Global Status Of Bitumen
The global bitumen market size was USD 49.45 billion in 2020. The market is projected to grow from USD 51.69 billion in 2021 to USD 67.14 billion in 2028 at a CAGR of 3.8% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. The global market exhibited a lower growth of 2.91% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. The global market is projected to grow significantly, owing to the rapid growth in the demand from the construction sector. it also called asphalt, is a petroleum based product obtained through the distillation of crude oils. The distillation process removes the lighter crude oil components, which leaves the heavier components like asphalt at the bottom. it also occurs naturally in tar pits that are basically asphalt pools. asphalt is composed of complex hydrocarbons and inorganic elements such as iron, sulphur, calcium, and others. it is employed in roead construction and paving, adhesive and sealants, waterproofing and other applications.
Key Iindustry Players
with a large number of global players, the market is consolidated in nature. Exxon Mobil, Royal Dutch Shell, Indian Oil Corporation, Raha Bitumen, and Sinopec are the key manufacturers.
List of Key Companies Profiled
- Asphalt & Bitumen West Co.(Tehran, Iran)
- Raha Bitumen (Esfahan, Iran)
- Asia Bitumen (Tehran, Iran)
- Exxon Mobil (Texas, U.S.)
- Royal Dutch Shell (Hague, Netherlands)
- sinopec (Beijing, China)
- Nynas (Stockholm, Sweden)
- GOIL Ltd (Accra, Ghana)
- Total Energies (Courbevoie, France)
- Gazprom Neft (St. Petersburg, Russia)
- Indian Oil Corporation (New Delhi, India)