Market Size of Bitumen Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Bitumen Market Analysis
The Bitumen Market is expected to register a CAGR of greater than 4% during the forecast period.
COVID-19 negatively affected the demand for bitumen in the global market. Major construction projects were temporarily suspended during COVID-19, thereby reducing bitumen consumption worldwide. After the year 2020, the market grew gradually due to the continued construction activity in major regions.
- Over the short term, increasing road construction and repair activities and increasing demand for bitumen as filler, adhesive, and sealant from the commercial and domestic building construction sectors are expected to drive the bitumen market's growth.
- Increasing environmental concerns as the utilization of bitumen which generates several harmful atmospheric emissions have been hindering the market's growth.
- Research and development on bitumen processing to improve road infrastructure and the development of high-performance bitumen products like shell caliphate, shell exhale, and others are likely to create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.
