Bitumen Market Insights on Scope and Growing Demands 2023-2029

Bitumen Market

The Bitumen Market was estimated to be worth US$108.73 billion in 2022, and it is anticipated to grow at a CAGR of 3.56% to reach US$138.91 billion by 2029.

Bitumen Market Report Overview

MMR provides a brief description of Bitumen industry. It includes a detailed analysis of the ” Bitumen market ” that highlights standard topics and customizes the data as needed. This overview help investors to understand the situation in the Bitumen industry.

As a binding organic substance, bitumen (also known as asphalt), which is produced from the waste products of processing crude oil and is soluble in carbon disulphide, is frequently used. Asphalt, which is used to build roads, streets, and other infrastructure, contains bitumen as a key ingredient. Demand for bitumen, which is easy to manufacture, non-toxic, and reusable, is increasing due to the expanding use of it in the construction of roads around the world.

Bitumen Market Report Scope and Research Methodology

The Bitumen market report outlines the current and historical growth patterns of the market, along with the state of the market CAGR, market size, forecast and revenue share, and trends price. The Bitumen market report includes industry-specific challenges, lucrative opportunities, and technical advancements that help key players increase revenue and growth. The report covers current and future trends that are driving the development of the Bitumen market. The report includes the competitive landscape along with future technical and financial details of the Bitumen industry. Company profiles, capacity, manufacturing, price, cost, revenue and statistics are also included in the Bitumen market report along with their SWOT analysis including strengths, weaknesses, opportunities and threats. The bottom-up approach has been used to estimate the Bitumen market size by value and volume. All the information has been found by using primary and secondary research methods for the Bitumen market report.

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Bitumen Market Regional Insights

This section in the Bitumen market report includes a detailed analysis of all the regions including North America, Asia Pacific, Europe, South America and the Middle East and Africa with their key countries. An in-depth analysis of trends and Bitumen key players in each region with detailed information on their revenue and business is included in the report.

Bitumen Market Segmentation

The bitumen market is divided into six categories based on grade: penetration grade, hard grade, oxidation grade, polymer-modified grade, modified grade, and high-performance polymer-modified grade. The polymer modified bitumen market category dominated in 2022 and maintained the majority of the revenue market share. Polymer-modified bitumen is frequently utilized for building and construction as well as road construction because to its superior quality and endurance.

Different substances, including thermoplastic elastomers like rubber and styrene polymers, thermoplastic polymers like polyethylene, ethylene copolymers, and polypropylene, and thermosetting polymer resins, are added to bitumen to alter its properties. The elasticity and tensile strength of the material are increased by the addition of these polymers in trace amounts, either chemically or mechanically, hence prolonging the fatigue life.

1 Global Bitumen Market, by Grade (2022-2029)
• Penetration grade bitumen
• Hard grade bitumen
• Oxidation grade bitumen
• Polymer modified bitumen
• Modified bitumen
• High-performance polymer modified bitumen

2 Global Bitumen Market, by Application (2022-2029)
• Road Construction
• Water-Proofing
• Airport Runways
• Piping
• Industrial Bitumen

3 Global Bitumen Market, by Product Type (2022-2029)
• Paving Grade
• Hard Grade
• Oxidized Grade
• Bitumen Emulsions
• Polymer Modified Bitumen
• Other Product Types

Bitumen Market Key Competitors include

1. Indian Oil Corporation Limited
2. Chevron Texaco Corporation
3. China National Petroleum Corporation
4. Villas Austria
5. Bouygues
6. Nynas
7. NuStar Energy
8. Total SA
9. JX Nippon Oil & Energy Corporation
10.Baker Hughes
11.Exxon Mobil
12.Sasol Ltd.
13.Royal Dutch Shell Plc
14.Marathon Oil Corporation
15.Petroleos Mexicanos
16.Imperial Oil

To Gain More Insights into the Market Analysis, Browse Summary of the Research Report:

Key Offerings:
• Market Share, Size & Forecast by Revenue | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
• Market Segmentation – A detailed analysis by Segment, sub-segments and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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