Press release
Bitumen Market Outlook 2024-2034 | Expected Expansion to US$ 116 Billion
Bitumen, also known as asphalt, is a dense, black, and adhesive material obtained from crude oil through the refining process of fractional distillation. It consists of complex hydrocarbon compounds and can be found naturally in deposits or produced as a byproduct of petroleum refining.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10071
Market Dynamics
The bitumen market is driven by several key dynamics. Bitumen, a crucial material in road construction, waterproofing, and roofing, is primarily derived from crude oil. Its demand is significantly influenced by infrastructure development, particularly in emerging economies where road construction and urbanization are rapidly advancing. Additionally, the rising adoption of bitumen in various industrial applications such as waterproofing and adhesives has further propelled market growth. Environmental regulations and the push towards sustainable and eco-friendly construction materials also play a role, with modifications and advancements in bitumen production and application techniques, such as polymer-modified bitumen, becoming increasingly prevalent.
However, the market faces challenges such as volatility in crude oil prices, which directly impacts bitumen pricing. Furthermore, the environmental concerns associated with bitumen production and application, including emissions and the use of non-renewable resources, pose significant challenges. The development of alternative materials and sustainable practices are thus essential to address these concerns and sustain market growth.
Market Future Outlook
The future outlook for the bitumen market appears promising, driven by continued infrastructure development and urbanization, especially in Asia-Pacific and Africa. Government initiatives and investments in road construction and maintenance projects are expected to provide a steady demand for bitumen. Additionally, advancements in bitumen technology, such as the development of bio-based bitumen and innovations in recycling techniques, are likely to open new avenues for market growth.
The market is also expected to benefit from the increasing emphasis on sustainable construction practices. With a growing focus on reducing carbon footprints and enhancing the durability of infrastructure, modified bitumen products that offer improved performance and environmental benefits are anticipated to gain traction. Furthermore, the expansion of the construction industry in emerging markets and the renovation and maintenance of aging infrastructure in developed regions will continue to drive demand.
Market Insights
Application Segmentation: The bitumen market (Marché du bitume) is segmented based on application into roadways, waterproofing, adhesives, and others. Road construction remains the dominant segment, accounting for a significant share due to the continuous need for road infrastructure development and maintenance.
Regional Analysis: Geographically, the Asia-Pacific region leads the market, driven by rapid urbanization, industrialization, and large-scale infrastructure projects in countries like China and India. North America and Europe also hold substantial shares, with significant investments in road maintenance and the construction sector.
Technological Advancements: The development of polymer-modified bitumen (PMB) and crumb rubber modified bitumen (CRMB) has enhanced the performance characteristics of bitumen, such as improved resistance to deformation and higher durability, making them increasingly popular in road construction.
Key Players
Hindustan Petroleum Corporation Limited
Sinopec
Royal Dutch Shell PLC
Total Oil India Pvt. Ltd.
China National Petroleum Corporation
CNOOC Limited
Rhine Middle East LLC
Indian Oil Corporation Ltd.
Wellbank Global PTE Ltd.
Kimya Refinery Group
Regional Petroleum Products Corporation
The Bahrain Petroleum Company B.S.C.
Muscat International Bitumen LLC
BNB Bitumen Private Limited
Competitive Landscape
Key players are increasing their investment in research and development to develop cost-effective waterproofing materials capable of withstanding high temperatures.
In November 2023, Omnipotent Industries Ltd. commenced operations at its new bitumen processing plant in Kandla, Gujarat. This facility ensures reliable access to raw materials and efficient delivery, enhancing Omnipotent's supply chain agility and aligning with its sustainability goals.
In September 2023, GOIL PLC entered the West African bitumen market with innovative products like polymer-modified bitumen (PMB) and bitumen emulsion, as part of its strategy to diversify its offerings. The USD 45 million project represents a joint venture between GOIL PLC and Société Multinationale de Bitumes (SMB) of Côte d'Ivoire.
In July 2020, Total SA, a prominent French energy company, and Indian Oil Corp (IOC), India's leading oil corporation, established a 50:50 joint venture to manufacture and distribute high-quality bitumen derivatives and specialized products for India's growing road construction sector.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=10071
Segmentation of Bitumen Market (역청시장) Research
By Product Type:
Paving Grade
Hard Grade
Oxidized/Blown Grade
Bitumen Emulsion
Polymer Modified Binders (PMBs)
By End Use:
Road Surfacing
Waterproofing
Others (Insulating, Sealing, Paint, etc.)
