Bitumen is a black viscous mixture of organic liquids that is widely used in road construction as a binder. Bitumen is used for surfacing roads, parking lots, and airfields to provide resistance against water damage and increase load-bearing capacity.
The global Africa Bitumen Market is estimated to be valued at US$ 2.2 Billion in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising road construction activities across Africa are expected to augment the market growth over the forecast period. According to the African Development Bank, around $130–$170 billion is required annually for infrastructure development until 2025, with a significant portion for road construction. Various governments in the region are investing heavily in road infrastructure projects which is creating high demand for bitumen for various construction activities. For instance, the South African government allocated around $2.4 billion towards road infrastructure projects in 2021. This rising investment in road construction is projected to boost the consumption of bitumen substantially in the region during the forecast period.
Segment Analysis
The Africa bitumen market is segmented based on type into pavement grade bitumen, oxidized bitumen, bitumen emulsion, cutback bitumen. Among these, pavement grade bitumen dominates the market as it is used in the construction and maintenance of pavements and roads. Oxidized bitumen has also garnered significant share as it is used in the roofing and waterproofing applications.
Key Takeaways
The Global Africa Bitumen Market Size is expected to witness high growth.
Regional analysis: The African bitumen market is expected to witness high growth over the forecast period. The East Africa region is currently dominating the market and is expected to grow at a faster rate owing to the ongoing and planned infrastructure development projects across the countries like Ethiopia, Kenya and Tanzania. West Africa is also projected to offer lucrative opportunities for bitumen suppliers led by Nigeria and Ghana where the governments are significantly increasing investments to upgrade road infrastructure.
Key players operating in the African bitumen market are BP PLC, Total SA, Royal Dutch Shell Plc, Chevron Corporation, Exxon Mobil Corporation. BP PLC dominates the African bitumen market with strong production and supply network across major countries. Total SA is another leading player with its refining and marketing presence in countries like South Africa, Nigeria and Angola.
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