Bitumen is a black viscous hydrocarbon material which is obtained as a residue from the distillation of crude oil. It is majorly used in pavement construction, waterproofing, adhesives, bridge caulking and construction joint sealing. Rising infrastructure spending on construction of roads, highways and other civil engineering structures in the African countries is anticipated to boost the demand for bitumen over the forecast period. Bitumen finds wide usage in road construction as it provides strong binding and waterproofing properties. The International Road Federation estimated infrastructure investment requirement in Africa to be around $93 billion per year until 2025 which will support the growth of Africa bitumen market.
Africa bitumen market is estimated to be valued at US$ 563.19 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Africa bitumen market are CV Sciences, Inc., Medical Marijuana, Inc., AXIM-Biotechnologies, Inc., Charlotte's Web, Endoca, Isodiol International Inc., Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, Cannoid, LLC, among others. These players are focusing on strategically investing in operational expansion plans and new product developments to strengthen their market presence.
There are significant opportunities for market players in countries witnessing infrastructure boom like South Africa, Nigeria, Kenya, etc. The improving economic landscape and growing private investments are supporting infrastructure projects in these countries. Furthermore, rising construction of roads, highways, bridges, airports and other civil structures will augment the consumption of bitumen.
Globally, Africa Bitumen Market Size players are expanding their geographical footprints in high growth regions through joint ventures with local players. They are targeting emerging economies in Asia Pacific and Latin America to leverage future growth opportunities. Acquisitions and partnerships are helping companies to access new customer base and strengthen distribution networks globally.
Market drivers:
- Rising Infrastructure Spending: Growing construction activities in transportation and building & construction sectors are majorly driving the demand for bitumen in Africa.
- Cost Effectiveness: Use of bitumen in road construction provides long-lasting and cost-effective solutions. This drives its usage in pavements across the region.
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