By Region:
North America
Europe
Latin America
East Asia
South Asia & Oceania
Middle East & Africa
Contact:
US Sales Office
11140 Rockville Pike
Suite 400 Rockville, MD 20852
United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
About Fact.MR :
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Bitumen Market Outlook 2024-2034 | Expected Expansion to US$ 116 Billion here
News-ID: 3582412 • Views: …
More Releases from Fact.MR
Robot Arms Market is Anticipated to Reach US$ 77.2 Billion by 2033
According to Fact.MR, a market research and competitive intelligence provider, the global robot arms market is estimated to be valued at USD 26.2 billion in 2023 and is expected to expand at an impressive CAGR of 11.4% during the forecast period.
The use of robot arms is increasing across diverse industries such as manufacturing, healthcare, logistics, supply chain, and retail. With the growing integration of technologies like machine learning and artificial…
Mechanically Separated Poultry Market Is Projected To A Colossal $255.9 Million …
It is anticipated that the global mechanically separated poultry market would reach US$ 160.4 million by 2024. By the end of 2034, the mechanically separated poultry market is expected to grow at a 4.8% CAGR and be worth US$ 255.9 million worldwide. The mechanically separated poultry (MSP) market has seen consistent growth over recent years, driven by increasing demand for cost-effective meat products and advancements in food processing technologies. This…
Glucose Management Supplement Market Is Expected To A Colossal $17.5 Billion By …
The estimated worth of the global glucose management supplement market is expected to rise from US$ 9.7 billion in 2024 to US$ 17.5 billion by the end of 2034. It is true.Sales of glucose management supplements are expected to increase at a compound annual growth rate (CAGR) of 6.1% between 2024 and 2034, according to MR's most recent analysis.
The glucose management supplement market has seen significant growth in recent years,…
Rosehip Market Is Expanding Estimated To A Colossal $486.7 Million By 2034
The revenue from the global rosehip market is expected to grow at a 5.6% CAGR from 2024 to 2034, from a value of US$ 282.6 million in 2024 to US$ 486.7 million by the end of that year. The Rosaceae family includes the herbal medicine made from rosehips. This wild rose variety, also called Rosa canina, grows well in many parts of Asia, Africa, and Europe. After fertilization, rosehips, the…
More Releases for Bitumen
Modified Bitumen Market 2021 | Detailed Report
Global Modified Bitumen Market 2021-2027, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market. An exclusive data offered in this report is collected by research and industry experts team.
Get Free Sample PDF (including full TOC, Tables and Figures)…
Future growth of Bitumen Emulsifier market
We'll help you fight this crisis through our business intelligence solutions.
Check out How COVID-19 Impact on the Industry and Connect with Our Analyst to Contextualize Our Insights for Your Business: https://www.researchdive.com/connect-to-analyst/28
Pre COVID-19 Analysis on Bitumen Emulsifier Market
From the snaky mountain roads to large four-lane highways, our roads have long and captivating history. At first roads were thoughtlessly developed by humans taking the same routes repeatedly in search of water…
COVID-19 Study: Bitumen Emulsifier Market | Modified Bitumen Emulsion Is Predict …
As per a new report published by Research Dive, the global bitumen emulsifier market is set to generate a revenue of $154.3 million by 2026, at a CAGR of 3.9% during the forecast period from 2019 to 2026. The segmentation of the market has been done on the basis of type, type of setting, application, end use, and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints,…
Global Market Study on Bitumen: Paving Grade Bitumen to Hold Significant Share d …
According to a new market report published by Persistence Market Research, titled “Global Market Study on Bitumen: Paving Grade Bitumen to Hold Significant Share during the Forecast Period, 2016 - 2022 ”, the global bitumen market is estimated to reach US$ 94,748.2 Mn by 2022.
Request For Report Sample@ https://www.persistencemarketresearch.com/samples/10721
A mixture of highly sticky, black, viscous organic liquids that is entirely soluble in carbon disulfide and primarily composed of…
APAC (Asia-Pacific) Bitumen Market Accounted for 31% Volume Share of Global Bitu …
According to Goldstein Research, APAC Bitumen market is expected to reach USD 34.1 billion by the end of 2024, growing at a CAGR of 6.59%. The growing infrastructure projects and maintenance of existing ones are the major driving force in the growing demand for bitumen across the APAC region. APAC Bitumen market segmentation has been done on the basis of grades, product, application, and countries. Road construction accounted for the…
Industry Analysis & Forecast 2020 | Bitumen Market
The global bitumen market will expand at a CAGR of 3.90% from 2014 to 2020. The market was valued at US$71.44 bn in 2013. It is expected to reach US$93.38 bn by the end of 2020, according to a research report released by Transparency Market Research. The report titled “Global Bitumen Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020” is now available on the company…
