The global bitumen market size is expected to reach USD 90.4 billion by 2030, registering a CAGR of 1.8%. Rise in infrastructure development in emerging economies including China, India, and Brazil has resulted in propelling demand for bitumen in the last few years. Road connectivity is among the most important features of any developed economy. This factor has resulted in product market growth on account of the growing need for roads in emerging economies.
Road widening and rebuilding existing assets including buildings and roads are some key areas where product need is expected to increase constantly. Rising demand from the construction sector has been influencing the growth of the product.
Changing government requirements owing to environment regulations coupled with low-cost roofing solutions are major factors propelling demand for polymer-modified bitumen (PMB) in roofing applications. Excellent durability, water-resistance and ability to withstand extreme temperatures have resulted in increasing demand for PMB.
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Road widening and rebuilding existing assets including buildings and roads are some key areas where product need is expected to increase constantly. Rising demand from the construction sector has been influencing the growth of the product.
Changing government requirements owing to environment regulations coupled with low-cost roofing solutions are major factors propelling demand for polymer-modified bitumen (PMB) in roofing applications. Excellent durability, water-resistance and ability to withstand extreme temperatures have resulted in increasing demand for PMB.
Bitumen Market Report Highlights
- European bitumen market is expected to grow at a CAGR of 1.4% from 2024 to 2030 in terms of volume. Turkey is projected to be a key market for the product on account of increasing infrastructure spending by the government over the past few years.
- Asia Pacific is expected to be the fastest-growing market and is expected to witness gains at a CAGR of 3.4% from 2024 to 2030 in terms of volume. Government initiatives to construct roads to access rural areas is projected to propel the demand for bitumen over the forecast period.
- Bitumen demand in roadways dominated the market and accounted for a 59.8% share in 2023. The intervention of various government policies such as FDI is expected to drive the Indian construction industry. The increasing trend of using paving techniques including micro-surfacing on heavy traffic roads is contributing towards PMB demand. This trend is supposed to continue over the forecast period.
- The increasing need to provide cost-effective solutions for roofing applications is expected to influence the growth of the bitumen industry over the forecast period. Increasing need for waterproofing solutions across the globe is projected to propel growth.
The leading players in the Bitumen market include:
- Shell Bitumen
- NuStar Energy
- Exxon Mobil
- Marathon Oil Corporation
- Valero Energy Corporation
- Nynas AB
- Petróleos Mexicanos (PEMEX)
- Indian Oil Corporation
- Chevron Texaco Corporation
- Villas Austria GmbH
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Bitumen Market Variables, Trends, & Scope
Chapter 4. Bitumen Market: Application Estimates & Trend Analysis
Chapter 5. Bitumen Market: Regional Estimates & Trend Analysis
Chapter 6. Competitive Landscape
Companies Mentioned
The leading players in the Bitumen market include:- Shell Bitumen
- NuStar Energy
- Exxon Mobil
- Marathon Oil Corporation
- Valero Energy Corporation
- Nynas AB
- Petróleos Mexicanos (PEMEX)
- Indian Oil Corporation
- Chevron Texaco Corporation
- Villas Austria GmbH
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | September 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 77.6 Billion |
| Forecasted Market Value ( USD | $ 90.4 Billion |
| Compound Annual Growth Rate | 1.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
