Africa Bitumen Market Share

Africa Bitumen Market
Africa Bitumen Market 


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, 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Bitumen is a sticky, black and highly viscous liquid or semi-solid form of petroleum. Bitumen is commonly used for roads and roof construction due to its excellent waterproofing and adhesion properties. It provides strong, durable and cost-effective constructions.

Market key trends:
One of the major trends witnessed in the Africa bitumen market is growing infrastructure development activities. There is significant growth in construction of new roads, highways, rail networks and airports in the region. Various governments in Africa are investing heavily in infrastructure upgrade and development projects. For instance, Ethiopia plans to construct thousands of kilometers of new roads over the coming years to support its growing economy. Moreover, increasing focus on public-private partnerships for infrastructural projects is boosting demand for bitumen in the region.
Segment Analysis
The Africa bitumen market is segmented into road construction, waterproofing, and others. Among these, the road construction segment dominated the market and accounted for around 60% share of the total market in 2020. This is because bitumen is extensively used for surfacing roads and highways in various African countries. The rising road construction activities across major economies in Africa to support the growing transportation needs is driving the demand for bitumen from the road construction segment.

Key Takeaways
The Africa bitumen market size is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period from 2021 to 2028, due to increasing road construction activities.

Regional Analysis
South Africa accounted for the largest share of the Africa bitumen market in 2020 and is expected to continue its dominance during the forecast period. This is attributed to the presence of major construction players and growing investments in road infrastructure development projects in the country. East Africa is expected to witness the fastest growth over the coming years led by robust road construction activities in countries like Ethiopia, Kenya, and Tanzania.

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. Exxon Mobil Corporation currently holds the largest market share primarily owing to its wide distribution network and long presence in major African countries.

Read More:

https://www.dailyprbulletin.com/the-africa-bitumen-market-is-expected-to-witness-high-growth/

 

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