by The Africa bitumen market comprises various products including paving, oxidized bitumen, cutback, and bitumen emulsion. Bitumen finds wide use in road construction activities due to its corrosion resistance, waterproof, and adhesive characteristics. It has good binding properties due to which it is used for bonding and sealing purposes. Growing infrastructure development activities along with the increasing number of road construction projects across Africa are majorly driving the demand for bitumen in the region.
The Global Africa Bitumen Market is estimated to be valued at US$ 563.19 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Africa bitumen market are CV Sciences, Inc., Medical Marijuana, Inc., AXIM-Biotechnologies, Inc., Charlotte’s Web, Endoca, Isodiol International Inc., Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, Cannoid, LLC, among others.
The increasing demand from the construction industry owing to rapid urbanization and industrialization across the region is propelling the Africa Bitumen Market Growth. The growing investments by public and private agencies in infrastructural development projects are further fueling the product demand.
The Africa Bitumen Market is witnessing growing expansion opportunities across the region on account of the increasing foreign investments in road construction activities. Key regional players are focusing on capacity expansions to cater to the growing product demand from emerging African countries.
Market key trends
Improved connectivity through ongoing and planned road construction projects is one of the major trends being observed in the Africa Bitumen Market. Several governments are focusing on upgrading the existing road networks and constructing new highways, roads, and expressways which in turn is driving the demand for bitumen.
Porter’s Analysis
Threat of new entrants: High setup and operational costs pose significant barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative supply sources.
Threat of new substitutes: Substitutes such as concrete and asphalt impose moderate threat.
Competitive rivalry: Intense competition exists among existing players due to established supply networks.
Geographical Regions
The Africa bitumen market is concentrated in Middle East and North Africa region in terms of value as countries in this region have large reserves of bitumen. Countries like Algeria, Libya and Egypt account for over 50% of the total bitumen reserves in Africa. Nigeria is the largest market for bitumen in sub-Saharan Africa owing to extensive road construction activities.
The East Africa region is projected to be the fastest growing market for bitumen in Africa between 2024-2031. This can be attributed to ongoing and planned road infrastructure projects in countries like Ethiopia, Kenya and Rwanda. Kenya has ambitious plans to upgrade its highway network which will drive the demand for bitumen.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
