Africa Bitumen Market Owing to Increasing Infrastructure Development Projects and Growing Construction Industry
The Africa Bitumen Market is estimated to be valued at US$ 418.71 Mn in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period from 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bitumen is a black or dark-colored semi-solid form of petroleum that is primarily used for paving and roofing applications. It provides waterproofing and adhesive properties when used in these applications. Bitumen is majorly used in road construction for pavement, footpaths, and highways. Other uses include waterproofing of basements and roofs. Rising infrastructure development projects along with growth in the construction industry are boosting the demand for bitumen in Africa.
Key Takeaways
The Africa bitumen market is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing investments in road and highway construction projects across Africa. Road infrastructure plays a crucial role in strengthening intra-regional trade ties.
Regional analysis:
The Africa bitumen market is dominated by South Africa, accounting for around 25% share in 2020. Algeria and Nigeria are other major consumers due to ample reserves and focus on upgrading transport networks. East Africa is forecast to expand at the fastest pace on plans to address infrastructure deficit.
Key players:
Key players operating in the Africa bitumen market are Exxon Mobil Corporation, Royal Dutch Shell Plc., RAHA Bitumen, Inc., Tekfalt Binders (Pty) Ltd., SprayPave, Indian Oil Corporation Ltd., GOIL Company Limited, Wabeco Petroleum Ltd., Tiger Bitumen, and Richmond Group. Players are investing in carbon capture technologies to boost supply from heavy oil deposits.
Read More:
https://healthideologist.blogspot.com/2023/11/africa-bitumen-market-share.html
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