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Market Overview:
The Bitumen Market size is estimated to reach $154.5 billion by 2030, growing at a CAGR of 3.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Bitumen Market – By Product Type (Penetration Grade Bitumen, Hard Grade Bitumen, Oxidation Grade Bitumen, Polymer Modified Bitumen, Modified Bitumen, and High-Performance Polymer Modified), By Application (Road Construction, Roofing, Airport and Piping and Industrial Asphalts), By End-User (Construction, Oil and Gas, and Chemical Industry, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Rapid urbanization and the expansion of transportation networks are fueling the growth of the Bitumen industry during the forecast period.
APAC Dominated the Market in 2023:
During the forecast period, Asia Pacific led the bitumen market with a share exceeding 38%. Countries such as China and India are seeing substantial investments in industrial growth and infrastructure development. The expansion of the construction sector in Asia Pacific is expected to drive the steel grating market as well. For example, India's construction industry is forecasted to reach $1.4 trillion by 2025, with cities contributing 70% to the country's GDP by 2030, driven by urbanization and economic development. Moreover, the increasing population and improved living standards in China and India are contributing to global traffic growth, necessitating the construction of flyovers, heavy-duty roads, and road extensions.
Bitumen Market: Key Takeaways
Versatility of Bitumen in Waterproofing Solutions for Building Roofs:
Bitumen serves as a pivotal waterproofing agent for both commercial and residential roofs owing to its inherent stickiness and viscosity. Its application in bituminous waterproofing shields roof decks from rain during installation, effectively preventing seepage and water leakage. This method not only offers an additional barrier against water penetration and blow-offs but also addresses critical waterproofing needs in construction projects. Consequently, the construction industry relies heavily on bitumen for its superior waterproofing properties, driving significant growth in the bitumen market.
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Enhancing Transportation Infrastructure:
Bitumen plays a critical role in the transportation sector, particularly in road construction and maintenance for the automotive industry. As automotive sales surge and transportation networks undergo enhancement, the demand for bitumen is set to increase. Its ability to create durable and high-quality road surfaces makes bitumen indispensable for infrastructure development, meeting the growing requirements of a flourishing transportation sector. This rising demand highlights bitumen's crucial contribution to advancing and optimizing modern transportation networks.
Scope of the Report:
Recent Developments:
- In April 2023, Suncor Energy successfully acquired TotalEnergies' Canadian operations for $5.5 billion, with potential additional payments of up to $600 million. This strategic transaction encompasses the remaining 31.23% working interest in Fort Hills and a 50% working interest in Surmont. The deal adds 135,000 barrels per day of bitumen production capacity and 2.1 billion barrels of reserves to Suncor's portfolio, ensuring a strengthened position in the energy sector.
- In August 2023, Nypol RE, an innovative polymer-modified bitumen enriched with biogenic materials, enhances pavement durability, extending its lifespan. This groundbreaking solution not only increases longevity but also contributes to sustainability by reducing environmental impact, marking a significant advancement in road construction technology.
Bitumen Market: Competitive Landscape
Key companies profiled in the Bitumen Market are Indian Oil Corporation, TotalEnergies, Royal Dutch Shell, RAHABitumen, Inc, Nynas, Exxon Mobil, Rosneft Deutschland GmbH, Cepsa, MOL Group, Asphalt & Bitumen West Co and others.
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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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IndustryARC
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