Global Bitumen Market Size, Share To Worth 135.10 Billion By 2030 | CAGR 3.49%

Category: Advanced Materials

RELEASE DATE Dec 2022
REPORT ID SI1419

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Global Bitumen Market worth $135.10 Billion By 2030

According to a research report published by Spherical Insights & Consulting, the Global Bitumen Market Size to grow from USD 100 Billion in 2021 to USD 135.10 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.49% during the forecast period. Bitumen's expansion in various fields, including roads, waterproofing, insulation, and adhesives. The rapid urbanization of emerging markets has influenced the expansion in infrastructure activity due to these factors the bitumen market is anticipated to drive market revenue growth.

Bitumen Market

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Browse 52 market data Tables and 62 Figures spread through 200 Pages and in-depth TOC on “Global Bitumen Market Size, Share, and COVID-19 Impact Analysis By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified and Others), By Application (Roadways, Waterproofing, Adhesives, Insulation and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.”  View a detailed Table of Content here – https://www.sphericalinsights.com/table-of-contents/bitumen-market

 

On credit portfolios, the COVID-121.9 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programs. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.

 

The Paving segment to account for the largest market size during the forecast period

Based on the product, the Bitumen Market is categorized into Paving, Oxidized, Cutback, Emulsion, Polymer Modified and Others. The Paving segment accounts for the largest market size during the forecast period. Throughout the forecast period, the Paving segment is anticipated to maintain its leading position Due to its durability and fast repair ability, asphalt concrete is used as the binder in around 85% of all bitumen produced for roads, parking lots, airport runways, and footways. A paving grade bitumen with a penetration grade of 60/70 is made from carefully monitored refining procedures using precisely chosen crude oils. To create asphalt concrete, fine and coarse aggregates, such as gravel or crushed stone, must be combined with asphalt, which serves as the binding agent.

 

The Roadways segment to hold a higher CAGR during the forecast period.

Based on the application, the Bitumen Market is categorized Roadways, Waterproofing, Adhesives, Insulation and Others. The Roadways segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Roadways segment is anticipated to maintain its leading position while expanding at the fastest CAGR this is a result as Bitumen is most often used in road construction, where it serves as a binder for the production of asphalt concrete. This section discusses using bitumen to build new roadways and pave existing ones, including flyovers, motorways, platforms, and airport runways.

 

North America is estimated to account for the highest market share in 2022. 

The Global Bitumen Market has been segmented into five major regions:  North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The rising acceptance by the market are driving the demand for Bitumen. The North America region dominated the market for Bitumen this is explained Due to the rising need for bitumen in the US to repair and rebuild existing roads; North America accounted for the greatest portion of the global bitumen market. Asia Pacific to hold a higher CAGR during the forecast period.

 

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Major vendors in the Global Bitumen Market :  Asphalt & Bitumen West Corporation, ATDM CO. LTD, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, GOIL Ltd., Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Raha Bitumen Inc., Royal Dutch Shell PLC, and Suncor Energy Inc.

 

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Frequently Asked Questions (FAQ)

  • What is the market size of the Bitumen market?
    As per Spherical Insights, the size of the Bitumen market was valued at USD 100 million in 2022 to USD 135.10 million by 2030.
  • What is the market growth rate of the Bitumen market?What is the market growth rate of the Bitumen market?
    WhThe Bitumen market is growing at a CAGR of 3.4% from 2022 to 2030.
  • Which country dominates the Bitumen market?
    North America emerged as the largest market for Bitumen.
  • Who are the key players in the Bitumen market?
    Key players in the Bitumen market are Asphalt & Bitumen West Corporation, ATDM CO. LTD, BP PLC, BMI Group, China Petroleum & Chemical Corporation, ENEOS Corporation, Exxon Mobil Corporation, GOIL Ltd., Indian Oil Corporation Ltd, KRATON CORPORATION, Marathon Petroleum Corporation, Nynas AB, Raha Bitumen Inc., Royal Dutch Shell PLC, and Suncor Energy Inc
  • Which factor drives the growth of the Bitumen market?
    Major Players Product Innovation and Research to Promote Market Growth is expected to drives the markets growth over the forecast period.

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