Market Size of Asia-Pacific Bitumen Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Bitumen Market Analysis
The Asia-Pacific bitumen market is estimated to reach 35.49 million tons currently and is projected to reach 45.17 million tons in the next five years, registering a CAGR of 4.9% during the forecast period.
The COVID-19 pandemic has affected several industries negatively. The lockdown in most Asian countries caused disruptions in production, as well as industrial activities, and restrictions on freight transportation, disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- The growing road construction projects in major economies like China and India, and the increasing consumption of bitumen in waterproofing applications are likely to drive the growth of the market studied.
- However, the environmental concerns associated with bitumen and the usage of concrete for road construction are likely to restrain the growth of the studied market.
- Nevertheless, research on development of high-performance bitumen products will likely create lucrative growth opportunities for the studied market.
China represents the largest market over the forecast period due to the increasing consumption in expressway constructions.
