Top Companies in Bitumen Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research

Bitumen Market is projected to reach a value of USD 131.2 Billion by 2028 at a CAGR of 4.1% over the forecast period.

Top Companies in Bitumen Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
bitumen market

The Global Bitumen Market is valued at USD 103.1 Billion in 2021 and is projected to reach a value of USD 131.2 Billion by 2028 at a CAGR of 4.1% over the forecast period. It is anticipated that government initiatives, such as building homes for the underprivileged in rural and urban areas, will increase demand for bitumen and drive the bitumen market forward. Furthermore, the need for bitumen is rising as more motorways, highways, and airport runways are being built. 

Additionally, it is anticipated that the development of bio-based bitumen and EME binder will offer appealing possibilities for ongoing market development.

Bitumen is frequently used in the construction industry for roofing due to its physical properties, including adhesion, resistance to water, hardness, ductility, and a greater softening point. The demand for bitumen increased across the nation due to expansion in the construction industry brought on by an increase in urban population and the necessity for additional housing. 

Major players are working on product development and strategic alliances to increase their product portfolios and establish a solid foothold in the global market. As a result, the Bitumen market is dominated by globally established players such as AMT Techno (India), Athabasca Oil Corporation (Canada), Baker Hughes (US), Bouygues Groups (France), BP PLC (UK), CEMEX S.A.B. de C.V. (Mexico), Chevron Corporation (US), China Petroleum & Chemical Corporation (China), ENEOS Corporation (Japan), ExxonMobil Corporation (US), Gazprom- Neft (Russia), Gulf Petrochem (UAE), IKA Group (Germany), Imperial Oil Limited (Canada), Indian Oil Corporation Ltd (India), JX Nippon Oil & Energy Corporation (Japan), LN Petrochem (India), Marathon Oil Company (US), Maruti Group (India), MBD Industries (India), Nippon Oil Corporation (Japan), NuStar Energy LP (US), Nynas AB (Sweden), PetróleosMexicanos (Mexico), Ratnamani Industries (India), Roadstar, Royal Dutch Shell PLC (UK), Sasol Ltd. (South Africa), Shell Bitumen (UK), Sinopec Corporation (China), Suncor Energy Inc. (Canada), Syncrude Canada Ltd. (Canada), The Richmond Group (US), Tiki Tar Industries (India), Total Energy (France), United Refining Company (US), Valero Energy Corporation (US), Veekay Industries (India), Villas Austria GmbH (Austria) among others.

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Let’s Look at the Top Companies That are Taking the Bitumen Market by Storm 

  • Baker Hughes (US)

The Baker Hughes Company offers goods and services for the oil industry. In addition to providing fertilizer solutions, surface logging, drilling, pipeline operations, petroleum engineering, gas turbines, valves, actuators, pumps, flow meters, generators, and motors. Worldwide, the oil and gas industries are served by Baker Hughes.

  • Bouygues Groups (France)

Bouygues SA provides building services, real estate development, cellular communications, television programming, film production, and utility management. The company develops residential, commercial, and office projects, produce and distributes water and electricity, and provides building, civil engineering, and oil and gas contracting services. It also collects rubbish.

  • BP PLC (UK)

BP P.L.C. is a firm that deals with energy. The business also produces and markets chemicals like terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene. The company also explores for, produces, and sells natural gas and oil, refines, markets, and supplies petroleum products. BP serves a worldwide clientele.

  • CEMEX S.A.B. de C.V. (Mexico)

Cemex SAB de CV is a building supplies manufacturer. Cement, ready-mix concrete, aggregates, and other associated building products are produced, distributed, and marketed by the company. In the Americas, Europe, Africa, the Middle East, and Asia, Cemex conducts business.

  • Chevron Corporation (US)

Chevron Corporation is a business that produces renewable fuels. The company transports natural gas and crude oil and refines, sells, and distributes fuels. Chevron serves worldwide clients.

  • China Petroleum & Chemical Corporation (China)

This Company manufactures and sells petrochemical and petroleum products. The business sells chemical fertilizers, gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, and synthetic resins. China Petroleum & Chemical sells its goods throughout the country.

  • ExxonMobil Corporation: 

Exxon Mobil Corporation runs businesses that deal with petroleum and petrochemicals. The company conducts operations for coal, minerals, electric power generation, oil and gas exploration, and production. Additionally, Exxon Mobil produces and sells chemicals, lubricants, and fuels. Exxon Mobil provides services to clients globally.

  • Gazprom Neft: 

Gazprom Neft PAO is an integrated oil corporation involved in producing, transporting, and selling gas and crude oil. The Company provides oilfield services, refines crude oil, markets petroleum products, and builds and develops exploratory wells. In addition to exporting to other countries, Gazprom distributes its goods through its sales network in Russia.

  • Gulf Petrochem (UAE)

The Company Gulf Petrochem FZC produces and sells petroleum-based goods. Oil trading and bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing, transportation, and logistics are all part of the company's commercial operations. Gulf Petrochem provides services to clients worldwide.

  • Indian Oil Corporation Ltd. (India)

Indian Oil Corporation Limited manufactures petroleum and petroleum products in addition to searching for and refining crude oil. Lubricating oils, liquefied petroleum gas, aviation turbine fuels, greases, wax, bitumen, and asphalt are among the company's goods. India is home to retail locations for Indian Oil Corporation. The Indian government owns a large majority of the company's shares.

  • Marathon Oil Company (US)

Marathon Oil Company is a business that provides energy. In addition to exploration and production, the company offers integrated gas, oil sand mining, refining, marketing, and transportation services. Marathon Oil serves international consumers.

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