Bitumen Market To Report Lucrative Growth, Revenue To Surge To $ 78.66 Million By 2032

With the presence of a large pool of participants, the Global bitumen market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Bouygues S.A., China Petroleum and Chemical Corporation, Villas Austria GmbH, ChevronTexaco Corporation, JX Nippon Oil & Energy Corporation, ExxonMobil, Shell Bitumen, and British Petroleum are some of the key vendors of bitumen across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the bitumen market study.

Citing an instance, on September 17, 2018, SinoCan Global, Teedrum, Sinopec, and China Construction proposed to construct bitumen upgrading & petrochemical refining unit in Alberta in Canada. Analysts predict that the move can contribute significantly towards the bitumen market revenue in the coming years.

As estimated in this report, The worldwide bitumen market earned USD 55.75 Billion in 2023 and is expected to earn USD 78.66 Billion by 2032, growing at around 3.90%. The main products available in this bitumen market are paving grade bitumen, oxidized bitumen, cutback bitumen, polymer modified bitumen (PMB), bitumen emulsion, and others. Among them, the demand for polymer modified bitumen (PMB) is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Browse the full "Bitumen Market By Product Analysis(Paving Grade Bitumen, Oxidized Bitumen, Cutback Bitumen, Bitumen Emulsion, Polymer-Modified Bitumen (PMB), Others), By Application Analysis(Roadways, Waterproofing, Adhesive, Insulation, Others), And By Region: Global Industry Perspective, Comprehensive Analysis, And Forecast 2024-2032" report at https://www.zionmarketresearch.com/report/bitumen-market

Thriving Construction & Infrastructure Activities To Trigger Market Growth

“Rising product demand across the construction & infrastructure sectors in emerging economies is likely to change the growth phase of bitumen market in the ensuing years,” says the author of this study. Apart from this, massive government investments in construction projects are likely to proliferate the expansion of bitumen market in the years ahead.

Enforcement of strict laws pertaining to the use of bitumen and elongated supply chain activities witnessed in the product delivery, however, can obstruct the progression of bitumen market in the years ahead.

Presence Of Robust Infrastructure To Support APAC’s Regional Dominance

Regionally, Asia Pacific has been leading the worldwide bitumen market and is anticipated to continue on the dominant position in the years to come, states the bitumen market study. Mammoth expansion of the construction industry along with slew of infrastructural developmental activities witnessed across the countries such as China, India, Thailand, and Vietnam in the region is the main factor behind the dominance of the Asia Pacific bitumen market. The presence of key market players such as British Petroleum, ExxonMobil, and Shell Bitumen in Asia Pacific is another significant factor that is supporting the demand & growth of this regional bitumen market.  Furthermore, robust road infrastructure observed in the countries of the region will raise the product demand during the forecast timeframe.

The global bitumen market is segmented as follows:

By Product

• Paving grade bitumen
• Oxidized bitumen
• Cutback bitumen
• Bitumen emulsion
• Polymer modified bitumen (PMB)
• Others

By Application

• Roadways
• Waterproofing
• Adhesive
• Insulation
• Others

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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