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The Bitumen Market Size was valued at USD 55.9 Billion in 2023. It is expected to grow to USD 76.6 Billion by 2032 and grow at a CAGR of 3.6% over the forecast period of 2024-2032.
An increasing emphasis on environmental sustainability is causing a major transition towards bitumen production strategies. And polymer-modified bitumen (PMB) could be a preferred option thanks to its high durability, high flexibility, and great performance in terms of climate adaptability. PMB contains styrene-butadiene-styrene (SBS) and other polymers helping the product to resist deformation, cracking, and aging, allowing these asphalt pavements to be used in high-vigorous roads and harsh climates. Furthermore, this increased lifespan lessens road repairs and maintenance, reducing the overall road construction carbon footprint.
Recently, governments and industry stakeholders have adopted sustainable practices, such as warm mix asphalt technologies which require less energy and release fewer greenhouse gases at the time of production. Based on global sustainability objectives and stringent environment-related regulations, the demand for modified bitumen solutions in infrastructure and construction industries is decently increasing, which can be correlated to this trend.
In 2023, Shell introduced a new range of eco-friendly PMB products designed for high-traffic roads and extreme weather conditions, aligning with global sustainability goals. Similarly, Oil India Limited has advanced its production capabilities by incorporating cutting-edge technologies to manufacture high-performance PMB materials compliant with international standards.
Innovative processes to recycle bitumen are redefining how roads are built by minimizing the environmental footprint of its asphalt while maximizing the sustainable potential of our infrastructure. All these innovations include Warm Mix Asphalt (WMA), an important technology which decreases the production temperature of asphalt mixes, resulting in less energy consumption and greenhouse gas emissions. WMA consists of the same materials as conventional hot mix asphalt, but with either an additive or a special method of production which achieves the desired performance state at 30–40°C lower than conventional temperatures; subsequently, it is a more sustainable option. This not only reduce the amount of fuel used for producing but also increases the safety as the workmen will be less exposed to the heating and fumes.
Asphalt production from RAP saved 26 million barrels of asphalt binder used in 2021 and reduced the need for 89 million tons of virgin aggregate. In 2021, a total of 94.6 million tons of RAP were used. Such practices ensure cost saving and resource conservation as well. Use of asphalt materials such as RAP and reclaimed asphalt shingles (RAS) are also recycled and this has helped the industry save more than $3.5 billion and save 62 million cubic yards of landfill space.
Drivers
Rising construction activities drive market growth.
The growth of the bitumen market is mainly attributed to the increasing construction activities. With the pace of urbanization ever-increasing around the world, especially in developing economies, the appetite for infrastructure development across roads, highways, and bridges is stronger than ever before. This construction boom, was mainly driven by the state investment in infrastructure and the involvement of private capital in real estate projects. Large-scale infrastructure projects focused on improving transportation networks and increasing urbanization in the case of the Indian and Chinese regions are creating significant top-down demand for bitumen, particularly for road paving.
The recent passing of infrastructure bills, such as the Infrastructure Investment and Jobs Act (2021), has, by way of magnifying the current construction activities, expanded the demand for bitumen of premium quality in the U.S. This is driven by the fact that construction activities lead to rising consumption of traditional and modified bitumen products for road surfacing and other applications, the growth of the market is directly proportional to the aforementioned factor.
Restraint
The volatile price of crude oil hampers the market growth.
the fluctuating prices of crude oil highly restrain the growth of the bitumen market. Being a derivative of crude oil and a byproduct of its refinery, the price of bitumen is closely linked to the price of crude, which means that any change in this dynamic will affect the production cost. If the crude oil prices increase, it raises the price of Bitumen, which ultimately increases the price from the end-users of the construction industry perspective. Such volatility can destabilize long-term infrastructure projects, where bitumen is an integral element used in road construction and maintenance. High oil prices, for example, can incur budget overruns among construction companies, delaying and/or cutting projects down the by-profit size scale. Furthermore, in markets such as emerging markets where infrastructure development is heavily dependent on bitumen, a sudden hike in price also impacts public and private sector budgets stretching them and reducing less demand for bitumen.
By Type
The paving segment held the largest market share around 62% in 2023. The paving segment leads the bitumen market since the demand for bitumen in road construction-related infrastructure development is high. Bitumen is used extensively in asphalt for road surfacing due to its durability, flexibility, and weather resistance, making it suitable for high-traffic roads, highways, and urban roads. The rapidly rising world population is shifting rapidly to cities, and particularly in developing countries, this is leading to significant pressure on roads and transportation solutions. Large-scale infrastructure projects in emerging economies, especially India and China, rely on bitumen for road construction for the paving segment, therefore propelling the demand.
