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Bitumen Market Size Forecasted To Achieve $71 Billion By 2029 With Steady Growth
Bitumen
What Is the Bitumen Market Size and Projected Growth Rate?
The Bitumen Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Bitumen Market Size and Projected Growth Rate?
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What Are the Major Segments in the Bitumen Market?
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
Subsegments:
1) By Paving Grade: PG 64-22, PG 58-28, PG 70-28
2) By Hard Grade: Hard Bitumen, Extra Hard Bitumen
3) By Oxidized Grade: Oxidized Bitumen, Speciality Oxidized Bitumen
4) By Bitumen Emulsions: Cationic Emulsions, Anionic Emulsions
5) By Polymer Modified Bitumen (PMB): SBS Modified Bitumen, EVA Modified Bitumen, Other Polymer Modifications
6) By Other Products: Cutback Bitumen, Specialty Bitumen Products
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What Are The Driving Bitumen Market Evolution?
The rise in road construction activities is set to boost the expansion of the bitumen market in the foreseeable future. The term "road construction activities" encapsulates all operations and tasks involved in the creation, enhancement and preservation of roads and highways. Bitumen plays a pivotal part in these activities by fulfilling several roles - it works as a binder, offers waterproofing, flexibility, weather resistance, skid resistance, and facilitates easier construction and maintenance. For example, Global Australia Highlights, an intergovernmental entity based in Australia, reported in November 2022 that the 2022-23 government budget pledged $12.04 billion (A$17.9 billion) over the coming decade towards substantial infrastructure ventures nationwide, which include considerable allocations for road and rail project. Major public infrastructure projects are expected to see an investment of over $146.72 billion (A$218 billion) between 2021 and 2025. Similarly, as per Global X ETF, a fund management company located in the United States, the country took a remarkable stride towards ameliorating its infrastructure in November 2021 through the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA). The IIJA aims to deploy $550 billion in the subsequent decade to enhance roads, bridges, airports, and railroads, expand clean drinking water and broadband internet accessibility, and uphold environmental justice. Conclusively, the escalating road construction activities are fostering the growth of the bitumen market.
Which Firms Dominate The Bitumen Market Segments?
Major companies operating in the bitumen market include 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, 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., Sunshine Oilsands Ltd., GOYAL Group of Companies
What Trends Are Expected to Dominate the Bitumen Market in the Next 5 Years?
The advancement of bio-based bitumen is emerging as a significant trend within the bitumen market. Companies involved in this market are creating new products to uphold their market status. For example, Tarmac, a UK-based company dedicated to sustainable building materials and manufacturing solutions, crafted bio-bitumen, a form of algae-based bitumen, in May 2024. This was designed as an environmentally-friendly substitute for the standard petroleum-derived bitumen typically used in road construction. This pioneering approach takes advantage of algae's inherent ability to sequester carbon, substantially reducing the carbon footprint of bitumen production. It also ensures that even though the bio-bitumen is eco-friendly, it still maintains crucial characteristics like durability, water resistance and recyclability.
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Which Is The Largest Region In The Bitumen Market?
Asia-Pacific was the largest region in the bitumen market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bitumen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Bitumen Market?
2. What is the CAGR expected in the Bitumen Market?
3. What Are the Key Innovations Transforming the Bitumen Industry?
4. Which Region Is Leading the Bitumen Market?
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