Press release
Bitumen Market Size, Share, Growth, Trends And Forecast 2024-2033
Bitumen Market
Market Size And Growth Forecast:
The bitumen market size has grown steadily in recent years. It will grow from $53.66 billion in 2023 to $56.23 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to infrastructure development, paving and roofing materials, transportation industry demand, r&d for bitumen modifications, environmental and sustainability factors.
The bitumen market size is expected to see steady growth in the next few years. It will grow to $66.29 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to sustainable asphalt solutions, smart city initiatives, renewable energy infrastructure, rising global construction, bitumen-based carbon capture. Major trends in the forecast period include high-performance pavements, advanced roofing materials, bitumen recycling and reuse, nano and micro bitumen technologie, digital solutions in bitumen production.
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Market Segmentation:
The bitumen market covered in this report is segmented -
1) By Product Type: Paving Grade, Hard Grade, Oxidized Grade, Bitumen Emulsions, Polymer Modified Bitumen, Other Products
2) By Application: Roadways, Waterproofing, Adhesives, Insulation, Other Applications
3) By End-Use Sector: Non-Residential, Residential, Other End-Users
Major Driver - Growing Road Construction Activities Boost Bitumen Market
The increasing road construction activities are expected to propel the growth of the bitumen market going forward. Road construction activities refer to the processes and tasks involved in building, improving, and maintaining roads and highways. Bitumen helps in road construction activities by acting as a binder, providing waterproofing, flexibility, weather resistance, skid resistance, and ease of construction and maintenance. For instance, in November 2022, according to Global Australia Highlights, an Australia-based intergovernmental organization, the government budget for 2022-23 promises $12.04 billion (A$17.9 billion) over ten years for significant infrastructure projects around the country, including billions for road and rail projects. Between 2021 and 2025, total investment in major public infrastructure is estimated to exceed $146.72 billion (A$218 billion). Furthermore, in March 2023, according to Global X ETF, a US-based fund management firm, with the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in November 2021, the United States took a significant step towards improving its infrastructure. Over the next ten years, the IIJA is going to invest $550 billion to improve roads, bridges, airports, and railroads, extend access to clean drinking water and broadband internet, and achieve environmental justice. Therefore, the increasing road construction activities are driving the growth of the bitumen market.
Competitive Landscape:
Major companies operating in the bitumen market report 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., GOYAL Group of Companies
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Top Trend - Bio-Based Bitumen Production Method Revolutionizes The Market
Bio-based bitumen development is a key trend gaining popularity in the bitumen market. 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. Bio-bitumen is positioned to have a substantial impact as a road construction material, simultaneously reducing CO2 emissions and promoting the growth of the bioeconomy. This further reinforces our unwavering confidence in our global leadership and commitment to innovation and technological advancements within the industrial biotech sector. The creation of a novel process for producing bio-bitumen from unprocessed phenol represents a notable advancement in bitumen production. This innovative approach offers the potential to reduce reliance on fossil fuel-derived bitumen and provides an ecologically viable solution. This significant development highlights the ongoing efforts to enhance bitumen production with innovative and eco-conscious technologies.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Bitumen Market Characteristics
3. Bitumen Market Trends And Strategies
4. Bitumen Market - Macro Economic Scenario
5. Bitumen Market Size And Growth
…..
27. Bitumen Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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