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By Application
The roadway segment held the largest market share around 42% in 2023. It owing to its essential function in the construction and maintenance of roads, highways, and urban infrastructure. Bitumen is the main ingredient that is used to produce the asphalt needed to make long-lasting road pavement. In recent years, the burgeoning population in urban areas with increasing vehicle traffic and transportation systems has prompted a rising need for quality roads, especially in developing nations. Massive road projects to boost the transportation networks in India, China, and various other regions in the Middle East are a few of the examples that promote the consuming ability of bitumen. Government initiatives like the U.S. Infrastructure Investment and Jobs Act (2021) that provided significant funding for the development and improvement of roads have also supported the demand for bitumen in roadways60.
Asia Pacific held the largest market share around 48% in 2023. Asia Pacific bitumen market is the largest contributor to the bitumen market owing to the burgeoning rate of industrialization and infrastructure development coupled with the ever-growing construction industry in the region. With the huge investments being made in roadways, highways, and urban infrastructure projects, countries such as China, India, and Japan, quickly consume most of the bitumen produced. In particular, China has invested enormous sums into transportation networks through its Belt and Road Initiative, building enormous road networks through Asia, Europe, and Africa. In India, the same trend could be seen with a slew of road construction projects – both under government infrastructure schemes and private sector.
In addition, the increasing industrial base in the Asia Pacific region, which bolsters bitumen demand for road, airport, and port construction, would further contribute to the growth of this market segmentation. With sustainable infrastructure also becoming a priority for the region, many countries are shifting to the use of modified bitumen and recycled asphalt to build higher durability, eco-friendly roads. This ever-moving combination of swift industrialization, massive infrastructure developments, and government backing makes Asia-Pacific the leader in the global bitumen market owing to its market share far ahead of all other regions.
Sinopec (Fully Refined Bitumen, Semi-Refined Bitumen)
Royal Dutch Shell (Asphalt, Modified Bitumen)
ExxonMobil (Paving Bitumen, Polymer-Modified Bitumen)
TotalEnergies (Industrial Bitumen, Hard Bitumen)
BP (Bitumen Emulsion, Cutback Bitumen)
Indian Oil Corporation (Oxidized Bitumen, Penetration Grade Bitumen)
Chevron (Hot Mix Asphalt, Cold Mix Asphalt)
Marathon Petroleum (Rubber-Modified Bitumen, Straight Run Bitumen)
Hindustan Petroleum Corporation (Bitumen Emulsion, Performance Graded Bitumen)
Reliance Industries (Industrial Bitumen, Road Construction Bitumen)
Kraton Polymers (Polymer-Modified Bitumen, SBS Modified Bitumen)
Lukoil (Oxidized Bitumen, Bitumen for Roofing)
Nynas (Bitumen for Road Construction, Polymer-Modified Bitumen)
Valero Energy (High-Performance Bitumen, Bitumen Emulsion)
SK Innovation (Asphalt Binder, Asphalt Modifier)
Petróleos Mexicanos (Pemex) (Bitumen for Paving, Bitumen for Industrial Use)
Suncor Energy (Cutback Bitumen, Emulsified Bitumen)
Vitol Group (Oxidized Bitumen, Paving Bitumen)
China National Petroleum Corporation (CNPC) (Modified Bitumen, Industrial Bitumen)
PetroChina (Straight Run Bitumen, Polymer-Modified Bitumen)
In 2023, Shell launched an innovative bitumen product designed to enhance road durability and reduce environmental impact. The new product, which is part of their low-carbon solutions portfolio, focuses on improving the longevity of roads while lowering carbon emissions during the construction process.
In 2023, ExxonMobil expanded its bitumen production capacity with the opening of a new plant in Asia. This move was driven by the increasing demand for high-quality bitumen for road construction, particularly in emerging markets.
In 2022, TotalEnergies made a significant investment in the bitumen market by opening a new bitumen production facility in the Middle East. The facility focuses on producing high-performance bitumen products that are in demand for both traditional road surfacing and specialized applications, such as airport runways
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 55.9 Billion |
| Market Size by 2032 | US$ 76.6 Billion |
| CAGR | CAGR of3.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Paving, Oxidized, Cutback, Emulsion, Polymer modified) • By Application (Roadways, Waterproofing, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Sinopec, Royal Dutch Shell, ExxonMobil, TotalEnergies, BP, Indian Oil Corporation, Chevron, Marathon Petroleum, Hindustan Petroleum Corporation, Reliance Industries, Kraton Polymers, Lukoil, Nynas, Valero Energy, SK Innovation, Petróleos Mexicanos (Pemex), Suncor Energy, Vitol Group, China National Petroleum Corporation (CNPC), PetroChina. and Others |
| Key Drivers | • Rising construction activities drive market growth. |
| Restraints | • The volatile price of crude oil hampers the market growth. |
Ans: The Bitumen Market was valued at USD 55.9 Billion in 2023.
