India Bitumen Market Share Will Hit $6.8 Billion by 2032 | Growth With Recent Trends & Demand

Bitumen is a mixture of viscous, highly sticky, and black organic liquids, which is soluble in carbon disulfide and primarily consists of condensed polycyclic aromatic hydrocarbons. It is a crucial component of asphalt, which is used to build roads, streets, and other parts of infrastructure. One of the primary applications of bitumen is in road construction. It is used as a binder in asphalt concrete, which is a mixture of bitumen, aggregates (such as stone, sand, and gravel), and filler materials. Bitumen acts as a glue, holding the aggregates together and forming a durable and flexible road surface. It provides strength, water resistance, and durability to the pavement, enabling it to withstand heavy traffic loads and various weather conditions.  

Bitumen is an important material that enables design and engineering of the asphalt-based streets, runways, motorways, highways, coastal protection, canal linings, driveways, airport, reservoirs, and footpaths cycle paths, parking areas as well as sports and play areas.

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The infrastructure development programs initiated by Government of India such as Bharatmala project; Golden Quadrangle project; and construction of various industrial and economic corridors such as Delhi-Mumbai Industrial Corridor, Bengaluru-Mumbai Economic Corridor, Chennai-Bengaluru Economic Corridor, Vizag-Chennai Industrial Corridor, and Amritsar-Kolkata Industrial Corridor during the construction of highways and expressways drive the demand for bitumen. In addition, government initiatives such as Pradhan Mantri Gram Sadak Yojana that includes provision of good all-weather road connectivity to unconnected villages of the country is anticipated to drive the growth of the India bitumen market.

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COVID-19 negatively affected the demand for bitumen in the Indian market. Major construction projects were temporarily suspended during COVID-19, thereby reducing bitumen consumption. After 2020, the market witnessed gradual growth due to the continued construction activity in major regions.
• Reduced construction activity: During the pandemic, many construction projects were put on hold or delayed due to lockdown measures and labor shortages. This resulted in reduced demand for bitumen, as it is a key component used in road construction and infrastructure projects.
• Disruption in the supply chain: Restrictions on movement and trade disruptions caused logistical challenges in transporting bitumen and related products. This led to delays in the supply chain and potential shortages, affecting the availability of bitumen in the market.
• Fluctuating oil prices: Bitumen is derived from crude oil, and its pricing is influenced by oil market dynamics. The COVID-19 pandemic caused a sharp decline in global oil prices due to reduced demand and oversupply. This fluctuation in oil prices could have had an impact on the cost of bitumen in the Indian market.

Key Market Players:
Bharat Petroleum Corporation Ltd. (BPCL), Juno Bitumix Pvt. Ltd., Swastik Tar Industries, Indian Oil Corporation Ltd., Universal Bituminous Industries Pvt. Ltd., Oil & Natural Gas Corporation (ONGC), Tiki Tar Industries India Ltd., Agarwal Industrial Corporation Ltd., Total SA, Hindustan Petroleum Corporation Ltd.

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Key Benefits:
• By type, the paving grade bitumen segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 3.7% from 2023 to 2032.
• By end user industry, the road construction segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.2% from 2023 to 2032.

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