Bitumen is primarily used as a binder in road construction activities due to its excellent adhesion properties. It is cost effective and provides protection against cracks on roads by increasing the durability and longevity. Moreover, bitumen improves the flexibility and strength characteristics of paved surfaces.
The global Africa Bitumen Market is estimated to be valued at US$ 488.88 Mn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid economic development and rising disposable income have increased highway construction in the African countries. Moreover, governments across various countries are focusing on expansion and improvement of road networks to increase connectivity and trade. For instance, African Development Bank invested around US$ 24 billion between 2012-2016 in transport infrastructure projects. Also, China's belt and road initiative focuses on infrastructure development in Africa, which includes road construction projects. This rising road construction activities in the region is expected to generate high demand for bitumen for applications such as pavement joints, road surfacings, and others during the forecast period.
Segment Analysis
The Global Africa Bitumen Market Size is dominated by road construction segment which holds around 80% market share. Bitumen finds extensive application in road construction activities like building highways, roads, driveways etc. With growing infrastructure and construction activities across major African countries like South Africa, Nigeria, Egypt etc annual road construction projects are increasing steadily. This is driving the demand for bitumen from road construction segment.
Key Takeaways
The global Africa bitumen market is expected to witness high growth over the forecast period of 2023 to 2030. The global Africa Bitumen Market is estimated to be valued at US$ 488.88 Mn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030.
Regional analysis shows that South Africa dominates the Africa bitumen market currently. South Africa has well established road network and ongoing projects of highway expansion as well as construction of new highways has been driving the bitumen consumption. Further investments in transportation infrastructure will further aid the market growth.
Key players operating in the Africa bitumen market are AxoSim Technologies LLC., BICO Group AB(Visikol), CN Bio Innovations Limited, Elveflow, Emulate, Inc., Insphero AG, Mimetas B.V., Nortis Inc., Organovo Holdings, Inc., and Tara Biosystems. Regional analysis shows Southern Africa dominates currently with South Africa and Angola having largest bitumen market size. Ongoing and planned road construction projects in Nigeria and Egypt are likely to aid the market growth in East and North Africa region over forecast period.
Get More Insights On This Topic: https://www.newsstatix.com/africa-bitumen-market-size-share-analysis-2023-2030/
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