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.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample/?rid=33317

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

Browse Related Reports:

Bitumen Membranes Market By Type (APP, SBS, and SEBS), By Application (Damp-proofing, Water-proofing, Sealing), By Geography, And Forecast

Asphalt Shingles Market By Product (Laminated, Three-tab, and High Performance Laminated), By Application (Residential, and Commercial), By Geography, And Forecast

Asphalt Additives Market By Type (Polymeric Modifiers, Emulsifiers, Chemical Modifiers), By Application (Roofing, Airport Construction), By Technology (Hot Mix, Cold Mix), By Geography, And Forecast

Petroleum Bitumen Market By Product (Construction Asphalt, Road Asphalt), By Application (Road, Construction), By Geography, And Forecast

Top 7 Construction Equipment Manufacturers acting as pillars for construction industry

Visualize Bitumen Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

About Us

Verified Market Research® is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research® provides advanced analytical research solutions while offering information-enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.

Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.

We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.

Contact Us
Mr. Edwyne Fernandes
Verified Market Research®
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll Free: +1 (800)-782-1768
Email: sales@verifiedmarketresearch.com
Web: https://www.verifiedmarketresearch.com/
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/1315349/Verified_Market_Research_Logo.jpg