India Bitumen Market; by Type (Bitumen Emulsion, Paving Grade Bitumen, Polymer Modified Bitumen, Oxidized Bitumen, and Others); By End-User (Water Proofing, Road Construction, and Others); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
The India Bitumen market to surpass USD 77.1 Billion by 2031, which is valued at 49.7 billion in 2021 at a compound annual growth rate of 4.5%.
Bitumen is a black viscous partially solid crude oil distillation hydrocarbon product, primarily consisting of molecular hydrocarbons of high weight. It is produced by the removal during fractional distillation of lighter components like liquid oil gas, gas, and diesel from heavy crude oil. Bitumen has numerous physical characteristics including adhesion, water resistance, hardness, ductility, etc. For road building, bitumen is converted into the asphalt. Asphalt is a combination of rock and bitumen mixes. As a binding agent, bitumen increases asphalt’s stability. Asphalt roads may be customized to regions with specific climatic conditions or different operational demands, depending on the form of bitumen or type of the combination used. Asphalt is also used for runways in the airports, parking spaces and ports work areas.
According to the report, the surge in road and construction activities is augmenting the growth of the Indian bitumen sector. Increasing demand for bitumen in the country is fueled by the building of numerous national roads, highways, and airport pathways. For road building, bitumen is converted into the asphalt. Moreover, the Government has increased investment to develop national roads and expressways, including two-lane highways projects, the National Highway Development Project, 6 lanes for the congested areas of the Golden Quadrilateral, and a special road interconnection development program in Naxal affected places.
Indian market has been segmented based on product, end-user, and by location. It has been further segmented by countries into the eastern, western, northern, and southern regions.
Bitumen emulsion is poised to grow at the highest CAGR during the forecasted period.
Due to rapidly growing road construction activities across the country, the grade bitumen division held the largest market share of 2019.
India BitumenMarket is segmented by type into Bitumen Emulsion, Paving Grade Bitumen, Polymer Modified Bitumen,Oxidized Bitumen, and Others. Government projects such as Bharatmala, numerous national road projects and various economic tunnel developments in various states fuel the nation's demand for bitumen emulsion. Increases in the demand for bitumen in India are likely to push the Indian bitumen emulsion segment, as well as efforts were undertaken by the India Government to construct roads in rural areas like Pradhan Mantri Gram Sadak Yojana (PMGSY), to improve, maintain and reconstruct the existing rural roads, national highways, and expressways.
Road construction segment accounted for XX% of the nation’s volume in 2019.
India Bitumen market is segmented by end-user into Water Proofing, Road Construction, and Others. In 2019, the road construction category held the largest market share, based on the end-use industry. The road-building market consists of national highways, state roads, rural roads, and airport pathways. The government has undertaken numerous infrastructure projects to improve major infrastructure activities, including the construction of different national and state roads, highways, and airports. Also, the government has introduced initiatives such as the Pradhan Mantri Gram Sadak Yojana, which include excellent all-weather routes, to connect remote areas in the country with cities. This aspect is expected to drive business growth.
Housing for all scheme by GOI
The roofing industry uses bitumen adhesive extensively. This is a coldly applied adhesive that attaches bitumen to asphalt, felt, metal, and concrete roofing. The physical properties of the bitumen adhesive are durability, strength, adhesive and stable film, and strong UV protection. The growth in the building industry is anticipated to propel the growth of the bitumen market throughout the country, due to rapid urbanizing and the introduction of government initiatives such as the "Housing for All" project, including housing for the urban poor.
Government initiative for road construction
The surge in road and construction activities is augmenting the growth of the Indian bitumen sector. Increasing demand for bitumen in the country is fueled by the building of numerous national roads, highways, and airport pathways. For road building, bitumen is converted into the asphalt. Moreover, the Government has increased investment to develop national roads and expressways, including two-lane highways projects, the National Highway Development Project, 6 lanes for the congested areas of the Golden Quadrilateral, and a special road interconnection development program in Naxal affected places.
Availability of substitutes
The bitumen market will be adversely impacted at any point, from its production to final delivery, due to its effects on the environment. The techniques used in these procedures are quite environmentally harmful.
In the coming years, stringent environmental regulations on products and manufacturing practices will prevent the development of the demand in bitumen. In the sector, for example, the workplace exposure level is closely regulated. As petrochemicals and crude petroleum are a part of this product, it follows the same flexible price as crude petroleum and has seen similar slow growth in the past. Over the forecast period, fluctuating oil and petrochemical prices will affect demand patterns in the bitumen market.
North Indian segment accounted for the largest market share
This growth is anticipated due to the large programs launched by the Government of India (GoI) in the North Indian States, which include the national road projects in Uttar Pradesh and Punjab, North India accounted for India's largest market share of bitumen in 2019. Further, the maintenance and repair of rural roads developed in Haryana, Rajasthan, Uttarakhand, and Himachal Pradesh under the Pradhan Mantri Gram Sadak Yojana (PMGSY), is anticipated to fuel market growth for bitumen across the country and thus drive the growth of Northern India's bitumen market.
With many players around the globe, the Indian Bitumen market is strongly competitive. Such companies have taken a range of approaches aimed at growing their worldwide reach and market share. Some of the key approaches taken by the major players include the creation of new goods, fusions, procurements, and strategic alliances and collaborations.
India BitumenMarket: Key Players
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