Ans: The expected CAGR of the global Bitumen Market during the forecast period is 3.6%.
Ans: The roadway application will grow rapidly in the Bitumen Market from 2024-2032.
Ans: Rising construction activities drive market growth.
Ans: The U.S. led the Bitumen Market in the Asia Pacific region with the highest revenue share in 2023.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
3.1 Market Driving Factors Analysis
3.1.2 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 PESTLE Analysis
3.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by l Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, Type, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new Product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Bitumen Market Segmentation, By Type
7.1 Chapter Overview
7.2 Paving
7.2.1 Paving Market Trends Analysis (2020-2032)
7.2.2 Paving Market Size Estimates and Forecasts to 2032 (USD Billion)
7.3 Oxidized
7.3.1 Oxidized Market Trends Analysis (2020-2032)
7.3.2 Oxidized Market Size Estimates and Forecasts to 2032 (USD Billion)
7.4 Cutback
7.4.1 Cutback Market Trends Analysis (2020-2032)
7.4.2 Cutback Market Size Estimates and Forecasts to 2032 (USD Billion)
7.5 Emulsion
7.5.1 Emulsion Market Trends Analysis (2020-2032)
7.5.2 Emulsion Market Size Estimates and Forecasts to 2032 (USD Billion)
7.6 Polymer modified
7.6.1 Polymer modified Market Trends Analysis (2020-2032)
7.6.2 Polymer modified Market Size Estimates and Forecasts to 2032 (USD Billion)
8. Bitumen Market Segmentation, by Application
8.1 Chapter Overview
8.2 Roadways
8.2.1 Roadways Market Trends Analysis (2020-2032)
8.2.2 Roadways Market Size Estimates and Forecasts to 2032 (USD Billion)
8.3 Waterproofing
8.3.1 Waterproofing Market Trends Analysis (2020-2032)
8.3.2 Waterproofing Market Size Estimates and Forecasts to 2032 (USD Billion)
8.4 Others
8.4.1 Others Market Trends Analysis (2020-2032)
8.4.2 Others Market Size Estimates and Forecasts to 2032 (USD Billion)
9. Regional Analysis
9.1 Chapter Overview
9.2 North America
9.2.1 Trends Analysis
9.2.2 North America Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.2.3 North America Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.2.4 North America Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.2.5 USA
9.2.5.1 USA Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.2.5.2 USA Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.2.6 Canada
9.2.6.1 Canada Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.2.6.2 Canada Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.2.7 Mexico
9.2.7.1 Mexico Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.2.7.2 Mexico Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3 Europe
9.3.1 Eastern Europe
9.3.1.1 Trends Analysis
9.3.1.2 Eastern Europe Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.3.1.3 Eastern Europe Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.1.4 Eastern Europe Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.1.5 Poland
9.3.1.5.1 Poland Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.1.5.2 Poland Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.1.6 Romania
9.3.1.6.1 Romania Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.1.6.2 Romania Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.1.7 Hungary
9.3.1.7.1 Hungary Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.1.7.2 Hungary Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.1.8 Turkey
9.3.1.8.1 Turkey Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.1.8.2 Turkey Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.1.9 Rest of Eastern Europe
9.3.1.9.1 Rest of Eastern Europe Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.1.9.2 Rest of Eastern Europe Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2 Western Europe
9.3.2.1 Trends Analysis
9.3.2.2 Western Europe Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.3.2.3 Western Europe Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.4 Western Europe Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.5 Germany
9.3.2.5.1 Germany Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.5.2 Germany Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.6 France
9.3.2.6.1 France Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.6.2 France Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.7 UK
9.3.2.7.1 UK Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.7.2 UK Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.8 Italy
9.3.2.8.1 Italy Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.8.2 Italy Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.9 Spain
9.3.2.9.1 Spain Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.9.2 Spain Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.10 Netherlands
9.3.2.10.1 Netherlands Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.10.2 Netherlands Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.11 Switzerland
9.3.2.11.1 Switzerland Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.11.2 Switzerland Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.12 Austria
9.3.2.12.1 Austria Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.12.2 Austria Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.3.2.13 Rest of Western Europe
9.3.2.13.1 Rest of Western Europe Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.3.2.13.2 Rest of Western Europe Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4 Asia Pacific
9.4.1 Trends Analysis
9.4.2 Asia Pacific Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.4.3 Asia Pacific Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.4 Asia Pacific Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.5 China
9.4.5.1 China Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.5.2 China Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.6 India
