Global Asphalt (Bitumen) for Road Construction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Asphalt (Bitumen) for Road Construction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Asphalt (Bitumen) for Road Construction market finds that the global Asphalt (Bitumen) for Road Construction market reached a value of USD 46203.69 million in 2022. It’s expected that the market will achieve USD 57208.37 million by 2028, exhibiting a CAGR of 3.62% during the forecast period.

Influence of COVID-19 Outbreak on Asphalt (Bitumen) for Road Construction Industry Development

Downstream demand
Due to the global popularity of COVID-19, many countries have promulgated the Stay at home order, many road constructions projects have stalled, and the demand for asphalt has dropped significantly.
Logistics Due to the epidemic situation, many countries have imposed controls on domestic transportation and the movement of people, and imposed restrictions on imported goods. This has led to various levels of logistics disruption, cargo accumulation and transportation delays. At present, the logistics industry in various countries is gradually recovering operations according to different national policies. It is expected that after the epidemic is further controlled, it will basically return to normal.
SME
The epidemic will have an impact on the cash flow of small and mediumsized enterprises in the industry and thus affect the operating conditions. As a result, the share of small and medium-sized enterprises in the market will shrink and the share of head enterprises will increase.

Affect the normal The raging COVID-19 plunged the global economic environment into operation of the depression. The impact of COVID-19 on the Asphalt (Bitumen) for Road industry Construction Market will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises.

Strength

Asia-Pacific
The increasing number of vehicles in the Asia-Pacific region and the increasing demand for road widening and new road openings will help stimulate the growth of the asphalt market. The Indian government plans to increase the length of the national highway to 200,000 kilometers. In addition, the Chinese government has also focused on road construction in rural and remote areas. This development of the road industry in China and India will drive the growth of the asphalt market. The “Belt and Road” initiative proposed by China aims to connect Asia, Europe and the Middle East and Africa through a wide range of logistics and transportation networks through roads, airports, railways, ports, pipelines, and multinational power grids. The proposal will promote the construction of roads in the region. The development of infrastructure and road construction in emerging economies including India and China will provide impetus for the growth of Global Asphalt (Bitumen) for Road Construction Market.
North America and Western Europe
North America needs to maintain a huge regional highway and highway network. Driven by increased road development and maintenance activities, the demand for asphalt in the United States will increase. Western Europe's demand for asphalt will pick up. Due to little expenditure on infrastructure improvement over the years. There is an urgent need for roads in many countries, which will increase road maintenance and repair application expenditures and increase the demand for asphalt.
Economic development and increase in car sales.
The accelerated urbanization of the emerging regions of the world, the growth of the population and the improvement of consumer lifestyles and the improvement of living standards have greatly contributed to the increase in the number of vehicles owned worldwide. Due to the increase in urbanization and the increase in middle-class spending, the number of

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Sinopec, CNPC, ExxonMobil, Shell and Marathon Oil are the five key players in the global Asphalt (Bitumen) for Road Construction market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Asphalt (Bitumen) for Road Construction market in the past 5 years.

Sinopec is a Chinese oil and gas enterprise based in Beijing, China. Sinopec Limited's parent, Sinopec Group, is the world's largest oil refining, gas and petrochemical conglomerate, headquartered in Chaoyang District, Beijing. Sinopec's business includes oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibers, chemical fertilizers, and other chemical products; storage and pipeline transportation of crude oil and natural gas; import, export and import/export agency business of crude oil, natural gas, refined oil products, petrochemicals, and other chemicals. It also produces ethanol and several biofuels such as biodiesel and green jet fuel, from waste vegetable oil.

The China National Petroleum Corporation (CNPC) is a major national oil and gas corporation of China PR and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. PetroChina commits itself to becoming an international energy company with strong competitiveness and one of the major producers and distributors of petroleum and petrochemical products in the world. It engages in wide range of activities related to oil and natural gas, including: exploration, development, production and marketing of crude oil and natural gas; refining, transportation, storage and marketing of crude oil and oil products; the production and marketing of primary petrochemical products, derivative chemicals and other chemicals; transportation of natural gas, crude oil and refined oil, and marketing of natural gas.

Segmentation Overview:

Among different product types, Petroleum Asphalt segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Municipal segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Asphalt (Bitumen) for Road Construction market covered in Chapter 3:

IOCL
LUKOIL
LOTOS
Sinopec
Rosneft
Shell
CNOOC
Tipco Asphalt
Pertamina
Marathon Oil
HPCL
S-Oil
CNPC
BPCL
SK Energy
ExxonMobil

In Chapter 4 and Chapter 14.2, on the basis of types, the Asphalt (Bitumen) for Road Construction market from 2018 to 2029 is primarily split into:

Coal Tar Asphalt
Petroleum Asphalt

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Asphalt (Bitumen) for Road Construction market from 2018 to 2029 covers:

Municipal
Commercial & Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)