Ghana Bitumen Market (2024-2030) | Forecast, Growth, Share, Revenue, Size, Outlook, Companies, Trends, Analysis, Industry & Value

Ghana Bitumen Market Synopsis

Ghana Bitumen Market has witnessed robust growth recently, driven by the expansion of the road network on the back of increasing road construction and thriving residential sector in the country. Residential infrastructure development, particularly in housing and urban development, has contributed to this growth. For instance, in 2020, TDCL collaborated with the National Housing and Mortgage Fund to complete the construction of 204 housing units. Such developments have spurred potential demand for bitumen due to its essential role in waterproofing structures.

According to 6Wresearch, Ghana Bitumen Market is projected to grow at a CAGR of 4.7% during 2024-2030. The Bitumen Market in Ghana is poised for growth in the coming years, attributed to the implementation of the Ghana Infrastructure Plan (2018-2027), With an ambitious objective to extend the existing road network from 78,401 kilometers to a significant 253,000 kilometers by 2047, this plan aims to greatly enhance transportation infrastructure nationwide, fostering improved connectivity for both urban and rural areas. Additionally, alongside expanding the road network, there's a targeted increase in the proportion of paved roads from the current 23% to a substantial 70% by 2047, thus generating significant potential demand for bitumen in the country. Furthermore, the Government is planning to resurface approximately 10,000km of roads and build new highways and urban roads to improve connectivity and facilitate economic growth, which is likely to generate a potential demand of around 1,00,000 metric tonnes of bitumen during the forecast period, which is likely to expand the bitumen market in the country.

Market Segmentation by Product Type

Paving grade bitumen has secured a dominant position in the Ghanaian bitumen market due to a significant rise in road construction and maintenance projects nationwide. In 2022, the President of Ghana designated the year as the "Year of Roads," heralding the commencement of numerous road initiatives. These projects include the construction of the Kumasi South and Western Bypass, Kumasi Outer Ring Road, Mamfe-Koforidua Road, among others. Additionally, five interchanges were erected in the Greater Kumasi Metropolitan Area during the same year.

Market Segmentation by Application

During the forecast period, the road construction segment is expected to continue its domination in the Ghana Bitumen Market on account of an increase in road construction activities due to the Ghana National Infrastructure Plan (2018-2047) under which the government aims to create extensive bus routes to connect major cities across the country as part of Mass transport system and link urban areas in regional capitals by multi-lane carriageway.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Ghana Bitumen Market Overview
• Ghana Bitumen Market Outlook
• Ghana Bitumen Market Forecast
• Ghana Bitumen Market Porter’s Five forces Analysis
• Ghana Bitumen Market Industry Life Cycle Analysis
• Historical Data and Forecast of Ghana Bitumen Market Revenues, for the Period 2020-2030F
• Market Drivers and Restraints
• Historical Data and Forecast of Ghana Bitumen Market Revenues, By Product Type, for the Period 2020-2030F
• Historical Data and Forecast of Ghana Bitumen Market Revenues, By Application, for the Period 2020-2030F
• Key Performance Indicators
• Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product Type

• Paving Grade
• Hard Grade
• Oxidized Grade
• Bitumen Emulsions
• Polymer Modified Bitumen
• Others

By Application

• Road Construction
• Waterproofing
• Adhesives
• Others

Frequently Asked Questions About the Market Study (FAQs):