Global Bitumen Market Size is Poised to Exceed USD 110 Billion by 2024

According to Goldstein Research, bitumen is used as a binder in road construction and in roofing and waterproofing applications. Almost 80% of the bitumen is consumption across the globe is in road construction with the balance of 20% shared equally for roofing and waterproofing. Further, augmented demand in developing nations owing to growth construction industry will provide the major impel to the market growth. Global bitumen market size outlook also includes new technological advancements, product developments and capital investment as the key strategies adopted by the major players for the significant expansion of business in developed and as well as in developing countries across the globe.

According to International Journal of Innovative Research & Development, research is going on analysis of properties in bitumen and asphalt with partial replacement of rubber tires by utilizing waste rubber tires (automobile) for the strengthening of pavement.

Market Segmentation

On the basis of our in-depth analysis, global bitumen market can be segmented as follows:

  • By Grades
    • Hard Grade
    • Soft Grade
    • Polymer Modified Bitumen (PMB)
  • By Product
    • Paving grade bitumen
    • Oxidized bitumen
    • Cutback bitumen
    • Bitumen emulsion
    • Polymer Modified Bitumen (PMB)
    • Others (including bitumen formed due to the addition of zinc, copper, etc.)
  • By Application
    • Roadways
    • Waterproofing
    • Adhesives
    • Insulation
    • Others
  • By Geography
    • North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
    • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
    • The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
    • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion) }
    • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}

 

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Bitumen Industry Trends, Demand, & Challenges

“Global Bitumen Market Outlook 2024” contains a detailed overview of the global bitumen market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by grade, by product, and by the application.

Further, for the in-depth analysis, Bitumen Market Analysis encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Total S.A., Chevron Texaco Corporation, China Petroleum and Chemical Corporation, Indian Oil Corporation, Royal Dutch Shell Plc., JX Nippon Oil & Energy Corporation, Petroleos Mexicanos, Bouygues S.A. and NuStar Energy, etc.

The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, industries catered, financial analysis of the company, and recent developments. Overall, the report represents the global bitumen market trends along with the market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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