India Bitumen Market Size Set to Reach Value of USD 6.1 Billion by 2030
India Bitumen Market is flourishing because of a spurring demand for bitumen from a number of infrastructure development projects across rapidly expanding urban areas.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated India Bitumen Market size at USD 4.80 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects India Bitumen Market size to expand at a CAGR of 4.08% reaching a value of USD 6.10 billion by 2030. The fast infrastructure development, urbanization and the development of smart cities, as well as its widespread application in a variety of applications, such as paints, roofing, and road surfacing, are the main drivers of India Bitumen Market. The material's adhesive properties are also expected to spur the demand for bitumen from the glass and ceramic industries.
Opportunity - Increasing Application of Bitumen as Waterproofing Agent
Bitumen is increasingly used in the construction of both residential and commercial structures, as it is a great waterproofing agent. It is a petroleum-based substance that is extremely viscous and sticky. As a result, it offers robust protection against groundwater, guaranteeing that no moisture seeps through the basement's walls or floors. It is essential for preserving the building's structural soundness and stopping the growth of mold. Bituminous waterproofing is used to prevent water leaks and seepage while protecting roof decks from rain prior to roofing or installation.
Impact of Escalating Geopolitical Tensions on India Bitumen Market
Escalating geopolitical tensions, particularly in the Middle East, could negatively impact the growth of India Bitumen Market. Bitumen is produced by distilling crude oil, which India must import from other nations, including Saudi Arabia, Russia, and Iraq. However, disruptions supply chain and in the procurement of other essential materials may result from sanctions or trade restrictions imposed on any of these nations. The price fluctuations of global oil prices are another significant impact on the Indian bitumen market, as rising oil prices caused by geopolitical tensions directly raise bitumen costs, which may also impede construction projects in the country.
Road Construction Segment Is Leading End User of Bitumen
The road construction segment accounts for the highest market share owing to the increasing number of road construction projects across the country. Bitumen is extensively used in road construction activities, because of its favorable qualities, such as high adhesiveness and waterproofing. The material has already replaced coal tar in the road-making process as a binder for aggregates in the production of asphalt and provides better drip with vehicle tires, which contributes to the growth of road construction segment.
North India to Grow Fastest in India Bitumen Market
North India holds a substantial market share and is also projected to grow at the fastest CAGR in India Bitumen Market. Major growth drivers of North India Bitumen Market include an increasing number of large infrastructure development projects. In North India, the Indian government has launched various road projects, such as the Bihar State Road Project and the Purvanchal Expressway around Lucknow, which propel the demand for bitumen in the region. Furthermore, extensive construction projects for residential and commercial buildings are also influencing the growth of bitumen market in North India.
Competitive Landscape
India Bitumen Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Nayara Energy Limited, Reliance Industries Limited, Shell India, BP India, Petronas India, and Cairn India.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends in India Bitumen Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Bitumen Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
