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Bitumen Market Size Will Surpass $ 131.2 Billion at 4.1% CAGR Growth
Provided By: Vantage Market Research
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Bitumen Market Size Will Surpass $ 131.2 Billion at 4.1% CAGR Growth
Provided By: Vantage Market Research
The Global Bitumen Market is valued at USD 103.1 Billion in 2021 and is projected to reach a value of USD 131.2 Billion by 2028 at a CAGR of 4.1% over the forecast period.
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Overview
Global Bitumen Market: Overview
Global Bitumen Market generated $ 103.1 Billion in 2021, and is estimated to reach $ 131.2 Billion by 2028, witnessing a CAGR of 4.1% from 2022 to 2028.
Key Developments:
In 2019, Shell introduced a new Bitumen Market solution to lessen the detrimental effects of paving and asphalt production on the local air quality. Researchers have found that using Rids Bitumen Market Fresh Air during the asphalt mix's manufacture and paving process may reduce pollution by as much as 40% from several different particles and gases.
Praj Industries, an Indian engineering corporation with branches in North America, Africa, and LATAM, developed a novel process in May 2021 for creating bio-Bitumen Market based on lignin. This was a huge step forward for the company since it allowed them to build a brand-new, state-of-the-art method of making Bitumen Market. This method can convert raw phenol into bio-Bitumen Market, a solution that is both environmentally friendly and useful in reducing our dependency on Bitumen Market made from fossil fuels.
Puma Bitumen Market has announced that its newest Bitumen Market terminal in India will open in March 2021. The new plant may manufacture as much as 40,000 metric tons of asphalt each year, which will aid in developing the country's infrastructure.
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Scope of the Report:
Description | Value |
---|---|
Market Size in 2021 | USD 103.1 Billion |
Revenue Forecast by 2028 | USD 131.2 Billion |
CAGR | 4.1% |
Base Year | 2021 |
Forecast Year | 2022 to 2028 |
Key Players | AMT Techno (India), Athabasca Oil Corporation (Canada), Baker Hughes (US), Bouygues Groups (France), BP PLC (UK), CEMEX S.A.B. de C.V. (Mexico), Chevron Corporation (US), China Petroleum & Chemical Corporation (China), ENEOS Corporation (Japan), ExxonMobil Corporation (US), Gazprom- Neft (Russia), Gulf Petrochem (UAE), IKA Group (Germany), Imperial Oil Limited (Canada), Indian Oil Corporation Ltd (India), JX Nippon Oil & Energy Corporation (Japan), LN Petrochem (India), Marathon Oil Company (US), Maruti Group (India), MBD Industries (India), Nippon Oil Corporation (Japan), NuStar Energy LP (US), Nynas AB (Sweden), PetróleosMexicanos (Mexico), Ratnamani Industries (India), Roadstar, Royal Dutch Shell PLC (UK), Sasol Ltd. (South Africa), Shell Bitumen (UK), Sinopec Corporation (China), Suncor Energy Inc. (Canada), Syncrude Canada Ltd. (Canada), The Richmond Group (US), Tiki Tar Industries (India), Total Energy (France), United Refining Company (US), Valero Energy Corporation (US), Veekay Industries (India), Villas Austria GmbH |
Market Dynamics:
The demand for Bitumen Market fuels is due to the increasing popularity of diesel and gasoline engine vehicles. In addition, the growing demand for renewable energy sources is also supporting the market growth. Not all hydrocarbons are suitable as final fuel products. Bitumen Market is a particular type of oil that has low viscosity, good lubricity, and thermal stability (resistance to combustion and boiling point change). These qualities make it an ideal candidate for use as a blending agent in gasoline or diesel fuel products. Oil sand producers have been seeking new ways to increase production to meet the global demand for petroleum products. One way is using novel extraction technologies such as thermal conversion and steam-assisted upgrading (SAU). Thermal conversion involves heating Bitumen Market so that the volatile components volatilize or exit from the ground surface. Steam-assisted upgrading uses high-pressure steam injection during hydro cyclone separation to break down large impurities into smaller ones that can be more easily processed. Other explored methods include hydrogen processing and carbon capture and storage (CCS). The automobile industry is one of the most important markets for Bitumen Market products as it accounts for a significant share of global sales. Increasing global demand for electric vehicles and increased investment in green transportation infrastructure are two key factors driving this demand. The automotive sector is also HELOC consumers with higher spending power, which drives up oil prices.
Additionally, growing awareness about the environmental benefits of using alternative fuel sources such as electricity contributes to the growth of the Bitumen Market. Demand from energy companies continues to be one of the main drivers of market growth. Proven reserves and low production costs have made Bitumen Market an attractive option for exploitation in many global regions. This has led to increased investments by oil companies in exploration and production activities, which in turn is increasing consumption volumes. Furthermore, rising fossil fuel prices are making Renewable Energy Sources such as solar and wind less competitive, boosting demand for fossil fuels such as Bitumen Market. Over the next decade, global demand for oil will increase more slowly than in recent years as major economies strengthen and electric vehicles become more common.
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Meanwhile, pressure to reduce greenhouse gas emissions will make it harder to find new oil supplies. These factors will put increased pressure on the market for Bitumen Market, a heavy crude made from tar sands. In 2021, Bitumen Market accounted for just over 10% of global oil production, but its share is growing.
