Ghana Bitumen Market is projected to grow at a CAGR of 4.7% during 2024-2030

Road construction by application accomplished the highest revenue share in Ghana Bitumen Market – 6Wresearch

In 2023, the use of bitumen for road construction garnered a dominant position in the Ghana bitumen market as Ghana witnessed a surge in road construction activities on account of the 2023 African Games which were held in Accra. Additionally, in 2022, the Ministry of Roads and Highways signed eight (8) separate road contracts, to the sum of $150 Million with some of Ghana’s leading construction firms for the construction of the 4 major by-passes on the Accra-Kumasi highway which, in turn, led to increased use of bitumen.

According to 6Wresearch, Ghana Bitumen Market is projected to grow at a CAGR of 4.7% during 2024-2030. The Ghana Infrastructure Plan (2018-2047) and the Public-Private Partnership Act 2020 drive infrastructure development. Under this rail and road expansions are key components, which boosted demand for bitumen in railway track and road construction, ensuring resilient transportation infrastructure to support Ghana's growing economy and population.

Corruption poses a significant challenge in Ghana, marked by several high-profile scandals in recent years that have severely eroded public trust in the government and hindered the country's economic progress. As a result, Ghana was ranked 72nd in the 2022 Corruption Perceptions Index (CPI) by Transparency International (TI). The report, indicates that Ghana received a score of 43 out of 100 in the last three years. This pervasive corruption could hinder the demand for bitumen in Ghana as it undermines trust in government-led infrastructure projects, potentially leading to delays, inefficiencies, and misallocation of resources in the construction sector.

According to Vasudha, Senior Research Analyst, 6Wresearch, polymer modified bitumen will also experience growth in the Ghana Bitumen industry owing to its enhanced resilience and durability which would address common pavement issues such as rutting, fatigue cracking, and low-temperature cracking, thus, making it a valuable solution for the country's infrastructure development needs.

The Ghana Bitumen Market (2024-2030) report provides an in-depth analysis with 15 figures and 3 tables, covering 60 pages. The report comprehensively covers the market by product type and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.