Bitumen Market Growth
The global bitumen market size was USD 56.30 billion in 2023 and is projected to grow to USD 77.98 billion in 2032 at a CAGR of 3.8% during the forecast period. The market’s growth is driven by rapid demand from the construction sector.
Despite challenges posed by the COVID-19 pandemic, increased government infrastructure spending and construction projects have fueled demand for bitumen.
Additionally, another study estimates that the global bitumen market revenue will reach approximately USD 65,829.2 million by 2028, with a CAGR of approximately 4.2% between 2022 and 2028. Furthermore, bio-asphalt, a sustainable alternative derived from biomass, is gaining traction in the market. Steady demand for road maintenance and repair also contributes to the market’s growth.
