Comprehensive Bitumen Market Analysis 2023: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Market Size and Projections
- The global bitumen market is poised for growth, escalating from $51.10 billion in 2022 to $53.66 billion in 2023, with a compound annual growth rate (CAGR) of 5.0%.
- Projections indicate that by 2027, the market size will reach $63.18 billion, maintaining a CAGR of 4.2%.
Driving Force: Road Construction Activities
The bitumen market is experiencing a surge, driven by the escalating road construction activities worldwide. Bitumen, acting as a binder, plays a pivotal role in road construction by providing essential characteristics such as waterproofing, flexibility, weather resistance, skid resistance, and ease of construction and maintenance.
- In Australia, the government’s 2022–23 budget allocates $12.04 billion over ten years for significant infrastructure projects, including substantial funds for road and rail projects.
- The United States, with the Infrastructure Investment and Jobs Act (IIJA), is set to invest $550 billion over the next decade to enhance roads, bridges, airports, railroads, and extend access to clean water and broadband internet.
Industry Giants: Major Players Shaping the Market
Leading the way in the bitumen market are industry giants like Sinopec Corporation, ExxonMobil Corporation, and Royal Dutch Shell plc. These key players are instrumental in influencing market dynamics, innovation, and meeting the growing demand for bitumen in diverse applications.
Trending Innovation: Bio-based Bitumen Development
- A notable trend in the bitumen market is the development of bio-based bitumen, marking a significant stride towards sustainability.
- Praj Industries, in May 2021, introduced a distinctive method for producing bio-bitumen using lignin, offering an environmentally sustainable alternative to fossil fuel-derived bitumen.
Key Benefits of Bio-based Bitumen:
- Reduction in CO2 emissions
- Promotion of the bioeconomy
- Sustainable alternative to fossil fuel-derived bitumen
Global Bitumen Market Segmentation
1) By Product Type:
- Paving Grade
- Hard Grade
- Oxidized Grade
- Bitumen Emulsions
- Polymer Modified Bitumen
- Other Products
2) By Application:
- Other Applications
3) By End-Use Sector:
- Other End-Users
- Asia-Pacific took the lead in the bitumen market in 2022, showcasing its robust market presence.
- The forecast indicates that Asia-Pacific will be the fastest-growing region in the bitumen market, reflecting the region’s dynamic economic and infrastructural developments.
View More On The Bitumen Market Report 2023 – https://www.thebusinessresearchcompany.com/report/bitumen-global-market-report
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The Bitumen Global Market Report 2023 provides an in-depth analysis on the bitumen market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the bitumen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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