitumen Market Forecast
The Business Research Company's Bitumen Global Market Report 2023 identifies increasing road construction activities as the major driver for the Bitumen Market's growth in the forecast period. Bitumen helps in road construction activities by acting as a binder, providing waterproofing, flexibility, weather resistance, skid resistance, and ease of construction and maintenance.
The global bitumen market size is expected to grow from $51.10 billion in 2022 to $53.66 billion in 2023 at a compound annual growth rate (CAGR) of 5.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of bitumen market is expected to reach $63.18 billion in 2027 at a CAGR of 4.2%.
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Major competitors in the Bitumen Market are Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, Total Energies SE, BP plc, ConocoPhillips Co, PJSC Rosneft Oil Company, Cenovus Energy Inc., Bouygues Group, Imperial Oil Limited, Suncor Energy Inc., MOL Group, Nynas AB, Gazprom-Neft, Teck Resources Limited, Indian Oil Corporation Ltd., Syncrude Canada Ltd., MEG Energy Corp, Stolt-Nielsen Limited, Soprema Group, NuStar Energy L.P, Athabasca Oil Corporation, NIS Group, Compania Espanola de Petroleos SA (CEPSA), CertainTeed Corp., Asphalt Materials Inc., The Richmond Group, Karnak Corp., Sunshinen Oilsands Ltd., and GOYAL Group of Companies.
A key trend in the Bitumen Market includes Bio-based bitumen development. Companies operating in the bitumen market are innovating new products to sustain their position in the market. For instance, in May 2021, Praj Industries, an India-based engineering solutions company, developed a distinctive method for producing bio-bitumen using lignin. The company's innovative approach involved converting unprocessed phenol into bio-bitumen, offering an environmentally sustainable alternative to bitumen derived from fossil fuels.
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The Bitumen Market is segmented -
By Product Type: Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Products
By Application: Roadways, Waterproofing, Adhesives, Insulation, Other Applications
By End-Use Sector: Non-Residential, Residential, Other End-Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Bitumen Market.
The Business Research Company's "Global Bitumen Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Bitumen Market Include:
1. Executive Summary
2. Bitumen Market Characteristics
3. Bitumen Market Trends And Strategies
4. Bitumen Market - Macro Economic Scenario
5. Global BitumenHistoric Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global Bitumen Market Competitive Benchmarking
33. Global Bitumen Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bitumen Market
35. Bitumen Market Future Outlook and Potential Analysis
36. Appendix
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