ASEAN: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in ASEAN

The ASEAN natural bitumen and asphalt market rose markedly to $X in 2021, growing by 7.4% against the previous year. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -7.8% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Production of Natural Bitumen and Asphalt in ASEAN

In value terms, natural bitumen and asphalt production reached $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.0% against 2019 indices. The growth pace was the most rapid in 2019 when the production volume increased by 27% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Exports of Natural Bitumen and Asphalt

Exports in ASEAN

Natural bitumen and asphalt exports contracted rapidly to X tons in 2021, declining by -44.9% against the previous year. Over the period under review, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 100% against the previous year. As a result, the exports reached the peak of X tons, and then reduced notably in the following year.

In value terms, natural bitumen and asphalt exports fell significantly to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 33%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Indonesia (X tons) and Malaysia (X tons) prevails in exports structure, together generating 90% of total exports. It was distantly followed by Vietnam (X tons), creating an 8.2% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +56.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the largest natural bitumen and asphalt supplier in ASEAN, comprising 66% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 15% share of total exports.

In Malaysia, natural bitumen and asphalt exports expanded at an average annual rate of +4.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+53.0% per year) and Indonesia (+8.7% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, with an increase of 47% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2017 when the export price increased by 67% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Natural Bitumen and Asphalt

Imports in ASEAN

In 2021, the amount of natural bitumen and asphalt imported in ASEAN rose significantly to X tons, surging by 11% on 2020. Overall, imports, however, showed a slight descent. The most prominent rate of growth was recorded in 2019 when imports increased by 34% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, natural bitumen and asphalt imports soared to $X in 2021. In general, imports, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2019 when imports increased by 48% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Philippines (X tons), distantly followed by Cambodia (X tons), Vietnam (X tons), Myanmar (X tons) and Malaysia (X tons) were the main importers of natural bitumen and asphalt, together constituting 96% of total imports. Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +33.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Cambodia ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2021, with a combined 77% share of total imports. These countries were followed by Myanmar, Malaysia and Lao People's Democratic Republic, which together accounted for a further 20%.

Malaysia, with a CAGR of +25.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, rising by 7.6% against the previous year. In general, the import price, however, continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2019 an increase of 10% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform