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Bitumen Market Size

Report ID: GMI1100
Published Date: Dec 2024
Report Format: PDF

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Bitumen Market Size

The global bitumen market was valued at USD 56.1 billion in 2023 and is anticipated to register a CAGR of over 4.7% between 2024 and 2032.

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Global infrastructure development, particularly in emerging economies, serves as a primary catalyst for the bitumen industry's growth. Governments are significantly investing in road construction and repair projects to enhance transportation networks, thereby increasing the demand for paving-grade bitumen. The rapid urbanization in countries such as China and India further amplify the need for durable and weather-resistant road materials, driving the market forward. According to the International Road Federation, global road construction expenditure is projected to reach USD 1.8 trillion by 2025, underscoring the robust demand for bitumen.

Moreover, the expanding use of bitumen in waterproofing and roofing applications is contributing to market growth. Bitumen's superior waterproofing properties make it an ideal material for construction, particularly in residential and commercial roofing. The surge in global construction activities and the growing preference for energy-efficient building materials are bolstering the demand for bitumen-based roofing solutions, which offer excellent insulation and long-lasting protection against environmental elements. The National Roofing Contractors Association reports that the demand for bitumen-based roofing materials is expected to grow at a CAGR of 4.5% from 2023 to 2028, reflecting the increasing adoption of these solutions.

Bitumen Market Report Attributes
Report Attribute	Details
Base Year:	2023
Bitumen Market Size in 2023:	USD 56.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.7%
2032 Value Projection:	USD 84.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	225
Tables, Charts & Figures:	49
Segments covered:	Product Type, Application, Region
Growth Drivers:	Infrastructure expansion Rapid urbanization Roofing demand increase Rising PMB usage
Pitfalls & Challenges:	Environmental restrictions Oil price fluctuations

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market size for bitumen was valued at USD 56.1 billion in 2023 and is expected to reach USD 84.8 billion by 2032, driven by a CAGR of over 4.7% from 2024 to 2032.

Paving grade bitumen dominated the market in 2023 with a valuation of USD 33.9 billion and is expected to grow at a CAGR of 4.8% during the forecast period from 2024 to 2032, driven by its superior adhesion and durability in road surface production.

The U.S. market was valued at USD 10 billion in 2023 and is expected to grow at a CAGR of 4.7% from 2024 to 2032, driven by substantial infrastructure requirements and extensive road construction activities.

Major players in the industry include BP, Chevron, Colas Group, ExxonMobil, Husky Energy, Indian Oil Corporation, Marathon Petroleum, Nynas, Petróleos Mexicanos (PEMEX), Reliance Industries, Royal Dutch Shell, Saudi Aramco, Shell Bitumen, Suncor Energy, TotalEnergies, and Valero Energy.