Bitumen Market is expected to generate a revenue of USD 125.05 Billion by 2028, Globally, at 4.0% CAGR: Verified Market Research®

The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Bitumen Market

JERSEY CITY, N.J., Jan. 31, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Bitumen Market" By Product Type (Paving Grade, Hard Grade, Polymer Modified Bitumen, Bitumen Emulsions, And Other Product Types), By Application (Road Construction, Waterproofing, Adhesives, and Others), and By Geography.

As per the deep research carried out by Verified Market Research®, the global Bitumen Market size was valued at USD 88.12 Billion in 2020 and is projected to reach USD 125.05 Billion by 2028, growing at a CAGR of 4.0% from 2021 to 2028.

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Browse in-depth TOC on "Bitumen Market"

202 - Pages
126 – Tables
37 – Figures

Global Bitumen Market Overview

The majority of bitumen used in road building is converted to asphalt. Bitumen and rock aggregates are combined to make asphalt. Bitumen is a binding substance that gives asphalt its strength and stability. Asphalt roads can be made suited for places with varying climatic conditions or degrees of operating demands depending on the type of bitumen or composition of the mixture employed. Airport runways, parking decks, and port working areas are all made of asphalt. One of the important sectors that determine a country's economic progress is roads. Roads, airport runways, and parking decks are key services that channel trade and mobility and hence stimulate economic activity. Massive investments in the modernization and maintenance of these systems are necessary.

Bitumen Market share will be driven in the future by increased government expenditure and policies toward road and infrastructure development employing Public-Private Partnership models in both established and emerging countries. They aid in the increased use of bituminous products in the maintenance and road construction industries. In emerging markets, rising infrastructure development and the construction of new industrial plants encourage product demand.

The market is being driven by the increasing development of highways around the world. Almost all bitumen is used as a binder in asphalt for roads, runways, parking lots, and footpaths, while a small proportion is used for roofing and the rest is utilized for other purposes. Bitumen is an important component of global transportation infrastructure, driving economic progress and social well-being in both developed and developing countries. Rising economic activity in Asia Pacific developing countries such as India, China, and ASEAN countries, as well as Africa and the Middle East, would drive up demand for bitumen. Rising living standards in the developing country will encourage the construction of both non-residential and residential buildings, resulting in the use of bitumen goods such as roofing and waterproofing membranes.

However, the market's growth is being hampered by the increasing use of cement as an alternative for road construction. Because of rising environmental concerns and the exorbitant cost of maintaining bitumen-constructed roads, road builders are turning to cement, which has a longer service life. Increased vehicular traffic around the world, owing to rising Purchase Power Parity (PPP) in emerging nations, would necessitate a larger road and highway network with numerous lanes to accommodate all vehicles during peak hours.

Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Bitumen Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Key Players

The "Global Bitumen Market" study report will provide valuable insight with an emphasis on the global market.  The major players in the market are Bouygues, BP PLC, China Petrochemical Corporation, Exxon Mobil Corporation, Icopal ApS, Indian Oil Corporation Ltd, JXTG Nippon Oil & Energy Corporation, Kraton Corporation, Marathon Oil Company, and Nynas AB.

Based on the research, Verified Market Research® has segmented the global Bitumen Market into Product Type, Application, and Geography.

• Bitumen Market, by Product Type
• Paving grade
• Hard grade
• Polymer Modified Bitumen
• Bitumen Emulsions
• Others
• Bitumen Market, by Application
• Road Construction
• Waterproofing
• Adhesives
• Other
• Bitumen Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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