By 2028, analysts estimate that Bitumen Market could account for as much as 27% of world oil production. This growth is likely to be driven largely by increasing demand from China and other Asian countries, which are rapidly industrializing and increasingly relying on energy imports. The high cost of extracting Bitumen Market compared to other oil forms has meant that it has always been a relatively small part of the global market. However, this may soon change as prices rise and producers find ways to extract the resource profitably. In addition, concerns about the environmental impact of extracting Bitumen Market may lead some consumers – especially in developed countries – to choose alternative fuels over crude oil derived from tar sands. Growing demand for renewable energy sources is fuelling the growth of the Bitumen Market . The increased focus on sustainability by businesses, coupled with government initiatives to promote green technology, has driven the demand for renewable energy sources. There are several key drivers of the Bitumen Market. First, the increasing popularity of electric vehicles and the need for more sustainable transportation fuels contribute to the growth of the Bitumen Market. Second, North American and Europe governments are investing in renewable energy resources to reduce carbon emissions and improve air quality. This drives demand for clean energy products such as Bitumen Market. In addition, technological advances are also accelerating the growth of the Bitumen Market. For example, advancements in hydraulic fracturing have made it possible to extract large reserves of bituminous crude from unconventional sources such as shale rock. This results in a rapid increase in production capacity and demand for Bitumen Market-based products.
The growth of the Bitumen Market largely depends on several factors, such as its price, the infrastructure required to produce and transport it, and regulatory approvals. Due to these restraints, the market is projected to grow at a rate of 5% annually over the next few years. One of the major constraints plaguing the market is the need for a more secure transportation infrastructure. As mentioned earlier, this limits access to current and potential producers, leading to limited supply and high prices. This limitation is further aggravated by environmental concerns over greenhouse gas emissions and oil spills, which hinder investment in new Bitumen Market production projects. Finally, regulatory hurdles have also been reported as one of the key restraining factors for the growth of the Bitumen Market. The transportation sector is one of the most complex and regulated industries, making it difficult for new players to enter this arena and compete with incumbent operators. The Asia Pacific segment dominated the market in 2021. This was mainly due to increasing demand from the infrastructure sector. The increasing number of oil and gas discoveries in various parts of Asia Pacific fuels the demand for Bitumen Market. There are several reasons associated with this trend. Firstly, growing infrastructure investments are being made across countries in this region to support upstream activities such as exploration and drilling. Secondly, demand from the transport sector is also witnessing a spurt owing to increasing fuel efficiency standards in the automobile industry globally. Other factors contributing to this market growth include surging development ambitions in India and China and raising awareness about environmental benefits associated with importing crude oil products, including Bitumen Market.
China dominates regional sales volume for Bitumen Market due to its huge population base and growing infrastructure requirements. The country has witnessed an investment frenzy over the past few years, which is expected to continue during the forecast period. India ranks second among regional consumers of Bitumen Market behind China. The country's large population base and burgeoning economy add impetus to its Bitumen Market consumption profile. Other Countries in Asia Pacific that have shown significant growth in their procurement of Bitumen Market include Indonesia. The Americas accounted for a significant share of the overall market in 2021. This was owing to increased demand from the automotive industry. However, growth prospects for this segment are waning due to increasing competition from other regions. Europe is expected to grow at a higher rate than other regions over the next few years, owing to increased spending on renewable energy and modernization of infrastructure. However, there is stiff competition from other regions, which could limit growth prospects in this region.
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Conclusion
Increasing road development activities and rising demand for adhesives will have a favorable impact on the overall Bitumen Market.
Some of the key players in the Global Bitumen Market include-
- AMT Techno (India)
- Athabasca Oil Corporation (Canada)
- Baker Hughes (US)
- Bouygues Groups (France)
- BP PLC (UK)
- CEMEX S.A.B. de C.V. (Mexico)
- Chevron Corporation (US)
- China Petroleum & Chemical Corporation (China)
- ENEOS Corporation (Japan)
- ExxonMobil Corporation (US)
- Gazprom- Neft (Russia)
- Gulf Petrochem (UAE)
- IKA Group (Germany)
- Imperial Oil Limited (Canada)
- Indian Oil Corporation Ltd (India)
- JX Nippon Oil & Energy Corporation (Japan)
- LN Petrochem (India)
- Marathon Oil Company (US)
- Maruti Group (India)
- MBD Industries (India)
- Nippon Oil Corporation (Japan)
- NuStar Energy LP (US)
- Nynas AB (Sweden)
- PetróleosMexicanos (Mexico)
- Ratnamani Industries (India)
- Roadstar
- Royal Dutch Shell PLC (UK)
- Sasol Ltd. (South Africa)
- Shell Bitumen (UK)
- Sinopec Corporation (China)
- Suncor Energy Inc. (Canada)
- Syncrude Canada Ltd. (Canada)
- The Richmond Group (US)
- Tiki Tar Industries (India)
- Total Energy (France)
- United Refining Company (US)
- Valero Energy Corporation (US)
- Veekay Industries (India)
- Villas Austria GmbH (Austria)
Segmentation of the Global Bitumen Market:
By Products :
Oxidized, Paving, Emulsion, Cutback, Polymer Modified, Other Products
By Applications :
Waterproofing, Roadways, Insulation, Adhesives, Other Applications
By Region :
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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Name | Type | Data dictionary | AWS Region |
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Bitumen Market | Not included | US East (N. Virginia) |
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