Report Overview

India Bitumen Market - Industry Trends & Forecast Report, 2030

India Bitumen Market size was estimated to be worth USD 4.80 billion in 2023. During the forecast period between 2024 and 2030, India Bitumen Market size is projected to grow at a CAGR of 4.08%, reaching a value of USD 6.10 billion by 2030. Major growth factors for India Bitumen Market include rapid infrastructural development due to urbanization and the development of smart cities and its extensive usage in a wide range of applications, including road surfacing, roofing, and paints. Furthermore, growing demand from the glass and ceramic industry due to its adhesive properties is anticipated to drive the India Bitumen Market growth during the forecast period.

Bitumen – Overview

Bitumen is a semi-solid hydrocarbon and oil-based material created during the refining process by removing lighter fractions (like liquid petroleum gas, gasoline, and diesel) from heavy crude oil. Sometimes called asphalt or tar, bitumen is a specialty fuel grade that can be used for roofing, road surfacing, and some types of paint. When bitumen is handled correctly, it can be stored at high temperatures for extended periods without losing its properties.

India Bitumen Market

Growth Drivers

Increasing Road Construction Activities

The increasing use of bitumen in road construction activities is emerging as the major driving factor for India Bitumen Market growth. Its growing usage in the sector is mainly attributed to its favorable qualities as a binding material. Bitumen also has adhesive and waterproofing properties, is non-toxic and reusable, as well as can be repaired quickly. In addition, roads made from bitumen instead of coal tar also provide better drip to vehicle tires, especially during heat. The increasing number of road construction projects launched by the Indian government for infrastructural development is projected to drive the growth of India Bitumen Market during the forecast period.

Challenges

Health Hazards associated with Bitumen

The health hazards associated with bitumen, particularly the emissions during its heating, may act as a major restricting factor for the India Bitumen Market. Bitumen, when heated, releases emissions made up of fumes, gases, and airborne particles. Workers are exposed to this heated bitumen, and these emissions form out of it in many ways, including respiratory, direct contact, as well as oral. Exposure to these may result in serious health complications in workers, including asthma and respiratory bronchitis. The lack of laws and regulations in India to ensure the safety of workers may limit India Bitumen Market growth.

Impact of Escalating Geopolitical Tensions on India Bitumen Market

Intensifying and further spreading of geopolitical tensions among the countries across the regions, particularly in the Middle East, could adversely affect the growth of India Bitumen Market. Bitumen is made by distillation of crude oil which India needs to import from other countries, such as Russia, Iraq, and Saudi Arabia. However, geopolitical tensions could lead to supply chain disruption and may cause disturbance in the procurement of other key materials due to sanctions or trade restrictions imposed on any of these countries. Another major impact that India Bitumen Market faces is price fluctuations in global oil prices. The surging oil prices due to geopolitical tensions directly cause an increase in bitumen costs, which may hinder the construction projects in the country as well.

India Bitumen Market

Segmental Coverage

India Bitumen Market – By Product

Based on product, India Bitumen Market is segmented into paving grade bitumen, oxidized grade bitumen, polymer modified bitumen, bitumen emulsions, and others. The paving grade bitumen holds the largest share of India Bitumen Market by product. The growth of the segment is mainly attributed to wide usage of paving grade bitumen in road construction and roofing activities. Bitumen 60/70 has the highest demand in the market because of its hardness and can withstand various temperatures, specifically from -22 to +76. This makes it a preferred material for road construction in a country like India with varied temperature regions.

India Bitumen Market – By End Use Industry

Based on end use industry, India Bitumen Market is segmented into road construction, waterproofing, and others. The road construction segment accounts for the highest market share owing to the increasing number of road construction projects across the country. Bitumen is extensively used in road construction activities because of its favorable qualities, such as high adhesiveness and waterproofing. The material has already replaced coal tar in the road-making process as a binder for aggregates in the production of asphalt and provides better drip with vehicle tires, which contributes to its market growth.

India Bitumen Market – By Region

The in-depth research report on India Bitumen Market covers the following major regions: North India, South India, East India, and West India. East India dominates India Bitumen Market. The government of India has been significantly focusing on the construction of roads in the Northeastern region to improve the connectivity of these states with the rest of the country. As a result, the demand for bitumen is increasing in East India, and therefore, various public-private players are collaborating to fulfill this demand in the region. For instance, the Border Roads Organization (BRO) and Indian Oil Corporation (IOCL) are collaborating to meet the oil and bitumen requirements for road projects in Northeast India.