9.4.5.1 India Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.5.2 India Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.5 Japan
9.4.5.1 Japan Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.5.2 Japan Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.6 South Korea
9.4.6.1 South Korea Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.6.2 South Korea Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.7 Vietnam
9.4.7.1 Vietnam Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.2.7.2 Vietnam Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.8 Singapore
9.4.8.1 Singapore Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.8.2 Singapore Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.9 Australia
9.4.9.1 Australia Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.9.2 Australia Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.4.10 Rest of Asia Pacific
9.4.10.1 Rest of Asia Pacific Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.4.10.2 Rest of Asia Pacific Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5 Middle East and Africa
9.5.1 Middle East
9.5.1.1 Trends Analysis
9.5.1.2 Middle East Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.5.1.3 Middle East Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.1.4 Middle East Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.1.5 UAE
9.5.1.5.1 UAE Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.1.5.2 UAE Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.1.6 Egypt
9.5.1.6.1 Egypt Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.1.6.2 Egypt Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.1.7 Saudi Arabia
9.5.1.7.1 Saudi Arabia Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.1.7.2 Saudi Arabia Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.1.8 Qatar
9.5.1.8.1 Qatar Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.1.8.2 Qatar Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.1.9 Rest of Middle East
9.5.1.9.1 Rest of Middle East Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.1.9.2 Rest of Middle East Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.2 Africa
9.5.2.1 Trends Analysis
9.5.2.2 Africa Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.5.2.3 Africa Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.2.4 Africa Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.2.5 South Africa
9.5.2.5.1 South Africa Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.2.5.2 South Africa Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.5.2.6 Nigeria
9.5.2.6.1 Nigeria Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.5.2.6.2 Nigeria Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.6 Latin America
9.6.1 Trends Analysis
9.6.2 Latin America Bitumen Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
9.6.3 Latin America Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.6.4 Latin America Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.6.5 Brazil
9.6.5.1 Brazil Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.6.5.2 Brazil Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.6.6 Argentina
9.6.6.1 Argentina Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.6.6.2 Argentina Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.6.7 Colombia
9.6.7.1 Colombia Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.6.7.2 Colombia Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
9.6.8 Rest of Latin America
9.6.8.1 Rest of Latin America Bitumen Market Estimates and Forecasts, Type (2020-2032) (USD Billion)
9.6.8.2 Rest of Latin America Bitumen Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10. Company Profiles
10.1 Sinopec
10.1.1 Company Overview
10.1.2 Financial
10.1.3 Product / Services Offered
10.1.4 SWOT Analysis
10.2 Royal Dutch Shell
10.2.1 Company Overview
10.2.2 Financial
10.2.3 Product / Services Offered
10.2.4 SWOT Analysis
10.3 ExxonMobil
10.3.1 Company Overview
10.3.2 Financial
10.3.3 Product / Services Offered
10.3.4 SWOT Analysis
10.4 TotalEnergies
10.4.1 Company Overview
10.4.2 Financial
10.4.3 Product / Services Offered
10.4.4 SWOT Analysis
10.5 Indian Oil Corporation
10.5.1 Company Overview
10.5.2 Financial
10.5.3 Product / Services Offered
10.5.4 SWOT Analysis
10.6 Chevron
10.6.1 Company Overview
10.6.2 Financial
10.6.3 Product / Services Offered
10.6.4 SWOT Analysis
10.7 Marathon Petroleum
10.7.1 Company Overview
10.7.2 Financial
10.7.3 Product / Services Offered
10.7.4 SWOT Analysis
10.8 Hindustan Petroleum Corporation
10.8.1 Company Overview
10.8.2 Financial
10.8.3 Product / Services Offered
10.8.4 SWOT Analysis
10.9 Reliance Industries
10.9.1 Company Overview
10.9.2 Financial
10.9.3 Product / Services Offered
10.9.4 SWOT Analysis
10.10 Kraton Polymers
10.10.1 Company Overview
10.10.2 Financial
10.10.3 Product / Services Offered
10.10.4 SWOT Analysis
11. Use Cases and Best Practices
12. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Key Segmentation
By Type
Paving
Oxidized
Cutback
Emulsion
Polymer modified
By Application
Roadways
Waterproofing
Others
Request for Segment Customization as per your Business Requirement: Segment Customization Request
Regional Coverage:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Request for Country Level Research Report: Country Level Customization Request
Available Customization
With the given market data, SNS Insider offers customization as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
Criss-Cross segment analysis (e.g. Product X Application)
Product Matrix which gives a detailed comparison of product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
Detailed analysis and profiling of additional market players (Up to five)
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