Competitive Landscape

India Bitumen Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Nayara Energy Limited, Reliance Industries Limited, Shell India, BP India, Petronas India, and Cairn India. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Paving Grade Bitumen

• Oxidized Grade Bitumen

• Polymer Modified Bitumen

• Bitumen Emulsions

• Others

By End Use Industry

• Road Construction

• Waterproofing

• Others

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Bitumen Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Infrastructure Development
         2. Rising Urbanization
         3. Increasing Government Investments
      2. Restraints
         1. Fluctuating Crude Oil Prices
         2. Competition from Alternative Materials
      3. Opportunities
         1. Rising Fuel Prices
         2. Increasing Awareness of Road Safety
      4. Challenges
         1. Environmental Concerns
         2. Supply Chain Disruptions
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Bitumen Market: Marketing Strategies
5. India Bitumen Market: Pricing Analysis
6. India Bitumen Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Paving Grade Bitumen
         2. Oxidized Grade Bitumen
         3. Polymer Modified Bitumen
         4. Bitumen Emulsions
         5. Others
      2. By End Use Industries
         1. Road Construction
         2. Waterproofing
         3. Others
      3. By Region
         1. North India
         2. South India
         3. East India
         4. West India
7. North India Bitumen Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By End Use Industries
8. South India Bitumen Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By End Use Industries
9. East India Bitumen Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
      2. By End Use Industries
10. West India Bitumen Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Product
       2. By End Use Industries
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Bitumen Market Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
12. Impact of Escalating Geopolitical Tensions on India Bitumen Market
13. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Indian Oil Corporation Limited (IOCL)
    2. Bharat Petroleum Corporation Limited (BPCL)
    3. Hindustan Petroleum Corporation Limited (HPCL)
    4. Nayara Energy Limited
    5. Reliance Industries Limited
    6. Shell India
    7. BP India
    8. Petronas India
    9. Cairn India
    10. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
    1.       Qualitative Research
       1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       India Bitumen Market Segmentation

Figure 2       India Bitumen Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Bitumen Market Size, By Value (USD Billion), 2019–2030

Figure 5       India Bitumen Market Share, By Product, By Value, 2019–2030

Figure 6       India Bitumen Market Share, By End Use Industries, By Value, 2019–2030

Figure 7       India Bitumen Market Share, By Region, By Value, 2019–2030

Figure 8       North India Bitumen Market Size, By Value (USD Billion), 2019–2030

Figure 9       North India Bitumen Market Share, By Product, By Value, 2019–2030

Figure 10     North India Bitumen Market Share, By End Use Industries, By Value, 2019–2030

Figure 11     South India Bitumen Market Size, By Value (USD Billion), 2019–2030

Figure 12     South India Bitumen Market Share, By Product, By Value, 2019–2030

Figure 13     South India Bitumen Market Share, By End Use Industries, By Value, 2019–2030

Figure 14     East India Bitumen Market Size, By Value (USD Billion), 2019–2030

Figure 15     East India Bitumen Market Share, By Product, By Value, 2019–2030

Figure 16     East India Bitumen Market Share, By End Use Industries, By Value, 2019–2030

Figure 17     West India Bitumen Market Size, By Value (USD Billion), 2019–2030

Figure 18     West India Bitumen Market Share, By Product, By Value, 2019–2030

Figure 19     West India Bitumen Market Share, By End Use Industries, By Value, 2019–2030

List of Tables

Table 1        India Bitumen Market Size, By Value (USD Billion), 2019–2030

Table 2        India Bitumen Market Size, By Product, By Value, 2019–2030

Table 3        India Bitumen Market Size, By End Use Industries, By Value, 2019–2030

Table 4        India Bitumen Market Size, By Region, By Value, 2019–2030

Table 5        North India Bitumen Market Size, By Value (USD Billion), 2019–2030

Table 6        North India Bitumen Market Size, By Product, By Value, 2019–2030

Table 7        North India Bitumen Market Size, By End Use Industries, By Value, 2019–2030

Table 8        South India Bitumen Market Size, By Value (USD Billion), 2019–2030

Table 9        South India Bitumen Market Size, By Product, By Value, 2019–2030

Table 10      South India Bitumen Market Size, By End Use Industries, By Value, 2019–2030

Table 11      East India Bitumen Market Size, By Value (USD Billion), 2019–2030

Table 12      East India Bitumen Market Size, By Product, By Value, 2019–2030

Table 13      East India Bitumen Market Size, By End Use Industries, By Value, 2019–2030

Table 14      West India Bitumen Market Size, By Value (USD Billion), 2019–2030

Table 15      West India Bitumen Market Size, By Product, By Value, 2019–2030

Table 16      West India Bitumen Market Size, By End Use Industries, By Value, 2019–2030

Table 17      Indian Oil Corporation Limited (IOCL) Company Overview

Table 18      Indian Oil Corporation Limited (IOCL) Financial Overview

Table 19      Bharat Petroleum Corporation Limited (BPCL) Company Overview

Table 20      Bharat Petroleum Corporation Limited (BPCL) Financial Overview

Table 21      Hindustan Petroleum Corporation Limited (HPCL) Company Overview

Table 22      Hindustan Petroleum Corporation Limited (HPCL) Financial Overview

Table 23      Nayara Energy Limited Company Overview

Table 24      Nayara Energy Limited Financial Overview

Table 25      Reliance Industries Limited Company Overview

Table 26      Reliance Industries Limited Financial Overview

Table 27      Shell India Company Overview

Table 28      Shell India Financial Overview

Table 29      BP India Company Overview

Table 30      BP India Financial Overview

Table 31      Petronas India Company Overview

Table 32      Petronas India Financial Overview

Table 33      Cairn India  Company Overview

Table 34      Cairn India  Financial Overview